【作者】 王佳；

【导师】 朱雪珍；

【作者基本信息】 苏州大学 ， 会计（专业学位）， 2018， 硕士

【摘要】 我国的房地产行业一直采用的是重资产运营模式,重资产运营模式获取收益的关键是土地增值,而在土地成本较低的20世纪90年代,这样的运营模式的确帮助房地产行业度过了黄金发展的10年。然而随着国家政策和经济形势的变化,我国房地产行业也面临着土地成本上升,融资困难,财务风险居高不下等现实问题,可以说资产的增值已经不足以弥补发生的资本成本,传统的重资产模式已经不适应现实需求,在这样的背景下,很多企业选择转变运营模式,尝试轻资产转型。轻资产运营模式的优势正在于,通过利用他人资源来减少自身资源的投入,这样就可以将企业内部资源投入到产业链中利润较高的阶段,打造企业核心竞争力,最终实现缓解企业现实困境,提升自身价值的目标。本文是以万科的轻资产转型为研究对象,首先分析了万科选择转型的动因,同时也探讨了万科转型的可行性,之后具体分析了万科轻资产转型的路径,主要路径是“小股操盘”的合作开发模式,同时也采取了一些其他路径,比如金融渠道的创新,事业合伙人制度的实施等。此外,本文从财务视角分析了万科轻资产转型的效果,包括财务特征,财务指标和EVA评价三个方面,可以说万科的轻资产转型是比较成功的。在案例分析的基础上,文章的最后一部分也得出了相关结论,并提出了相关建议,轻资产运营模式可以说是房地产企业更为理性和现实的选择,但是企业选择转型时也需要考虑自身条件,只有品牌建设,运营管理,资本运作等能力达到一定高度之后才能够选择轻资产转型,同时转型路径应当全面具体,并且合理借鉴经验,循序渐进,这样才能实现转型的成功。希望通过本文的研究,可以为有意轻资产转型或者转型中的房地产企业提供一定的参考价值。更多还原

【Abstract】 Has been used in China’s real estate industry is a heavy asset management mode,key operation mode of heavy assets gains is the land value,and lower the cost of land in 1990 s,this mode of operation is to help the real estate industry through the development of the gold for 10 years.However,with the change of government policy and economic situation,China’s real estate industry is also faced with rising land costs,financing difficulties,financial risk is high and other practical problems,can be said that the asset value is not enough to make up for the cost of capital,assets of the traditional model has not adapt to the real needs,in this context,change the choice of operation mode of many enterprises,try to asset light transition.The asset light business model advantage is,to reduce their own resources through the use of the resources of others,so that it can be the enterprise internal resources into profit chain in higher stage,build the core competitiveness of enterprises,and ultimately ease the plight of enterprises,enhance the value of their own goals.This paper is based on the Vanke asset light transformation as the research object,firstly analyzes the motivation of Vanke transformation,but also to explore the feasibility of Vanke transformation,then analyzes the Vanke asset light transition path is the main path to the small stock trader of the cooperative development model,also taken some other paths,such as financial channel innovation,business partner system implementation etc..In addition,this paper analyzes the effect of Vanke light assets transformation from a financial perspective,including three aspects: financial characteristics,financial indicators and EVA evaluation.We can say that Vanke’s light assets transformation is relatively successful.Based on case analysis,the last part is the conclusion and puts forward relevant suggestions,the asset light business model can be said that the real estate enterprises is more rational and realistic choice,but also need to consider the transformation of enterprises to choose their own conditions,only the brand construction,operation management,capital operation,etc.the ability to reach a certain height to choose the light asset restructuring,the transition path should be specific and comprehensive,and reasonable experience,step by step,so as to achieve the success of the transformation.I hope that through this study,we can provide a certain reference value for the real estate enterprises in the transition or transition of intentional light assets.更多还原