輕資產轉型對大陸房地產企業之影響—以萬達集團為例

Abstract

中國大陸房地產企業一直以重資產運營模式為主。在20世紀90年代土地成本較低的時期，這一模式使房地產市場發展迅速，而市場在歷經10多年的黃金期發展，逐步邁入成熟階段，隨著大環境經濟形勢與國家政策的不斷變化，伴隨著土地成本持續上升、融資渠道單一、資金壓力不斷增加等問題的出現，過去大陸房地產業所採用的重資產運營模式已不足以支撐企業的運營發展。傳統的重資產運營模式以不適用於目前市場，在這種背景下，房地產企業必須轉變新的運營模式以尋求轉機，輕資產運營模式的房地產企業，通過第三方合作投資獲取資金，運用自身企業核心優勢資源提供增值服務與品牌價值獲得收益，順應房地產市場目前現況，實現緩解企業發展困境，提升企業自身價值與效益的目標。 本文針對大陸房地產現況及房地產企業目前面臨的困境作為研究背景，回顧整理以往學者研究基礎，對輕、重資產及房地產資產運營模式的闡述，選取國內具有輕資產動向房地產企業--萬達集團作為案例，研究其在發展過程中及轉型前後運營模式的變化與可能帶來的收益，而後選取國外知名房地產企業研究運營模式及項目業務革新，得出輕資產運營模式為房地產企業發展的優勢，與對於大陸房地產市場的影響。 通過大陸房地產業現況與案例分析，研究得出輕資產模式對於大陸房地產市場的現實意義與選擇，及適合於轉型企業需要具備的條件因素，發展程度、核心能力、品牌形象等因素的考量，希望透過本研究，為中國大陸房地產企業因應房地產市場面臨困境的規避，與房地產企業提升自身價值與發展效益施以參考價值，並為未來研究提供參考基礎，為中國大陸房地產市場未來想要採取輕資產轉型企業的發展提供借鑑與啟示作用。

Mainland China’s property market have always been heavily focused on physical assets. In the 1990s, when the property prices were low, the market grew rapidly. The market boomed for over 10 years and reached a state of maturity. Due to the ever- changing macroeconomy and government policies, rent increasing rapidly, investments slowed, it became a financial burden to remain competitive. In the past, Mainland China’s property market’s focus on physical assets is no longer profitable. The traditional focus on physical assets is no longer applicable for the market today, change needs to be evoked in order to regain competitiveness. The market needs to shift their focus to light assets management, involving a tripartite agreement for investments. Making use of their business model,services and branding as a competitive edge to overcome the current challenges in the market and companies can seek to improve the values and goals of their business. This paper discusses the problem that the property market and businesses are facing. It also aims to educate the audience on the difference between heavy assets management and light assets management. With reference to Wanda Group’s background in the property market and their shift from heavy assets management to light assets management. In the case study, we will analyze and learn the differences in the business model and how they regain profitability. The paper will also take reference from overseas case studies on their successful remodeling in the property market to gather the strengths of light assets management and its impact on the market. Through deep analysis of Mainland China’s property market, we derive at the conclusion that light assets management is indeed beneficial and timely for the remodeling of businesses in the property market. It is also the crux for businesses’growth and branding. Through this research paper, hope that the Mainland China’s property market will be able to escape the crisis and housing bubble burst, eventually,help the property market to raise its worth. This paper hopes to provide some reference for the future shift of Mainland China’s property market towards light assets management.