万科资产运营模式转型分析研究

时间：2021-04-14 20:05:26 来源：蒲公英阅读网 本文已影响人

相关热词搜索：分析研究 转型 运营

　 摘

　要

　 从 1978 年开始，在国家政策的支持下，房地产行业得到飞速发展。彼时的房地产行业采用的是重资产运营模式，即投入大量的资金购买土地使用权、建房，当项目完工后将房子高价卖出获得丰厚的利润。重资产运营模式在当时取得了很大的成功，主要由于当时国家鼓励房地产行业发展，企业拿地成本低并且没有监管部门对于房价进行管控，这就给企业带来了很大的利润空间；同时房地产行业处于初步形成时期，市场需求量大，这为房地产行业带来了很大的商机。然而房地产行业的快速发展带来了房地产泡沫，于是 2009 年，政府加紧了对房地产行业的调控，习主席“房住不炒”标志了以后很长的一段时间内行业发展的方向。在这种环境下，重资产运营模式的劣势日益显露，首先，国家对于房地产行业进行调控，土地成本上升，再加上国家开始对房价实施干预，这就使房地产行业的利润空间减小；第二，市场在经过多年的发展后逐渐趋于饱和，人们的购房意愿下降，而且随着生活水平的提高人们的需求更丰富多样难以满足，这也给房地产企业带来了挑战。经统计发现仅 2019 年一年便有超过 400 家房地产企业破产，重资产运营模式显然已经不再适应当前的环境，如果企业不积极寻求转型那么环境的改变对企业带来的冲击会是巨大的，许多房地产企业比如万科、万达、恒大等均纷纷开始脱重向轻进行转型。

　本文通过案例分析法、文献分析法，研究万科的运营模式转型。运营模式大体包括技术、生产、销售、制度四个方面，本文以运营模式的四个层面为切入点，从人事、生产、技术、销售四个方面来研究万科的转型。人事方面，万科创造了事业合伙人制度；生产层面万科采取小股操盘模式；技术层面，万科引进人才，将资金重点投入到研发环节；销售层面，万科同淘宝、腾讯等互联网企业合作增加销售渠道并且开启了“全民营销”时代。通过这四个层面的措施，万科实现了向轻资产运营模式的转型。万科转型获得的巨大成功对于其他房地产企业有很好的借鉴意义。

　本文通过对万科轻资产运营模式转型案例的分析得到了以下结论：第一，在现行政策下，房地产企业实行转型是必要的。重资产运营模式带给企业的利润空间大幅缩小，企业若想打破现行政策带给企业的困境必须改变资产运营模式，只有向轻资产运营模式转型企业才能实现持续发展。第二，万科实现转型关键依靠的是企业强大的品牌输出能力与先进的管理理念，其他房地产企业要不断加强品牌输出能力才能保证转型的顺利进行。第三，二十一世纪是信息技术高速发展的时代，是互联网时代，利用好互联网可以给企业带来很大的优势，企业应该充分利用互联网来促进企业转型、发展。

　关键词：

　万科；轻资产；运营模式转型

　 2

　Abstract

　Since 1978, with the support of national policies, the real estate industry has been developing rapidly. At that time, the real estate industry adopted the heavy asset operation model, that is, invest a lot of money to buy land use rights, housing, when the completion of the project will sell the house at a high price to obtain a substantial profit. The operation mode of heavy assets achieved great success at that time, mainly because: 1) low land costs, 2) the government has no restrictions on housing prices, so the high price of real estate, providing a lot of profit space, 3) the market potential is large, in the formation of the real estate industry period, the future development potential is immeasurable. However, the rapid development of the real estate industry brought the real estate bubble, so around 2010, the government stepped up the regulation of the real estate industry, the introduction of various regulatory policies so that real estate enterprises face a very unfavourable environment, Xi Chairman "housing not speculation" marked a long period of time after the development of the industry. In this environment, the disadvantages of heavy asset operation mode are increasingly revealed: 1) the state for the real estate industry regulation, land costs rise, real estate enterprises need to invest a lot of funds; Real estate enterprises heavy assets operating model depends on the land dividend is no longer, access to data found that in 2019 alone there will be more than 400 real estate enterprises bankruptcy, heavy assets operating model is obviously no longer adapted to the current development of the environment, if enterprises do not actively seek transformation then the impact of environmental changes on enterprises will be huge, many real estate enterprises such as Vanke, Wanda, Evergrande and so on have begun to take off weight to light transformation. This paper studies the transformation of Vanke"s operating model through case analysis. The operating model includes five levels of production, technology, finance, sales and system, and this paper takes the various links of the operation mode as the starting point, and studies vanke"s transformation from the five aspects of personnel, production, technology, sales and capital. Personnel, Vanke created a career partner system, business partner system includes employee shareholding plans and projects and investment system, production level Vanke to take small stock trading model, small-share trading mode is the biggest feature of enterprises do not control the entire production chain, put more money into research and development, sales links, intermediate links outsourced to other enterprises; Tencent and other Internet companies to increase sales channels and open the era of "marketing for all", the capital Vanke

