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MBA论文_房地产企业分拆上市动因及绩效研究以荣万家为例

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摘要
近些年来,我国房地产行业发展缓慢,利润空间不断缩小,已进入“存量资产”时代。
房地产企业逐渐转向精细化经营,原作为附属产业的物业板块得到重视,很多房地产企业
开始将旗下物业板块进行分拆上市。目前我国学者对房地产行业分拆上市的研究较少,因
此本文以荣盛发展分拆荣万家上市为例,分析其分拆上市的动因、路径选择并对其分拆上
市后对公司的绩效影响进行研究。希望可以丰富我国物业板块分拆上市的理论研究,并对
将来要进行分拆上市的房地产企业提供参考。
本文主要使用了文献研究法,案例分析法和指标分析法,首先对分拆上市的相关概念
和理论基础进行了整理和归纳,其次介绍了目前房地产行业和管业管理行业的发展现状以
及荣万家分拆上市的整个过程,然后在此基础上分析了荣万家分拆上市的动因和路径选择,
最后从财务和非财务角度对荣万家分拆上市后的绩效变化做出综合评价,深入探讨其绩效
变化原因,从而得出以下结论:分拆上市后荣万家的财务绩效得到改善,盈利能力提升,
成长能力强劲,同时拓宽了长期融资渠道,综合竞争力得到全面提升。并由此得到以下启
示:(1)分拆上市要结合自身战略规划,选择合适的实施路径;(2)分拆上市后要做好规
模扩张和财务稳健之间的平衡;(3)分拆上市后要专心发展核心业务,注重企业长远发展。
关键词:
物业管理;分拆上市;分拆动因;绩效分析
I

Abstract
In recent years, the development of China's real estate industry is slow, the profit margin is
shrinking, has entered the "stock assets" era. Real estate enterprises gradually turn to fine
management, and the property sector, which used to be a subsidiary industry, has been attached
great importance. Many real estate enterprises begin to separate their property sector and go public.
At present, there are few researches on spin-off and listing in the real estate industry in China.
Therefore, this paper takes ROISERV as an example to study the motivation, route selection and
the impact of spin-off on the company's performance. It is hoped to provide reference experience
for real estate enterprises in China to implement spin-off and listing in the future.
Literature research method, case analysis method and index analysis method are adopted in
this paper. Firstly, relevant concepts and theoretical basis of spin-off listing are sorted out and
summarized. Secondly, the development status of real estate industry and pipe management
industry as well as the whole process of ROISERV spin-off and listing are introduced. Then on
this basis, the motivation and path selection of ROISERV spin-off and listing are analyzed. Finally,
the performance changes of ROISERV after spin-off and listing are comprehensively evaluated
from the financial and non-financial perspectives, and the reasons for performance changes are
deeply discussed. The following conclusions are drawn: After the spin-off and listing, ROISERV
has improved its financial performance, enhanced its profitability and strong growth capacity.
Meanwhile, it has broadened its long-term financing channels and comprehensively enhanced its
comprehensive competitiveness. From this, we get the following enlightenment :(1) Spin-off
listing should be based on its own strategic planning, choose the appropriate implementation path;
(2) Balance between scale expansion and financial soundness after spin-off and listing; (3) After
the spin-off and listing, we should concentrate on developing core business and pay attention to
the long-term development of the enterprise.
Key words:
Property management; Spin-off listing; Break-up motivation; Performance analysis
II
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