2008年以来国家对于房地产行业的“限售”与“限购”政策的逐步加码，市 场销售逐渐乏力。2014年开始，国家进一步提出“去杠杆”的政策指引，央行、 银保监会相继出台了多项针对房地产金融的监管政策。市场趋冷加上融资政策的 收紧，房地产公司的营运资金敞口逐渐收紧，部分企业甚至出现了断崖式下降，房 地产行业已开始逐步走向严冬。营运资金的健康程度已逐渐成为制约房地产公司 经营的一项重要因素。 以结构优化为目标的传统营运资金管理理论，更多的是以工贸企业的生产销 售流程为模型，基于对未来数据的预测来确定最优的资产负债结构。面对多变的国 家政策及复杂的经济环境，房地产行业的生产销售模型逐步背离原有理论模型，预 测偏差对结果影响越来越大，对实际应用指导逐步背离了初衷。本文运用渠道视角 下的营运资金管理理论作为基础理论，将企业的渠道、业务流程等管理方面进行有 机的结合，从优化渠道结构、改善渠道关系作为切入点，尝试为房地产行业的营运 资金管理优化提供新的角度。 本文通过对一家典型的民营中小型H房地产公司，运用渠道视角下营运资金 管理理论，对比行业优秀企业的数据，通过对各个渠道资金管理模式进行梳理，得 出分析结果。目前H公司的营运资金管理问题主要体现在：土地拓展与公司战略 不匹配；成本采购权责不一、供货商链条不紧密；分散运营所导致的目标成本管理 宽松，采购与销售管理流程带来的权责不一致，以及融资渠道单一等方面。通过对 营运资金管理问题的分析，结合渠道视角理论指引，最终将提出适用于H公司的 营运资金管理的优化方案，即梳理采购、生产及销售流程，建立权责一致的管控流 程；开展住宅产业化的运营模式，增强对上游供货商及客户群体的关系维护；此外 还应拓展融资渠道，保证企业的流动性安全。通过以上优化方案，降低企业面临的 营运资金风险，以期为其他同类企业解决类似问题提供新的思路。 关键词：营运资金管理；房地产；渠道理论 北京交通大学硕士专业学位论文 致谢 iv ABSTRACT Since 2008, the state has gradually increased the "sales restriction" and "purchase restriction" policies for the real estate industry, and the market sales are gradually weak. Since 2014, the state has further put forward the policy guidance of "deleveraging". The central bank and the CBRC have successively issued a number of regulatory policies for real estate finance. With the cold market and the tightening of financing policies, the working capital exposure of real estate companies has gradually tightened, and some enterprises have even experienced a precipice like decline, and the real estate industry has begun to move towards a severe winter. The health of working capital has gradually become an important factor restricting the operation of Real Estate Company. The traditional working capital management theory, which aims at structural optimization, takes the production and sales process of industrial and trade enterprises as the model, and determines the optimal asset liability structure based on the prediction of future data. Facing the changeable national policies and complex economic environment, the production and sales model of the real estate industry gradually deviates from the original theoretical model, the prediction deviation has more and more influence on the results, and the practical application guidance gradually deviates from the original intention. This paper uses the working capital management theory under the channel perspective as the basic theory, organically combines the enterprise's channel, business process and other management aspects, and tries to provide a new perspective for the optimization of working capital management in the real estate industry from the perspective of optimizing the channel structure and improving the channel relationship. In this paper, through a typical private small and medium-sized h real estate company, using the working capital management theory from the perspective of channel, comparing the data of excellent enterprises in the industry, through combing the various channel capital management modes, we get the analysis results. At present, H company's working capital management problems are mainly reflected in the following aspects: land expansion does not match with the company's strategy; cost procurement rights and responsibilities are different; supplier chain is not close; target cost management caused by decentralized operation is loose; rights and responsibilities caused by procurement and sales management processes are inconsistent; and financing channels are single. Based 北京交通大学硕士专业学位论文 致谢 v on the analysis of working capital management problems and the theoretical guidance of channel perspective, the optimization scheme for working capital management of H company will be put forward finally, that is, sorting out the procurement, production and sales processes, establishing the management and control process with the same rights and responsibilities; carrying out the operation mode of housing industrialization, enhancing the relationship maintenance of upstream suppliers and customer groups; in addition, the financing channel should be expanded To ensure the liquidity security of enterprises. Through the above optimization scheme, reduce the working capital risk faced by enterprises, in order to provide new ideas for other similar enterprises to solve similar problems. Key words: working capital management; real estate;channel theory 北京交通大学硕士专业学位论文 目录 vi 目录 摘要 .................................................................................................................................................... iii ABSTRACT ....................................................................................................................................... iv 1 引言 .......................................................................................................................................... 1 1.1 选题背景和意义 .................................................................................................................. 1 1.1.1 选题背景 .................................................................................................................... 1 1.1.2 研究意义 .................................................................................................................... 2 1.2 文献综述 ............................................................................................................................. 3 1.2.1 营运资金管理研究现状及特点 ................................................................................ 3 1.2.2 房地产行业营运资金管理研究现状 ........................................................................ 5 1.2.3 文献评述 .................................................................................................................... 6 1.3 研究方法与思路 .................................................................................................................. 7 1.3.2 研究方法 .................................................................................................................. 7 1.3.2 研究内容 .................................................................................................................. 7 1.3.3 研究路线图 .............................................................................................................. 7 1.4 本文创新与不足 .................................................................................................................. 9 1.4.1 本文创新 .................................................................................................................... 9 1.4.2 本文不足 .................................................................................................................... 9 2 理论基础 ................................................................................................................................. 11 2.1 结构视角下营运资金管理 ................................................................................................. 11 2.2 要素视角下营运资金管理 ................................................................................................ 13 2.3 供应链视角下营运资金管理 ......................................................................................