　 changed the past to bank loans to a single financing channel, to diversified financing development. Through these five levels of measures, Vanke realized the transformation to light asset operation model, enhanced the profitability of enterprises, inventory turnover capacity, improve the market share of enterprises, alleviate the adverse changes in the environment to the impact of enterprises, Vanke has been a broader development. Vanke transformation has achieved great success for other real estate enterprises have a good reference significance. The purpose of this paper is to find a new way out for real estate enterprises in an unfavourable environment. From Vanke"s operation model transformation case, the following conclusions are obtained: 1) under the current policy, real estate enterprises to implement the transformation is necessary. Heavy asset operation mode has been unable to make enterprises profit, enterprises can only achieve sustainable development by transitioning to light asset operation mode; 2) Vanke"s key to the transformation depends on the enterprise"s strong brand output capacity and advanced management concepts, other real estate enterprises to constantly strengthen the brand output capacity to ensure the smooth progress of the transformation; Only continuous innovation can attract more consumers and maintain the vitality of enterprises.

　Key words: Vanke;Light Assets;Operational Transformation

　 4

　目

　录

　 1 导论 ...................................................................... 1 1.1

　选题背景与研究意义 .................................................. 1 1.2

　国内外文献综述 ...................................................... 1 1.3 研究方法 ............................................................ 3 1.4

　基本结构 ............................................................ 3 2 相关概念与相关理论 ........................................................ 3 2.1

　相关概念 ............................................................ 1 2.2 相关理论 ............................................................ 1 3 房地产行业及运营模式的基本情况 ............................................ 4 3.1 房地产行业发展历史 .................................................. 4 3.2 房地产的重资产运营模式 .............................................. 5 4 万科轻资产运营模式转型案例分析 ............................................ 9 4.1 万科的基本情况 ...................................................... 9 4.2 万科重资产运营模式 ................................................. 10 4.3 万科资产运营模式的转型动因 ......................................... 10 4.4 万科轻资产运营模式实施策略 ......................................... 10 5 万科轻资产运营模式转型效果分析 ............................................ 9 5.1 财务指标分析 ........................................................ 9 5.2 非财务指标分析 ..................................................... 10 6 总结 ...................................................................... 9 6.1 结论 ................................................................ 9 6.2 建议 ............................................................... 10

　 参考文献 ................................................................... 12 致谢 ....................................................................... 13

　 1 导论 1.1 选题背景与研究意义

　1.1.1 选题背景 1978 年之前，我国没有房地产行业，人们的住房都是通过国家分配获得，当时的住房由国家负责建造，国家每年有大量的财政支出用于房子的修建。1978 年，为了改变我国住房分配的现状，政府开始倡导房子买卖，在此背景下我国出现了房地产行业，这一新出现的行业即刻便得到了飞速的发展。自房地产行业出现时，房地产公司便采取重资产运营模式，重资产运营模式就是企业花大量资金囤积土地在土地上盖房，待到房子完工后将房子出售来获得土地增值带来的利润。这种模式在当时给企业带来了丰厚的利润，一方面国家鼓励住房买卖，土地获得成本比较低，另一方面政府对于房价不加限制，开发商定价非常自由，这使得房地产企业能够从中获取暴利，我国房地产行业开启了它的黄金时代。房地产的高速发展带来了严重的房地产泡沫，于是 2007 年开始，国家加大了对于房地产行业的调控力度，提高土地成本，2010 年又出台了“限购、限价、限贷”的三限政策，这使房地产企业叫苦不迭。“三限”政策的影响下，重资产运营模式的弊端暴露无遗：首先，土地成本升高，产品售价降低，房地产企业的获利空间被大幅度压缩，土地红利不再，企业现金流更加紧张；第二，政府对房地产企业的融资进行调控，企业融资困难，高额的支出没有了足够的资金作为保障。重重打击下，有的企业熬不过发展的寒冬只能破产，有的企业如履薄冰在夹缝中生产，有的企业大刀阔斧进行改革走向轻资产运营的全新之路。

　作为我国房地产企业之龙头，万科在 2013 年便踏向了轻资产转型之路。在许多房地产企业摇摇欲坠濒临倒闭之时，万科一骑绝尘，不仅利用轻资产运营的优势巩固了自己的龙头地位，而且还在房地产行业萧条之际踏上了房地产行业发展的新道路。万科的转型缓解了企业的压力，让万科在“寒冬”中变得更加主动，使企业进入了发展的新阶段，给中国房地产行业中的其他企业带来了很好的借鉴。所以本文将万科作为案例分析的主要对象。

　1.1.2 研究意义 现阶段，房地产企业向轻资产运营模式转型成为大趋势，而我国在 2013 年以后才有企业开始转型并取得成功。因此，对于大多数房地产企业来说，一方面转型可借鉴的案例少，转型无从下手，盲目跟风转型非但不会成功甚至可能带来更大的危机，另一方面企业转型迫在眉睫，不能成功转型企业以后的持续发展都会存在相当大的阻力，所以研究我国房地产行业的标杆——万科的运营模式转型是非常必要的。通过研究万科的运营模式转型，对万科的运营模式转型途径进行总结归纳，可以为其他房地产企业进行转型

　 6 提供转型方法与指南；分析万科...