本文選題：售后回租　切入點：運營模式　出處：《江西財經大學》2017年碩士論文

【摘要】：隨著國內經濟的快速發(fā)展,國民生活水平普遍提高,第三產業(yè)得到了長遠發(fā)展。由此,旅游業(yè)也日漸興旺。投資者似乎都看中了其中的前景,紛紛重金投入,這樣的行為加劇了行業(yè)競爭。如何在嚴峻的競爭環(huán)境中屹立不倒,是值得企業(yè)深思的問題。顯然,傳統(tǒng)的買地、建設以及運營酒店的模式已經無法讓酒店業(yè)投資者獲得超額利益,而輕資產運營模式正為現(xiàn)代酒店行業(yè)運營模式帶來全新的變革。輕資產是一個相對概念,不是字面上所理解的質量輕重,而是指資金投入的多少。輕資產企業(yè)主要是通過技術、策劃、設計、創(chuàng)意、品牌、管理經驗、人力資本等無形的資產獲得利益。售后回租是指承租人將其擁有的資產出售后,獲得資金,再將該項資產從購買者手中租回,滿足正常的生產經營。企業(yè)通過售后回租交易,可以保留對資產繼續(xù)使用的權利,同時又獲得一大筆資金,滿足資本擴張的需求,解決資金周轉的問題。而出租人通過售后回租交易,為自己的閑置資金找到一項滿意的投資。售后回租是實現(xiàn)輕資產運營的一種途徑。旅游業(yè)的興旺以及“房地產熱”使得酒店產業(yè)投資增速加快,北上廣深一線城市的投資已經飽和。因此,我國高檔酒店迅速將戰(zhàn)場轉移到二線城市。同時,國外酒店也對中國市場這塊“肥肉”虎視眈眈,知名酒店紛紛入駐中國市場,這也加劇了酒店業(yè)的競爭。黨中央為了轉變黨員的工作作風,讓黨員密切聯(lián)系群眾,出臺了“八項規(guī)定”和“六項禁令”。這些政策的出臺,對高檔酒店沖擊不小。處于內憂外患的華天酒店毅然選擇輕資產運營模式,將擁有的百萬平米酒店客房進行售后回租,盤活這些固定資產,以實現(xiàn)擴寬融資渠道、降低財務風險的目的。本文以華天酒店運用售后回租為案例,講述華天酒店如何運用此運營模式并總結其成功經驗。本文開篇介紹了時代背景、輕資產運營、售后回租的概念及其動因、輕資產運營理論。在競爭戰(zhàn)略理論、企業(yè)能力理論以及企業(yè)戰(zhàn)略管理理論的基礎上,分析出華天酒店既要應對國外高檔酒店以及國內經濟酒店的市場競爭,又要面對各項國家政策的負面效應,因此不得不選擇戰(zhàn)略轉型。戰(zhàn)略轉型需要資金支持,那么售后回租便是讓企業(yè)獲取資金并發(fā)揮自身優(yōu)勢的途徑。其次,介紹了華天酒店運用售后回租輕資產運營模式的前期準備工作和具體實施過程,從而說明該模式是企業(yè)自身發(fā)展的戰(zhàn)略產物。接著,以該酒店近幾年的年度報告為數(shù)據(jù)來源,采用財務指標法對華天酒店實施輕資產模式前后的財務績效進行分析。通過分析華天酒店的財務指標發(fā)現(xiàn),運用該運營模式后,華天酒店的償債能力和營運能力得到了提升,企業(yè)的發(fā)展也更加順暢。同時,通過分析華天酒店經營戰(zhàn)略、融資渠道、經營范圍等非財務指標,總結了華天酒店運用售后回租后得到的正面效應。最后,結合輕資產模式的獨特運行方式,得出華天酒店運用售后回租運營模式確實使資本結構得到改善、財務風險降低以及轉型獲得資金的支持等結論。同時,也可以為打算走售后回租運營模式道路的企業(yè)提供一些可借鑒的經驗,包括采用售后回租提高資產流動性,細化合作者的選擇標準,關注政策風險等。
[Abstract]:With the rapid development of domestic economy, the national living standard is improving, the third industry has been a long-term development. Thus, the tourism industry is also gradually prosperous. Investors seem to have taken to the future, have invested heavily, such behavior has intensified competition. How to survive in the severe competition environment, the enterprise is worth pondering the problem. Obviously, the traditional buy land, construction and mode of operation of the hotel has been unable to let the hotel investors obtain excess profit, and the asset light business model is the Moderno Hotel industry business model brings new changes. Asset light is a relative concept, the quality of the severity of understanding not literally, but how much money the asset light business mainly through technical, planning, design, creative, brand, management experience, human capital and other intangible assets benefit. Customer service is the lessee to rent It has assets after the sale, to obtain funds, then the asset from the buyers to rent, to meet the normal production and operation of enterprises through customer service. Leaseback transactions can be retained on the right to use assets, and to obtain a large amount of funds to meet the capital expansion needs, solve the problem of capital turnover and rental. Through customer service leaseback transactions to find a satisfactory investment for their idle funds. Customer service leaseback is a way of achieving asset light operations. The prosperity of tourism and the "real estate fever" makes the hotel industry investment growth accelerated, first-tier cities north of Guangzhou Shenzhen investment is already saturated. Therefore, the upscale hotel in China rapidly transferring the battlefield to the second