本文選題：商業(yè)地產(chǎn) + 輕資產(chǎn)　； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：輕資產(chǎn)運營的重要特點是以較低的資金投入獲得較高的收益,企業(yè)并不看重資產(chǎn)規(guī)模大小,更重視對知識資產(chǎn)的運用。在當(dāng)前我國房地產(chǎn)行業(yè)經(jīng)濟(jì)增速放緩的背景下,商業(yè)地產(chǎn)企業(yè)如果繼續(xù)以重資產(chǎn)運營則難以持續(xù)發(fā)展,于是這類企業(yè)開始尋求轉(zhuǎn)型,想要換一種盈利模式來匹配現(xiàn)在的市場。房地產(chǎn)行業(yè)是典型的資金密集型行業(yè),而商業(yè)地產(chǎn)作為房地產(chǎn)行業(yè)的一個重要組成部分,相較于住宅地產(chǎn),其前期投資需要的資金更多,且投資回收期更長,采用集投資、建設(shè)、管理于一體的重資產(chǎn)運營模式會導(dǎo)致商業(yè)地產(chǎn)企業(yè)在項目中沉淀大量的資金,同時影響企業(yè)正常運營所需的現(xiàn)金流。另外,我國商業(yè)地產(chǎn)企業(yè)的自有資金并不雄厚,而項目開發(fā)前期需要大量的資金,此時企業(yè)只能通過銀行信用貸款或者抵押貸款來支持項目開發(fā)。隨著銀行貸款政策的相繼出臺,貸款條件越來越嚴(yán)苛,企業(yè)貸款難度加大,因此資金壓力也就越來越大。如果行業(yè)環(huán)境不會在短時間內(nèi)變好,企業(yè)要怎樣才能維持正常的發(fā)展速度?如果要改變盈利模式,又應(yīng)該如何改變?這些問題都是我國商業(yè)地產(chǎn)企業(yè)必須考慮的。針對以上問題,本文首先根據(jù)國內(nèi)外學(xué)者對輕資產(chǎn)已有的研究分析,深化對輕資產(chǎn)概念的理解,介紹商業(yè)地產(chǎn)的重資產(chǎn)運營和輕資產(chǎn)運營的模式,分析它們在各種模式下是如何運營的,總結(jié)其財務(wù)特征和適用條件。然后,分析我國商業(yè)地產(chǎn)企業(yè)在當(dāng)前市場環(huán)境下的財務(wù)狀況及其發(fā)展前景,并闡述輕資產(chǎn)運營的理論基礎(chǔ),以期為商業(yè)地產(chǎn)行業(yè)的輕資產(chǎn)運營提供理論框架。最后,分析我國商業(yè)地產(chǎn)轉(zhuǎn)型輕資產(chǎn)運營的必要性和具體實施策略等相關(guān)問題,同時引入大連萬達(dá)商業(yè)地產(chǎn)公司作為案例,分析它是如何轉(zhuǎn)型的。萬達(dá)商業(yè)在我國商業(yè)地產(chǎn)行業(yè)中排名第一,萬達(dá)集團(tuán)自成立以來經(jīng)歷了四次轉(zhuǎn)型,最近的一次是以萬達(dá)商業(yè)為主的輕資產(chǎn)轉(zhuǎn)型。盡管此次輕資產(chǎn)轉(zhuǎn)型戰(zhàn)略對外公布的時間在2015年初,但是在更早的時候萬達(dá)商業(yè)就在為轉(zhuǎn)型做準(zhǔn)備,分析公司2015年和2016年的年度報告,可以看到這次轉(zhuǎn)型已初見成效。因此本文引入萬達(dá)商業(yè)轉(zhuǎn)型的案例,總結(jié)它為輕資產(chǎn)轉(zhuǎn)型而實施的策略,評價它轉(zhuǎn)型的效果并分析轉(zhuǎn)型成功的原因。在此過程中,可以看到萬達(dá)商業(yè)地產(chǎn)公司在輕資產(chǎn)運營過程中,合理選擇了輕資產(chǎn)的實現(xiàn)途徑,拓展了多元化的融資渠道。萬達(dá)商業(yè)以輕資產(chǎn)運營時,通過輸出運營管理能力,利用自身品牌的優(yōu)勢成功轉(zhuǎn)型。萬達(dá)商業(yè)地產(chǎn)公司通過拓展融資渠道,例如引入第三方機(jī)構(gòu)投資者、推出理財產(chǎn)品等,改變了企業(yè)的資本結(jié)構(gòu),從而分散了財務(wù)風(fēng)險,長期債務(wù)成本也隨之降低,同時解決了投資資金的來源問題。輕資產(chǎn)運營分散了企業(yè)的經(jīng)營風(fēng)險,降低了運營成本,提升了現(xiàn)金流量的穩(wěn)定性,而充裕的現(xiàn)金流也為萬達(dá)商業(yè)的擴(kuò)張?zhí)峁┝吮Ｕ?使其能夠健康持續(xù)地發(fā)展。根據(jù)對萬達(dá)商業(yè)地產(chǎn)公司輕資產(chǎn)運營案例的研究與分析,挖掘其成功轉(zhuǎn)型背后深層次的原因,探尋同行業(yè)轉(zhuǎn)型輕資產(chǎn)運營應(yīng)該培養(yǎng)的能力和轉(zhuǎn)型過程中應(yīng)該注意的問題。如我國商業(yè)地產(chǎn)企業(yè)轉(zhuǎn)型前應(yīng)明確自身的核心專長,保持自己的優(yōu)勢,吸引優(yōu)良的投資者;轉(zhuǎn)型后應(yīng)聚焦于運營管理方面,培養(yǎng)突出的資本運作能力,這樣才能為輕資產(chǎn)轉(zhuǎn)型的成功提供保障,并持續(xù)發(fā)展。同時還希望通過本文的分析給其他重資產(chǎn)型企業(yè)的經(jīng)營管理者提供參考。
[Abstract]:The important feature of the operation of light assets is to gain higher income with lower capital investment. The enterprises do not weigh the size of the assets and pay more attention to the use of knowledge assets. In the background of the economic slowdown of the real estate industry in China, it is difficult for commercial real estate enterprises to continue to develop with heavy assets if they continue to operate with heavy assets. The real estate industry is a typical capital intensive industry, and the commercial real estate, as an important part of the real estate industry, is an important part of the real estate industry. Compared with the residential property, it needs more funds for its early investment, and the investment recovery period is longer, and the investment, construction and management are adopted. The heavy assets operation mode in one will cause the commercial real estate enterprises to precipitate a large amount of funds in the project and affect the cash flow required for the normal operation of the enterprise. In addition, the private capital of the commercial real estate enterprises in our country is not strong, while a large amount of funds are needed in the early stage of the project development, at this time the enterprise can only pass the bank credit loan or mortgage. With the loan policy to support the project development, with the bank loan policy successively issued, the loan conditions are