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| 论文编号： | 12095 | |
| 作者编号： | 2320180353 | |
| 上传时间： | 2020/12/11 17:18:26 | |
| 中文题目： | RC公司并购决策中的问题及其优化研究 | |
| 英文题目： | Research on the problems and optimization of M&A decision of RC company | |
| 指导老师： | 覃家琦 | |
| 中文关键字： | 房地产、并购动因、并购决策、问题优化 | |
| 英文关键字： | real estate, acquisition motivation, M&A decision, optimization | |
| 中文摘要： | 房地产行业从1998年市场化开始，至今已经历六轮周期调控，当前的主要政策为“房住不炒”，不将地产作为短期刺激经济手段，政府对房地产的要求是“稳地价、稳房价、稳预期”，当前房地产出现几个典型特点，首先，地价越来越高，且优质土地获取越来越难，市场价格由于政策面及市场面又没有明显提升，甚至还有所下滑，地产商的盈利空间越来越少，急需提升利润；第二，面对未来的不确定性，各大品牌房企，纷纷选择业务转型文旅、康养、产业园区等；第三，房地产集中度越来越高，小地产商生存空间越来越小；第四，探索从存量市场中要利润；第五，设法降低企业成本，通过并购、产业勾地等方式获取土地，减少公开市场土地获取； 本文选取近年来在地产行业业绩上升较明显的“RC”作为在当前房地产形势背景下的典型并购案例作为研究对象，梳理其2014年-2019年间发生的典型并购案例，总结在地产行业周期及行业充分竞争的环境下，企业的并购实施动因，影响企业并购决策的关键因素，并对这五年实施并购战略后公司的经营情况通过财务指标法对各单项运营能力进行跨周期的绩效评价，总结公司并购现状及并购决策中存在的问题，研究表明，通过并购，RC实现了其主要土储部署核心一二线及部分强三线的战略布局，公司连续三年排名行业前四，提升了市场占有率及行业地位，同时在并购决策中也存在战略、财务及管理风险，此类问题的优化，有利于公司并购决策能力的进一步提升，开展更多的优质并购案例，改善公司整体经营业绩，实现公司更好的发展； 希望通过本文的研究，对想通过并购获取市场规模及竞争力提升的房地产企业，在并购决策时给出切实可行的建议，最后也深刻反思了文章中存在的不足及未来研究方向展望。 | |
| 英文摘要： | Since 1998, the real estate industry has experienced six rounds of regulation . The main keynote of the current policy is "the house is for living, not for speculation". It does not regard the real estate as a short-term economic stimulus. The government's requirements "stable land price, stable house price and stable expectation". At present, there are several typical characteristics of real estate. Firstly, the land price is higher and higher, and The acquisition of high-quality land is becoming more and more difficult. Due to the policy aspects, the market price has not been significantly improved, or even declined. As a result, real estate developers have less and less profit space . Second, facing the uncertainty in the future, major developers have chosen business transformation, cultural tourism, health care and industrial parks. Third, the concentration is getting higher and higher, Fourth, to seek profits from the stock market; fifth, to reduce the cost of enterprises, to obtain land through industry, and to reduce land acquisition in the open market; This paper selects "RC", which has a significant performance increase in the real estate industry in recent years, as a typical M&A case under the current real estate situation as the research object, combs its typical M&A cases from 2014 to 2019, and summarizes the implementation motivation of enterprise's M&A in the past five years, the performance of each single operation capability is evaluated by financial index method. The current situation of M&A and the problems existing in M&A decision are summarized. The research shows that, through M & A, RC has realized the strategic layout of the first and second line and some strong third line of its main land storage deployment core. The company ranks the top four in the industry for three consecutive years, which improves the market share and industry position. At the same time, there are also strategic, financial and management risks in M & A decision-making?More high-quality M & A cases to improve the overall business performance of the company, to achieve better development of the company; I hope that through the research of this paper, the developers who want to gain market scale and competitiveness through M&A, give practical suggestions , Finally, deeply reflects on the deficiencies in the paper and the future research direction. Key words: real estate, acquisition motivation, M&A decision, optimization | |
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