city. At the same time, the foreign hotel of Chinese market also look at fiercely as a tiger does this "fat", a well-known hotel have settled in China market, it also intensified the competition in the hotel industry in the party. The Central Party members in order to change the style of work, let the party close ties with the masses, introduced the "eight provisions" and "six prohibitions". The introduction of these policies, the impact is not small in the upscale hotel. The hotel Alex Hua Tian decided to choose domestic trouble and foreign invasion of asset light business model, will have 100 million square meters of hotel rooms for customer service and leaseback, make an inventory of these fixed assets, in order to realize the widening financing channels, reduce financial risk. This paper takes Alex Hua Tian as the case back the use of the hotel customer service, tells Alex Hua Tian how to use the hotel operation mode and summarizes its successful experience. This paper firstly introduces the background, concept and motivation of asset light operations, customer service and leaseback, light asset management theory. On the basis of the theory of competitive strategy, enterprise ability theory and enterprise strategic management theory, analysis of the Alex Hua Tian hotel to deal with foreign luxury hotels and domestic economic wine Shop the market competition, but also face the negative effects of the national policy, therefore had to choose the strategic transformation. Strategic transformation requires financial support, customer service is the way to get back the enterprise to obtain funds and play their own advantages. Secondly, introduces the preparatory work and the specific implementation of the Alex Hua Tian hotel use asset light business model customer service leaseback. Which shows that this model is the product of the enterprise's own development strategy. Then, to the hotel in recent years, the annual report for the data sources, is analyzed using the financial index method of Alex Hua Tian Hotel asset light model before and after the financial performance. Through the analysis of the financial indicators of the Alex Hua Tian Hotel, the operation mode, the Alex Hua Tian hotel. The solvency and operation ability was improved, the development of enterprises and more smoothly. At the same time, through the analysis of Alex Hua Tian's hotel business strategy, financing channels, business Non financial index range, summarizes the positive effect of Alex Hua Tian the use of the hotel customer service after leaseback. Finally, combined with the asset light model unique operation mode, the use of the hotel that Alex Hua Tian does make the capital operation mode of customer service and leaseback structure has been improved, reducing financial risk and transformation to get financial support and other conclusions. At the same time, provides some reference experience can also go back the operation mode of enterprise customer service road, including the use of customer service and leaseback improve assets liquidity, selection criteria of fine combined the author's attention to policy risk.

【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F715.5;F719.2

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