becoming more and more stringent, the difficulty of the enterprise loan is increasing, so the capital pressure is also increasing. If the industry environment will not be well in a short time, how can the enterprise maintain the normal speed of development? If the profit model is to be changed, how should be changed All these problems must be considered by the commercial real estate enterprises of our country. In view of the above problems, this paper, firstly, deepens the understanding of the concept of light assets, introduces the mode of heavy assets operation and light asset operation in commercial real estate, and analyzes how they operate in various modes. Secondly, the financial situation and the development prospect of Chinese commercial real estate enterprises in the current market environment are analyzed, and the theoretical basis of the operation of light assets is expounded in order to provide a theoretical framework for the operation of light assets in the commercial real estate industry. Finally, the necessity of the operation of light assets in the transformation of commercial real estate in China is analyzed. And the specific implementation strategy and other related issues, at the same time introducing Dalian Wanda Commercial real estate company as a case to analyze how it is transformed. Wanda business ranked first in our commercial real estate industry, Wanda Group has undergone four transformations since its establishment, and the most recent is the transition of light assets based on Wanda business. The time of the asset transformation strategy was announced at the beginning of 2015, but at the earlier time, Wanda business was preparing for the transformation. The analysis of the company's annual report in 2015 and 2016 showed that the transformation had begun to be effective. Therefore, this article introduced the case of the Wanda business transformation and summarized the strategies implemented for the transformation of light assets. In this process, we can see that Wanda Commercial real estate companies reasonably choose the way to realize the light assets in the light assets operation process and expand the diversified financing channels. Through expanding the financing channels, such as the introduction of third party institutional investors and the introduction of financial products, Vanda commercial real estate companies have changed the capital structure of the enterprise, thus dispersed the financial risk, the cost of long-term debt also reduced, and the source of investment funds was solved. The operation risk of the light assets dispersed the business risk of the enterprise. It reduces the operating cost and improves the stability of the cash flow, and the abundant cash flow provides a guarantee for the expansion of Wanda business, so that it can develop healthily and continuously. According to the research and analysis of the case of light assets operation of Wanda Commercial real estate company, the deep reasons behind the successful transformation are excavated, and the transformation of the same industry is light. Such as the ability to train assets and the problems that should be paid attention to in the process of transformation, for example, before the transformation of commercial real estate enterprises in China, we should clarify their own core expertise, maintain their own advantages, and attract excellent investors; after the transformation, we should focus on the operation management and cultivate outstanding capital operation ability so that the transformation of light assets can be formed. It also provides reference for managers of other heavy assets enterprises.

【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.42

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