I
摘要
作为我国的支柱性产业，房地产的发展对经济和社会的影响皆非常之大，因
此其所存在的问题也是我国经济发展需要面对的主要问题之一。在过去的数十年
中，房地产行业取得了极大的发展，但随着市场的发展的逐渐向买方市场倾斜，
房地产市场的供需平衡被打破，出现供过于求的局面，发展进入拐点，行业的发
展遇到越来越多的阻力，而地产企业的压力也变得越来越大
与原来国内各地的房产市场一片欣欣向荣的景象相比，目前的房市区域分化
越来越明显。对于国内的一线城市因为城市人口数量庞大且净流入人口较多，房
地产行业发展尚属平稳，然而在二三线城市则出现了较为严重的过剩局面。面对
此种情况，大部分房地产公司缺乏有效的应对策略，之前重资产模式下所积累的
资源价值增长乏力。地产企业通常所采用的运营模式与目前的行业发展和现状已
明显的不适应，出现了较多发展乏力、项目烂尾的情况。以此，在目前的行业环
境下，探讨轻资产开发模式是否有助于目前房地产企业的发展具有重要的研究意
义
本文在查阅文献和实地调研的基础上研究乌兰浩特XC房地产公司的轻资产运
营问题，在对房地产行业运营模式进行分析和解读的基础上，对乌兰浩特XC房地
产的轻资产运营模式进行探讨，进而分析其轻资产运营效应,并采用EVA模型来验
证，亦即采用经济增加值模型来评估和分析XC房地产的轻资产运营效果
关键词：轻资产运营，效应分析，EVA模型，XC房地产公司
II
Abstract
At present, China's economy is facing problems, one of the main problems from
the real estate industry. Since the reform and opening up, the real estate industry has
experienced the development of gold after ten years, the supply of commercial and
residential real estate market in the oversupply situation, at the same time, China's real
estate industry has entered a turning point, the industry boom degree decreased
gradually, the real estate enterprises operating pressure increasing.
Compared with the thriving scene of the real estate market around the country, the
current housing market differentiation is more and more obvious. For the large number
of urban population and more net inflow to the population in the first tier cities in China,
the development of the real estate industry is still stable, but there is a more serious
surplus situation in the two or three line cities. Faced with such a situation, most Real
Estate Company lack effective coping strategies. The resource value accumulation
before heavy asset mode is weak. The operation mode commonly used by real estate
enterprises is not adaptable to the current industry development and current situation,
and there are many problems of weak development and uncompleted projects. Therefore,
in the current industry environment, it is of great significance to explore whether the
development mode of light assets contributes to the development of real estate
enterprises.
Light asset management problems of this research study of Ulanhot XC real estate
company on the basis of literature review and field investigation on the basis of the
analysis and interpretation of the operation mode of the real estate industry, discusses
the asset light business model of Ulanhot XC real estate, and then analyzed the asset
light operating effect, to verify the effect of XC light asset management real estate using
the EVA model, which uses the EVA model to assess and analyze the XC real estate
asset light operating effect.
Key words: light asset operation, effect analysis, EVA model, XC real estate company
III
目录
第一章绪论 ........ 1
1.1 研究背景和意义 ........... 1
1.1.1 研究背景 ........... 1
1.1.2 研究意义 ........... 2
1.2 国内外研究现状 ........... 2
1.2.1 国外研究现状 ....... 2
1.2.2 国内研究现状 ....... 4
1.2.3 国内研究述评 ....... 5
1.3 研究内容和方法 ........... 5
1.3.1 研究内容 ........... 5
1.3.2 研究方法 ........... 5
1.4 本文的技术路线图 ......... 7
第二章国内外轻资产运营模式概述8
2.1 资产运营定义的概述及特点 . 8
2.1.1 重资产的运营 ....... 8
2.1.2 轻资产的运营 ....... 8
2.2 房地产行业的经营形式 ..... 9
2.3 房地产业轻资产运营模式概述 .......... 10
2.3.1 铁狮门模式概述及管理 .......... 10
2.3.2 凯德模式概述及形成11
2.3.3 万科模式及运营战略11
2.3.4 本章小结 .......... 13
第三章XC房地产经营环境及所存在的问题分析 . 14
3.1 XC房地产经营环境分析 .... 14
3.1.1 政策环境 .......... 14
3.1.2 经济环境 .......... 15
3.1.3 社会环境 .......... 17
3.1.4 技术环境 .......... 18
3.2 我国房地产行业面临的问题18。