银泰商业的地产投资分析

发布时间：2018-05-07 01:38

本文选题：银泰商业 + 重资产扩张　；参考：《上海交通大学》2014年硕士论文

【摘要】：并购或自建购物中心/综合体的重资产扩张是百货企业自2011年以后的重点转型方向。本文以转型中的代表企业银泰商业为例,对转型中出现的问题及解决方案提出探讨,以期对百货行业的集体转型提供借鉴。银泰商业的重资产扩张方式主要是在母公司架构下以“地产+零售”的商业模式参与综合体开发。该商业模式中,银泰商业主要对关联公司银泰置地进行资金输血,待综合体建成后参股或租赁其中的购物中心。部分由银泰商业全资开发的综合体则由银泰置地整体代建及销售除购物中心以外所有产品。银泰商业的重资产扩张已经暴露出了几大问题:一是其盈利模式可能不具备可持续发展性。银泰商业力求仿效万达第三代综合体的租售并举模式,但目前仅停留在以售养租模式阶段。而分析万达2014年的最新招股说明书可见,作为全国商业龙头的万达其实也仅达成以售养租模式并存在财务风险。二是从传统百货转型到购物中心运营,收银及财务系统、人员架构、预售卡制度等均未能适应百货的联营模式到购物中心租金模式的转变,对供应商的控制力有所减弱。三是银泰商业与银泰置地的协同增值效应缺失,导致渠道下沉激进,育商期偏长,建造成本浪费,品牌价值损伤。四是税务筹划缺失,导致短期利润吞噬及长期隐患。同时,在商业地产泡沫化、地产上行周期可能关闭的宏观背景下,本文对银泰商业的重资产扩张之路提出谨慎对待的建议。银泰商业在重资产扩张时要注意维持其商业运营的核心竞争力,挖掘项目的长期商业价值,并有合理的退出套现机制以降低风险。
[Abstract]:M & A or the expansion of heavy assets of shopping malls / complexes is the key transformation direction of department stores since 2011. This paper takes Yintai Commercial, a representative enterprise in transition, as an example to discuss the problems and solutions in the transformation, in order to provide reference for the collective transformation of the department store industry. The expansion of heavy assets of Yintai Commercial is to participate in the development of the complex with the business model of "Real Estate Retail" under the framework of the parent company. In this business model, Yintai mainly transfusions funds to the affiliated company Yintai Land, and shares in or leases the shopping center after the complex is completed. Some of the complexes, which are wholly owned by Yintai Commercial, are built and sold by Yintai Land as a whole except the shopping center. Yintai's expansion of heavy assets has exposed several problems: first, its profit model may not be sustainable. Yintai seeks to emulate the third generation of Wanda complex, but at present it is only in the stage of rent-for-sale. The analysis of Wanda's latest prospectus in 2014 shows that Wanda, as a national business leader, has only reached a model of selling, raising and renting and has financial risks. Second, the transformation from the traditional department store to the operation of shopping center, cash register and financial system, personnel structure, pre-sale card system and so on can not adapt to the change from the joint mode of department stores to the rental mode of shopping center, and the control power of suppliers is weakened. The third is the lack of synergistic value added effect between Yintai Commercial and Yintai Land, which leads to channel sinking and radicalization, long education period, waste of construction cost and damage of brand value. Fourth, the lack of tax planning, resulting in short-term profits and long-term hidden dangers. At the same time, against the background of commercial real estate bubble and the possible closure of the uplink cycle of real estate, this paper puts forward some prudent suggestions on the expansion of heavy assets of Yintai Commercial. During the expansion of heavy assets, Yintai should pay attention to maintaining its core competitiveness in commercial operation, excavate the long-term commercial value of the project, and have a reasonable withdrawal mechanism to reduce the risk.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23;F721

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