本文選題：融資方式　切入點：房地產(chǎn)信托投資基金　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在我國,零售行業(yè)在過去幾十年的發(fā)展經(jīng)歷了從無到有,從小到大的過程,為國民經(jīng)濟的發(fā)展做出了巨大貢獻。然而,目前我國傳統(tǒng)實體零售企業(yè)的發(fā)展模式面臨著挑戰(zhàn),零售行業(yè)整體增速放緩,行業(yè)競爭日益激烈,同時,實體零售商在發(fā)展過程中積累的大量門店物業(yè)資產(chǎn)沉淀,占用了企業(yè)的資金,也阻礙了零售商的發(fā)展。近年來,電子商務(wù)的蓬勃發(fā)展也對傳統(tǒng)零售商造成了巨大的沖擊,加上零售商普遍在融資方式上存在的問題,零售商的財務(wù)穩(wěn)定性和流動性受到了影響,傳統(tǒng)零售商急需進行運營模式的轉(zhuǎn)型,其中,輕資產(chǎn)運營模式的轉(zhuǎn)型已成為許多企業(yè)的必然選擇,從而對現(xiàn)金流提出了更高的要求。在此背景下,房地產(chǎn)信托投資基金(REITs)這一新型融資工具的運用逐漸提上了日程。房地產(chǎn)信托投資基金(REITs)作為金融市場中的新型融資工具,已逐漸成為備受歡迎的融資方式之一。REITs可以緩解企業(yè)融資難的問題,盤活企業(yè)資產(chǎn),降低融資風(fēng)險,促進企業(yè)輕資產(chǎn)運營模式的轉(zhuǎn)型,也可以為我國中小投資者找到新的投資渠道,促進金融市場和資本市場的穩(wěn)定發(fā)展。然而,REITs作為我國金融市場的新興事物,與發(fā)達國家相比還比較落后,而且在運用中也要充分考慮我國國情。因此,對于REITs在輕資產(chǎn)轉(zhuǎn)型中的應(yīng)用研究就具有重大意義。本文采用了案例研究法,首先梳理了房地產(chǎn)信托投資基金和輕資產(chǎn)運營模式的理論基礎(chǔ)和研究成果,在分析我國零售行業(yè)發(fā)展現(xiàn)狀的基礎(chǔ)上,選取蘇寧云商REITs作為案例進行分析,研究了蘇寧云商REITs在轉(zhuǎn)型過程中的實施動因、運作模式、實施后的效果以及應(yīng)當應(yīng)對的風(fēng)險,發(fā)現(xiàn)REITs的實施可以助力企業(yè)輕資產(chǎn)運營模式的轉(zhuǎn)型,同時為企業(yè)的經(jīng)營發(fā)展帶來一系列正向作用,是擁有大量優(yōu)質(zhì)門店及物業(yè)資產(chǎn)的零售商可以選擇的資本運作方式,從而對零售企業(yè)在輕資產(chǎn)轉(zhuǎn)型中的實施策略起到借鑒和示范作用。
[Abstract]:In China, the development of retail industry in the past several decades has experienced a process of from scratch to existence, from small to large, and has made great contributions to the development of the national economy. However, at present, the development mode of traditional physical retail enterprises in China is facing challenges. The overall growth rate of the retail industry has slowed, and competition in the industry has become increasingly fierce. At the same time, a large number of store property assets accumulated by physical retailers in the course of development have taken up the capital of enterprises and hindered the development of retailers in recent years. The booming development of electronic commerce has also caused a huge impact on the traditional retailers. In addition, the financial stability and liquidity of retailers have been affected because of the problems that retailers generally have in financing. Traditional retailers are in urgent need of transformation of operation mode. Among them, the transformation of light assets operation mode has become the inevitable choice of many enterprises, thus putting forward higher requirements for cash flow. The use of REITs, a new type of financing tool, has been put on the agenda. As a new type of financing tool in the financial market, REITs is a new type of financing tool in the financial market. REITs has gradually become one of the most popular financing methods. REITs can alleviate the problem of enterprise financing difficulties, activate enterprise assets, reduce financing risk, and promote the transformation of enterprise light assets operation mode. We can also find new investment channels for small and medium-sized investors in our country and promote the stable development of financial markets and capital markets. However, as a new thing in our financial market, REITs are still relatively backward compared with developed countries. Therefore, it is of great significance to study the application of REITs in light assets transformation. First of all, combing the theoretical basis and research results of real estate trust investment fund and light assets operation mode, on the basis of analyzing the present situation of retail industry in China, select SUNING cloud business REITs as a case study. This paper studies the implementation motivation, operation mode, effect and risk of SUNING cloud business REITs in the process of transformation. It is found that the implementation of REITs can help the transformation of enterprise light assets operation mode. At the same time, it brings a series of positive effects to the business development of enterprises. It is the capital operation mode that retailers with a large number of high-quality stores and property assets can choose. Thus, retail enterprises in light assets in the implementation of the implementation strategy play a role in reference and demonstration.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F724.6;F832.49

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1 史馥;;我國房地產(chǎn)信托投資基金(REITs)發(fā)展現(xiàn)狀、困境及建議淺析[J];環(huán)渤海經(jīng)濟w，

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