【摘要】：近年來，政府相繼推出了“國八條”、“國六條”、“國十條”等房地產(chǎn)調(diào)控政策，旨在防止房地產(chǎn)投資過熱、平抑房價(jià)、調(diào)整住房供應(yīng)結(jié)構(gòu)。這一系列的房產(chǎn)調(diào)控政策主要是通過抑制購買需求加上銀行信貸的緊縮達(dá)到調(diào)控的目的，調(diào)控力度不斷加大使房地產(chǎn)住宅地產(chǎn)的開發(fā)變得門檻變高，難度加大。在這樣的背景下，商業(yè)地產(chǎn)的開發(fā)成為房地產(chǎn)行業(yè)投資的新寵。商業(yè)地產(chǎn)項(xiàng)目，尤其是大型商業(yè)地產(chǎn)項(xiàng)目具有投資規(guī)模大、回報(bào)周期長的特點(diǎn)，盲目開發(fā)會(huì)給開發(fā)商和后期經(jīng)營者帶來極大的風(fēng)險(xiǎn)。項(xiàng)目的投資效益是房地產(chǎn)開發(fā)公司選擇項(xiàng)目的一個(gè)重要參考依據(jù)，通過對(duì)商業(yè)地產(chǎn)項(xiàng)目進(jìn)行投資效益分析對(duì)預(yù)估項(xiàng)目投資收益，，降低項(xiàng)目開發(fā)實(shí)施過程中的風(fēng)險(xiǎn)，保障項(xiàng)目的順利進(jìn)行并取得利潤最大化方面起著重要的作用。廣東國際光電采購中心項(xiàng)目作為一個(gè)商業(yè)地產(chǎn)項(xiàng)目，有空港經(jīng)濟(jì)發(fā)展規(guī)劃的支持和無法比擬的區(qū)位優(yōu)勢(shì)，但該項(xiàng)目投資金額大、建設(shè)周期長、不確定性因素多，因此在投資前進(jìn)行投資效益分析是必要的。 專業(yè)市場(chǎng)的開發(fā)運(yùn)營除了地產(chǎn)因素，還有產(chǎn)業(yè)因素。本項(xiàng)目作為光電采購中心，除了對(duì)項(xiàng)目的地產(chǎn)屬性進(jìn)行研究外，還要進(jìn)行光電產(chǎn)業(yè)研究，努力使光電產(chǎn)業(yè)的引入對(duì)項(xiàng)目成功運(yùn)作形成有利保障。 依據(jù)收益最大化理論、資金時(shí)間價(jià)值理論、風(fēng)險(xiǎn)管理理論、成本核算理論、項(xiàng)目生命周期理論，本文就廣東國際光電采購中心項(xiàng)目的投資效益進(jìn)行深入研究分析。本文首先介紹了投資效益研究的相關(guān)理論及項(xiàng)目投資效益研究的概念、作用和主要內(nèi)容，同時(shí)對(duì)本文涉及的幾個(gè)理論基礎(chǔ)作了介紹。其次，本文從市場(chǎng)環(huán)境和定位方面對(duì)本項(xiàng)目的投資效益提供現(xiàn)實(shí)依據(jù)。市場(chǎng)環(huán)境主要從經(jīng)濟(jì)環(huán)境、地理環(huán)境、政策環(huán)境以及市場(chǎng)競(jìng)爭環(huán)境方面加以展開，然后從業(yè)態(tài)、形象、功能、目標(biāo)客戶方面論述本項(xiàng)目的市場(chǎng)定位。然后，財(cái)務(wù)分析部分主要分析了項(xiàng)目銷售、融資以及盈利情況，并從動(dòng)態(tài)和靜態(tài)兩個(gè)方面探討本項(xiàng)目的潛在效益以及項(xiàng)目中存在的不確定性，為項(xiàng)目的投資效益提供數(shù)據(jù)支撐，并提出優(yōu)化方案。最后本文就項(xiàng)目開發(fā)中存在的包括政治風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)、管理風(fēng)險(xiǎn)等風(fēng)險(xiǎn)類別進(jìn)行風(fēng)險(xiǎn)分類，通過風(fēng)險(xiǎn)預(yù)估提出潛在風(fēng)險(xiǎn)，并根據(jù)風(fēng)險(xiǎn)管理理論結(jié)合房地產(chǎn)項(xiàng)目開發(fā)的實(shí)際情況，深入分析，給出一些相應(yīng)的應(yīng)對(duì)措施。 本文的研究成果有助于幫助企業(yè)明確市場(chǎng)策略，找準(zhǔn)目標(biāo)客戶群體，了解項(xiàng)目的投資及收益情況，并且可以增強(qiáng)開發(fā)公司的風(fēng)險(xiǎn)防范意識(shí)，提高項(xiàng)目的安全保障力度，從而保障項(xiàng)目的順利實(shí)施。根據(jù)現(xiàn)在的項(xiàng)目方案進(jìn)行一系列財(cái)務(wù)測(cè)算，尋找投資效益最大化的改進(jìn)方案。同時(shí)本研究也對(duì)本公司的其它商業(yè)地產(chǎn)項(xiàng)目的投資效益研究有一定的借鑒意義。
[Abstract]:In recent years, the government has introduced such real estate regulation and control policies as "eight articles of the country", "six articles of the State" and "the Ten articles of the Nation" in order to prevent overheating of real estate investment, to stabilize housing prices and to adjust the structure of housing supply. This series of real estate regulation and control policies are mainly through the suppression of purchase demand and the tightening of bank credit to achieve the purpose of regulation and control efforts to constantly increase the ambassador real estate development has become more difficult. Under such background, the development of commercial real estate becomes the new pet of real estate industry investment. Commercial real estate projects, especially large commercial real estate projects, have the characteristics of large investment scale and long return period. Blind development will bring great risks to developers and late operators. The investment benefit of the project is an important reference basis for the real estate development company to select the project. Through the analysis of the investment benefit of the commercial real estate project, the investment income of the project