本文選題：經(jīng)營模式　切入點(diǎn)：財務(wù)分析　出處：《中國海洋大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：在2008年金融危機(jī)后，中國經(jīng)濟(jì)增長速度放緩，，房地產(chǎn)行業(yè)發(fā)展速度也相應(yīng)出現(xiàn)減慢的趨勢，同時國家對房地產(chǎn)行業(yè)出臺了土地購置、融資渠道、限價限購等方面的一系列政策。在宏觀條件緊縮的背景下，為應(yīng)對外界環(huán)境的變化，很多房地產(chǎn)企業(yè)都在轉(zhuǎn)變自己的經(jīng)營模式為尋求一條更寬闊、更廣泛的生存路線。保利地產(chǎn)作為中國住宅地產(chǎn)的一線品牌，擁有自己獨(dú)到的經(jīng)營模式，在經(jīng)營模式的選擇和靈活應(yīng)用方面都具有成功之處，以財務(wù)視角來分析保利地產(chǎn)特殊的經(jīng)營模式。 本文依據(jù)經(jīng)營模式理論和財務(wù)分析理論為理論基礎(chǔ)，對影響房地產(chǎn)行業(yè)的兩種經(jīng)營模式：“美國模式”和“香港模式”做出介紹。通過對兩種經(jīng)營模式的比較，找出兩種經(jīng)營模式的顯著不同：“美國模式”走的是專業(yè)化分工、收益大眾化而且是以金融資本運(yùn)作為核心，是一條橫向的運(yùn)作鏈�！跋愀勰Ｊ健弊叩氖恰爸玫�-開發(fā)-出售”由一家開發(fā)商完成的縱向運(yùn)作鏈，注重土地儲備、預(yù)售門檻低資金回籠快、開發(fā)商更多依賴銀行資金。運(yùn)用財務(wù)分析理論，將財務(wù)數(shù)據(jù)與兩種經(jīng)營模式相結(jié)合并找出存在的關(guān)系，利用財務(wù)數(shù)據(jù)分別從四個方面：開發(fā)模式、資金模式、運(yùn)營模式、發(fā)展模式來分析“美國模式”和“香港模式”的經(jīng)營特點(diǎn)，從而得出財務(wù)數(shù)據(jù)與經(jīng)營模式之間的關(guān)系。引入保利地產(chǎn)的財務(wù)數(shù)據(jù)進(jìn)行實例分析，得出保利地產(chǎn)獨(dú)特的經(jīng)營模式。 保利地產(chǎn)因具備“香港經(jīng)營模式”中的“置地-開發(fā)-出售”縱向運(yùn)作鏈，投融資期限匹配和現(xiàn)金管理等特點(diǎn)，又具備“美國經(jīng)營模式”的業(yè)務(wù)定位、業(yè)務(wù)范圍、融資效率、成本管理和可持續(xù)發(fā)展等特點(diǎn)，從而得出保利地產(chǎn)獨(dú)特的經(jīng)營模式是具有“美國特色”的全能型開發(fā)商結(jié)論。保利地產(chǎn)的成本管理和融資管理是值得其他房地產(chǎn)公司進(jìn)行學(xué)習(xí)的，具體表現(xiàn)在營業(yè)成本率和費(fèi)用成本率非常低，在融資期限為安全穩(wěn)健型的前提下融資效率卻很高。然而保利地產(chǎn)也存在著不足，從土地儲備方面來說走的是“多多益善”原則，導(dǎo)致了保利地產(chǎn)的資產(chǎn)周轉(zhuǎn)率沒有萬科地產(chǎn)的快，從可持續(xù)增長率方面來說，保利地產(chǎn)走的是“高回報高留存”的路線，這種路線導(dǎo)致了可持續(xù)增長率的速度在增長但是已經(jīng)放緩，近2年萬科地產(chǎn)已經(jīng)反超保利地產(chǎn)。在中國政策對房地產(chǎn)鎖緊的情況下，保利地產(chǎn)應(yīng)該轉(zhuǎn)變經(jīng)營模式，經(jīng)營模式轉(zhuǎn)變的建議：保利地產(chǎn)的土地儲備應(yīng)該從“多多益善”原則轉(zhuǎn)向“夠用就好”原則，在可持續(xù)增長率中提高留存比率系數(shù)轉(zhuǎn)變經(jīng)營模式，以保持競爭優(yōu)勢，尋求可持續(xù)發(fā)展的路徑。
[Abstract]:After the financial crisis of 2008, China's economic growth slowed down, and the development of the real estate industry slowed down. At the same time, the state introduced land acquisition and financing channels for the real estate industry. A series of policies on price restrictions and purchase restrictions. In the context of tight macro conditions, in order to cope with changes in the external environment, many real estate enterprises are changing their business models to seek a broader one. Poly Real Estate, as a first-line brand of China's residential real estate, has its own unique business model, and has its own success in the choice and flexible application of its business model. From the financial perspective to analyze Poly real estate special business model. Based on the theory of business model and financial analysis, this paper introduces two kinds of business models that affect the real estate industry: "American model" and "Hong Kong model". To find out the significant differences between the two business models: the "American model" is characterized by specialized division of labor, popular returns, and the operation of financial capital as the core. "Hong Kong Model" is a vertical operation chain completed by a developer, with a focus on land reserve, low threshold for pre-sale and quick return of funds. Developers rely more on bank funds. Using financial analysis theory, combining financial data with two business models and finding out the existing relationship, using financial data from four aspects: development model, capital model, operating mode, The development model analyzes the management characteristics of "American model" and "Hong Kong model", so as to obtain the relationship between financial data and business model, and introduces the financial data of Poly real estate to carry on the case analysis, and obtains the unique management mode of Poly real estate. Poly Real Estate has the characteristics of "land purchase, development and sale" vertical operation chain, investment and financing term matching and cash management in "Hong Kong business model", and also has the business positioning, business scope and financing efficiency of "American business model". Cost management and sustainable development, It is concluded that the unique business model of Poly Real Estate is an all-powerful developer with "American characteristics". The cost management and financing management of Poly Real Estate are worthy of learning from other real estate companies. The concrete manifestation is that the operating cost rate and the expense cost rate are very low, but the financing efficiency is very high under the premise that the financing period is safe and steady. However, Poly Real Estate also has some shortcomings. In terms of land reserve, the principle of "more good than the more good" is adopted. As a result, Poly Real Estate's asset turnover rate is not as fast as Vanke Real Estate, and in terms of sustainable growth, Poly Real Estate takes a "high return, high retention" route. This route has led to a growth rate of sustainable growth but has slowed, with Vanke Real Estate overtaking Poly Real Estate for nearly two years. With China's policy on real estate locked up, Poly Real Estate should change its business model. Suggestions for a change in business model: the land reserve of Poly Real Estate should be changed from the principle of "more good" to the principle of "adequate use" and to change the mode of operation by increasing the retention ratio coefficient in the sustainable growth rate in order to maintain a competitive advantage. Seek the path of sustainable development.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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本文編號：1651797