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论文编号：	12149
作者编号：	2320180362
上传时间：	2020/12/14 11:02:14
中文题目：	保利天津公司跨区域投资决策研究
英文题目：	Research On Cross-regional Investment Decision Of Poly Tianjin Company
指导老师：	任兵
中文关键字：	投资决策；跨区域发展；房地产企业；行业洞察；政策影响
英文关键字：	Investment Decision; Cross-regional Development; Real Estate Enterprises; Industry Insight; Policy Implications
中文摘要：	近年来房地产企业，特别是头部品牌房企业，在跨区域投资方面的表现日 益突出。跨区域投资指的是企业在不同地域的市场通过水平或垂直一体化的方 式进行扩张。由于竞争日益激烈，政策环境的高度动态性，使得房企跨地域扩 张背后隐藏着巨大的战略挑战，包括：为什么要选择跨区域投资？投在哪里进 行投资更为合理？以及如何确保曾经被认为是合理的投资决策在遭遇环境巨变 的条件下也能够实现预期的业绩？基于此，本研究提出的主要研究问题是：房 企跨区域投资时应该重点关注什么才能尽可能的保证投资行为合理有效？ 为了回答以上问题，本研究首先对房地产投资决策、跨区域扩张的理论和 工具进行介绍，紧接着描述实践中房地产行业跨区域投资的主要经验模式及其 存在的问题。我们发现，完整的房地产投资过程包括投前研判、投资决策、投 后管理，投资决策受到投前研判影响因素，投后管理决定投资决策是否正确。 换言之 ，房地产投资决策能否成功主要受两方面因素影响，一方面是房企在进 行跨区域投资时应该考虑哪些因素进行合理的投资决策。另一方面是房企实施 跨区域投资后，如何克服动态演化的消极因素的影响，确保跨区域投资带来积 极的投资回报。因此，本研究的重点落在以下两个方面：第一，通过数据统计 分析方法分析房企跨区域投资决策的参考因素；第二，通过案例研究方法探究 房企跨区域投资的决策过程与结果。 数据统计分析的研究结果表明当房企在做跨区域投资决策时，应该选择房 价水平较高、销供比较高的区域。而当房企的资产实力足够时，应该积极寻求 跨区域拓展。以保利发展天津公司为例的案例研究又进一步印证了以上分析结 果，保利天津公司在 2017 年投资新区域——蓟州区时，其跨区域投资决策行为 也印证了以上研究结论是成立的。但案例研究又发现保利天津公司跨区域投资 时除了受到大样本数据统计分析方法所显示的重要影响因素之外，还受到企业 自身投资战略选择和企业组织架构的显著影响。另外，当考量保利天津公司在 蓟州区的投资行为结果时，研究发现其业绩上表现出的不佳很大程度上源于区 域宏观调控政策的影响。这说明保利天津公司在跨区域投资策略上要注意投后 管理，选择合理的进入方式，以防范政策风险。在此基础上，研究进一步对标 某头部企业的跨区域投资行为与结果，试图总结出相似政策环境下，房企跨区域投资的成功经验，为保利天津公司在跨区域投资风险防控上提供可能的 合理建议。本研究对其他相似房企跨区域发展决策与风险防范也具有启示作用。
英文摘要：	In recent years，the performance of real estate enterprises，especially the head brand real estate enterprises，in cross-regional investment has become increasingly prominent.Cross-regional investment refers to the horizontal or vertical integration of the enterprise's market expansion in different regions.Due to the increasingly fierce competition and the highly dynamic policy environment ，there are huge strategic challenges behind the cross-regional expansion of real estate enterprises，including： Why should we choose cross-regional investment?Where does it make more sense to invest?And how to ensure that what was once considered a sound investment decision can deliver the expected results even in the face of dramatic environmental changes?Based on this，the main research question raised in this study is：What should real estate enterprises focus on to ensure the reasonable and effective investment behavior as much as possible when they make cross-regional investment? In order to answer the above questions，this study first introduces the theories and tools of real estate investment decision-making and cross-regional expansion， and then describes the main empirical patterns and existing problems of cross-regional investment in real estate industry in practice.We find that the complete real estate investment process includes pre-investment research and judgment ， investment decision and post-investment management. Investment decision is influenced by pre-investment research and judgment ， and post-investment management determines whether the investment decision is correct.In other words， the success of real estate investment decisions is mainly influenced by two factors. On the one hand ， real estate enterprises should consider which factors to make reasonable investment decisions when making cross-regional investment.On the other hand， after the implementation of cross-regional investment，how to overcome the negative factors of dynamic evolution and ensure that cross-regional investment brings positive investment returns.Therefore，the research focuses on the following two aspects：first，analyze the reference factors of cross-regional investment decisions of real estate enterprises through data statistical analysis;Second ， the case study method is used to explore the decision-making process and results of cross-regional investment in real estate enterprises. The results of statistical analysis show that when real estate enterprises make cross-regional investment decisions, they should choose regions with higher housing price and higher sales and supply.When the real estate company's asset strength is sufficient, it should actively seek cross-regional expansion.The case study of Poly Development Tianjin Co.，Ltd. further confirms the above analysis results. When Poly Tianjin Co. ， Ltd. invested in a new region -- Jizhou District in 2017 ， its cross-regional investment decision-making behavior also confirms the above research conclusions.However ， the case study also found that poly Tianjin company's cross-regional investment is not only affected by the important factors shown by the statistical analysis method of large sample data，but also significantly affected by the enterprise's own investment strategy choice and organizational structure.In addition， when considering the results of poly Tianjin's investment behavior in Jizhou， the research finds that the poor performance of poly Tianjin is largely due to the influence of regional macro-control policies.This indicates that Poly Tianjin Company should pay attention to post-investment management in cross-regional investment strategy and choose a reasonable way of entry in order to prevent policy risks.On this basis，it further studies the cross-regional investment behaviors and results of a certain leading enterprise，tries to sum up the successful experience of cross-regional investment of real estate enterprises under similar policy environment ， and provides possible reasonable Suggestions for the prevention and control of cross-regional investment risks for Poly Tianjin Company.This study also has implications for other similar real estate enterprises in cross-regional development decision-making and risk prevention.
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