is estimated, and the risk in the process of project development and implementation is reduced. To ensure the smooth progress of the project and maximize profits play an important role. As a commercial real estate project, the project of Guangdong International photoelectric Purchasing Center has the support of the economic development plan of the airport and the unparalleled advantages of location. However, the project has a large amount of investment, a long construction period and many uncertain factors. Therefore, it is necessary to carry out investment benefit analysis before investment. Professional market development and operation in addition to real estate factors, there are industrial factors. As a photoelectric purchasing center, this project not only studies the property of the project, but also studies the photoelectric industry, and makes great efforts to ensure the successful operation of the project with the introduction of the photoelectric industry. Based on the profit maximization theory, capital time value theory, risk management theory, cost accounting theory and project life cycle theory, this paper makes an in-depth study and analysis on the investment benefit of Guangdong International photoelectric Purchasing Center. This paper first introduces the related theory of investment benefit research and the concept, function and main content of project investment benefit research, at the same time introduces several theoretical bases involved in this paper. Secondly, this paper provides a realistic basis for the investment benefit of the project from the market environment and positioning. The market environment is mainly carried out from the aspects of economic environment, geographical environment, policy environment and market competition environment, and then the market orientation of the project is discussed from the aspects of business form, image, function and target customers. Then, the financial analysis part mainly analyzes the project sales, financing and profit situation, and discusses the potential benefits of the project and the uncertainty in the project from the dynamic and static aspects, which provides the data support for the investment benefit of the project. The optimization scheme is put forward. Finally, this paper classifies the risk categories including political risk, market risk, management risk, and puts forward the potential risk through risk estimation. According to the theory of risk management and the actual situation of real estate project development, this paper gives some corresponding countermeasures. The research results of this paper are helpful for enterprises to make market strategy clear, to find out the target customer group, to understand the investment and income of the project, to enhance the risk prevention consciousness of the development company, and to enhance the safety and security of the project. In order to ensure the smooth implementation of the project. According to the current project program, a series of financial calculations are carried out to find the improvement scheme to maximize the investment benefit. At the same time, this research also has certain reference significance to the investment benefit research of other commercial real estate projects of our company.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.233.44

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