摘要
摘要
随着我国商业地产企业的飞速发展，市场竞争加剧、贷款筹资难、投资回收
期长、资本压力大和限购限贷等严峻挑战，都需要商业地产去面对，商业地产重
资产运行和经营模式难以再继续下去。在这种情况下，为了摆脱这一困境，我国
的一些商业地产企业开始尝试经营模式的转变，在宏观调控的影响下，中国房地
产市场将逐步优化行业的经营模式，进入轻资产经营模式，推进资产管理的金融
化、专业化，全面改善企业的资产配置。对于以财务战略为前提的房地产企业，
尤其是中小上市房地产企业，在全面推行轻资产经营模式的过程中，商业地产如
何推进相适应的财务战略，选取与经营模式转变实施相匹配的财务战略，对于提
高企业转型升级水平的发展非常重要。
本文以万达商管集团为例，在广泛借鉴国内外相关文献的基础上，根据劳
动分工理论、微笑曲线理论、价值链理论、信号传递理论和企业生命周期理论
为指导，运用案例分析、文献综述法和定量定性分析等不同研究方法，对万达
商管集团在轻资产经营模式下的财务战略进行研究。首先，指出目前激烈的行
业竞争，企业的资金压力大、周转期长，投资回报期长等相应的问题是重资产
经营模式下的商业地产遇到的困境，运用具体的财务数据分析商业地产转型的
背景，得出商业地产企业摆脱困境的必要条件是经营模式的转变；其次，本文
以万达商管集团为例，从万达商管集团原有重资产经营模式存在的问题，到万
达商管集团经营方式具备转变趋势的可行性方面进行分析；最后，分析了万达
商管集团在轻资产实施过程中具体对应的财务战略，根据企业的财务指标和非
财务指标来分析企业实施财务战略的效果，进而提出完善提升的对策建议。
关键词：商业地产；万达商管集团；轻资产经营模式；财务战略
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ABSTRACT
ABSTRACT
With the rapid development of China's commercial real estate enterprises, severe
challenges such as intensified market competition, difficult loan financing, long
investment payback period, high capital pressure and purchase and loan restrictions
need to be faced by commercial real estate, and the heavy asset operation and business
model of commercial real estate is difficult to continue. In this case, in order to get rid
of this dilemma, some commercial real estate enterprises in China began to try to
change the business model. Under the influence of macro-control, China's real estate
market will gradually optimize the business model of the industry, enter the asset light
business model, promote the financialization and specialization of asset management,
and comprehensively improve the asset allocation of enterprises. For real estate
enterprises based on financial strategy, especially small and medium-sized listed real
estate enterprises, in the process of comprehensively implementing the asset light
business model, how to promote the appropriate financial strategy and select the
financial strategy matching the transformation and implementation of business model
is very important to improve the development of enterprise transformation and
upgrading level.
Taking Wanda business management group as an example, on the basis of
extensive reference to relevant literature at home and abroad, under the guidance of
labor division theory, smile curve theory, value chain theory, signal transmission
theory and enterprise life cycle theory, this paper uses different research methods such
as case analysis, literature review and quantitative and qualitative analysis, This paper
studies the financial strategy of Wanda business management group under the asset
light business model. Firstly, it points out that the current fierce industry competition,
large capital pressure, long turnover period and long investment return period of
enterprises are the difficulties encountered by commercial real estate under the heavy
asset business model. By using specific financial data to analyze the background of
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ABSTRACT
commercial real estate transformation, it is concluded that the necessary condition for
commercial real estate enterprises to get rid of the difficulties is the transformation of
business model; Secondly, taking Wanda business management group as an example,
this paper analyzes the problems existing in Wanda business management group's
original heavy asset business model and the feasibility of Wanda business
management group's business mode with a changing trend; Finally, it analyzes the
specific corresponding financial strategy of Wanda business management group in the
process of asset light implementation, analyzes the effect of enterprise implementation
of financial strategy according to the enterprise's financial indicators and
non-financial indicators, and then puts forward countermeasures and suggestions for
improvement.
Key words: Commercial real estate；Wanda business management group；Asset
light business model，；Financial strategy
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