本文選題：商業(yè)地產(chǎn) + 投資回收期��； 參考：《太原理工大學(xué)》2013年碩士論文

【摘要】：研究商業(yè)地產(chǎn)離不開(kāi)整個(gè)社會(huì)經(jīng)濟(jì)環(huán)境背景,離不開(kāi)房地產(chǎn)業(yè)的大環(huán)境背景。在資金成本相同的情況下,在商業(yè)地產(chǎn)項(xiàng)目高投資回報(bào)率的驅(qū)使下,并且看到商業(yè)地產(chǎn)發(fā)展的可持續(xù)性,越來(lái)越多有遠(yuǎn)見(jiàn)的房地產(chǎn)開(kāi)發(fā)商把投資方向從住宅地產(chǎn)轉(zhuǎn)向了商業(yè)地產(chǎn)項(xiàng)目。迫于政策的壓力,眾多開(kāi)發(fā)商開(kāi)始將投資重心從一線城市逐漸轉(zhuǎn)向了二三線城市。因?yàn)?二三線城市商業(yè)地產(chǎn)市場(chǎng)的調(diào)控力度較小,而且房?jī)r(jià)上升空間較大。這無(wú)疑給太原市的商業(yè)地產(chǎn)帶來(lái)新的機(jī)遇。本文就是在這樣的環(huán)境下對(duì)太原市商業(yè)地產(chǎn)投資回收期進(jìn)行研究,具有非常重要的社會(huì)價(jià)值和經(jīng)濟(jì)意義。 面對(duì)商業(yè)地產(chǎn)的很高的總價(jià)、較高的利潤(rùn)率和開(kāi)發(fā)風(fēng)險(xiǎn)、很長(zhǎng)的投資回收期的特點(diǎn),理性的投資者不愿意將大筆資金積壓在投資回收期較長(zhǎng)的項(xiàng)目上。商業(yè)地產(chǎn)經(jīng)營(yíng)業(yè)績(jī)的好壞會(huì)受到投資回收期長(zhǎng)短的直接影響,即投資回收期短,資金循環(huán)周期就短,經(jīng)營(yíng)效益就高,發(fā)展就快,分險(xiǎn)小；反之,投資回收期長(zhǎng),資金循環(huán)周期就長(zhǎng),經(jīng)營(yíng)效益就低,風(fēng)險(xiǎn)加大。因此,投資回收期應(yīng)該是評(píng)判商業(yè)地產(chǎn)投資開(kāi)發(fā)項(xiàng)目的一項(xiàng)主要經(jīng)濟(jì)指標(biāo)。本論文試圖從理論、方法以及應(yīng)用出發(fā),與商業(yè)地產(chǎn)的實(shí)際情況相結(jié)合,系統(tǒng)地探討商業(yè)地產(chǎn)投資回收期的理論、方法以及應(yīng)用體系,并用案例進(jìn)行了實(shí)證研究。本次研究是針對(duì)太原市的商業(yè)地產(chǎn)投資回收期進(jìn)行研究,目的是通過(guò)研究為太原市的商業(yè)地產(chǎn)發(fā)展提供一些指導(dǎo)和建議。 本論文主要對(duì)研究目的、研究意義及國(guó)內(nèi)外商業(yè)地產(chǎn)研究現(xiàn)狀進(jìn)行了綜述；對(duì)商業(yè)地產(chǎn)的基礎(chǔ)知識(shí)進(jìn)行了詳細(xì)的介紹,包括商業(yè)地產(chǎn)的概念、分類、特征以及發(fā)展；介紹了商業(yè)地產(chǎn)投資回收期的相關(guān)理論,包括投資回收期的定義、分類、計(jì)算公式、評(píng)價(jià)指標(biāo)、優(yōu)缺點(diǎn)以及應(yīng)用。在查閱大量資料和咨詢有關(guān)專家之后,將商業(yè)地產(chǎn)投資回收期的影響因素分類,并應(yīng)用層次分析法計(jì)算出各個(gè)影響因素相對(duì)于商業(yè)地產(chǎn)投資回收期的影響權(quán)重。以紅星美凱龍?zhí)觏?xiàng)目為例,從紅星美凱龍?zhí)觏?xiàng)目投產(chǎn)年開(kāi)始算起,根據(jù)財(cái)務(wù)現(xiàn)金流量表求得靜態(tài)投資回收期和動(dòng)態(tài)投資回收期,并將太原市的商業(yè)地產(chǎn)與全國(guó)的商業(yè)地產(chǎn)進(jìn)行比較。在總結(jié)本文研究?jī)?nèi)容的基礎(chǔ)上,提出了本文的不足之處及以后商業(yè)地產(chǎn)的發(fā)展建議。
[Abstract]:The study of commercial real estate can not be separated from the background of the whole social and economic environment, and from the background of the real estate industry. At the same cost of capital, driven by the high rate of return on investment in commercial real estate projects, and seeing the sustainability of commercial real estate development, A growing number of visionary real estate developers have shifted their investment from residential to commercial real estate projects. Under the pressure of policy, many developers began to focus on investment from first-tier cities to second-and-third-tier cities. Because, second-and-third-tier city commercial real estate market regulation and control strength, and house price rise space is bigger. This undoubtedly brings new opportunities to commercial real estate in Taiyuan. In this environment, this paper studies the payback period of commercial real estate investment in Taiyuan, which has very important social value and economic significance. Faced with the high total price, high profit margin and development risk of commercial real estate, and the characteristics of long payback period, rational investors are unwilling to put a large amount of capital backlog on projects with long payback period. The business performance of commercial real estate is directly affected by the length of the investment payback period, that is, the investment payback period is short, the capital cycle is short, the operating efficiency is high, the development is fast and the risk is small; on the other hand, the investment payback period is long. The capital cycle is long, the management benefit is low, the risk increases. Therefore, the investment payback period should be a major economic indicator to judge commercial real estate investment and development projects. This paper attempts to discuss the theory, method and application system of commercial real estate investment payback period systematically from the perspective of theory, method and application, and make an empirical study with a case study. The purpose of this study is to provide some guidance and suggestions for the development of commercial real estate in Taiyuan. This paper summarizes the purpose, significance and current situation of commercial real estate research at home and abroad, introduces the basic knowledge of commercial real estate in detail, including the concept, classification, characteristics and development of commercial real estate. This paper introduces the relevant theories of commercial real estate investment payback period, including the definition, classification, calculation formula, evaluation index, advantages and disadvantages, and application of the investment payback period. After consulting a lot of information and consulting experts, the paper classifies the influencing factors of commercial real estate investment payback period, and calculates the influence weight of each influencing factor relative to the commercial real estate investment payback period by using the analytic hierarchy process (AHP). Taking the Hongxing Meikailong Taiyuan store project as an example, starting from the year the Hongxing Mei-kailong Taiyuan store project was put into operation, according to the statement of financial cash flow, the static investment payback period and the dynamic investment payback period were obtained. And the commercial real estate of Taiyuan city and national commercial real estate are compared. On the basis of summarizing the research content of this paper, the paper puts forward the deficiency of this paper and the development suggestion of commercial real estate in the future.
【學(xué)位授予單位】：太原理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.27

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本文編號(hào)：2018290