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论文编号：	12460
作者编号：	2320180628
上传时间：	2021/6/11 18:17:27
中文题目：	PA不动产投资公司跨区域投资策略研究
英文题目：	Research on Cross-regional Investment Strategy of PA Real Estate Investment Company
指导老师：	黄福广
中文关键字：	不动产投资公司；跨区域发展；投资策略；开发投资
英文关键字：	Real Estate Investment Company;Cross-regional Development; Investment Strategy; Development Investment
中文摘要：	我国房地产行业跨区域投资行为已经高度普遍，企业通过跨区域投资扩大规模、分散风险、追求投资回报的同时也加剧了企业经营压力和投资风险。不动产投资公司如今面临难得的发展机遇，但是其自身的经营特点使得其面临的跨区域投资风险更加复杂。本文的研究对象PA不动产投资公司是我国不动产投资领域的头部企业，在跨区域投资中持续发展遇到阻碍，投资与经营绩效均有下滑，需要解决现有跨区域投资策略中的问题并且及时调整以维持竞争优势。 本文首先介绍了不动产投资公司以及房地产跨区域投资的相关概念和理论研究，阐述了企业经营特点、跨区域扩张动因以及跨区域发展现状，然后文章运用财务分析以及比较分析对PA不动产投资公司遇到的发展困境进行了研究和论证，发现其跨区域投资策略在投资结构、投资决策机制、投资管理三个方面存在一定的问题，使得PA不动产投资公司在跨区域发展中竞争优势持续流失、投资绩效出现下滑。PA不动产投资公司的跨区域投资策略需要客观地基于其投资管理水平、均衡投资结构、科学投资决策。本文对于研究发现的问题提出了改进对策和建议。 对于投资结构方面公司现金偿债能力弱化这一表象问题，本文首先依据资源基础理论提出联合投资策略这一外部发展方式，接着对于表象问题背后公司竞争优势流失的更深层次问题，本文提出将内部发展与外部发展模式相结合，通过搭建O2O不动产投资平台重构持续竞争优势，并且通过Peteraf的竞争优势理论分析框架严密论证可行性。对于跨区域投资标准的缺陷问题，本文通过对上市企业投资行为数据的定量与定性分析，选取以内部收益率和权益乘数为核心设计投资标准，并以此为基础从定量、定性、进入模式三个维度优化跨区域投资决策机制。对于跨区域投资管理问题，本文通过文献研究借鉴国内外优秀机构的成功模式和方法，提出完善投资管理体系、加强科技系统建设，提高风险承受能力同时进一步支撑了O2O不动产投资平台的发展。
英文摘要：	Cross-regional investment behavior in China’s real estate industry has been highly common.Enterprises expand the scale, disperse risks and pursue investment returns through cross-regional investment, which also intensified corporate operating pressures and investment risks.Real estate investment companies are now facing rare development opportunities, but their own operating characteristics make their cross-regional investment risks more complicated.PA Real Estate Investment Company, the research object of this thesis, is the head enterprise in the field of real estate investment in China. It has encountered obstacles in the sustainable development of cross-regional investment, and the investment and business performance have declined.It is necessary to solve the problems in the existing cross-regional investment strategy and be timely adjusted to maintain competitive advantage. This thesis first introduces the related concepts and theoretical research of real estate investment companies and real estate cross-regional investment, and expounds the business characteristics, cross-regional expansion motivation and cross-regional development status. Then, the thesis uses financial analysis and comparative analysis to study and demonstrate the development dilemma encountered by PA real estate investment company.It is found that there are certain problems in the cross-regional investment strategy in the investment structure, investment decision-making mechanism and investment management, which makes PA real estate investment company continue to lose their competitive advantages and the decline in their investment performance in cross-regional development. PA real estate investment company's cross-regional investment strategy needs to be objectively based on its investment management level, balanced investment structure and scientific investment decision-making. This thesis puts forward improvement countermeasures and suggestions for the problems found in the research. Regarding the apparent problem of the weakening of the company’s cash solvency in terms of investment structure, this thesis first puts forward the joint investment strategy as an external development method based on the resource-based theory. Then, for the deeper problem of the loss of corporate competitive advantage behind the apparent problem, this thesis proposes to combine internal development with external development mode, reconstruct sustainable competitive advantage by building an O2O real estate investment platform.And the feasibility is rigorously demonstrated through Peteraf's theoretical analysis framework of competitive advantage.As for the defects of cross-regional investment standards, through the quantitative and qualitative analysis of listed companies ' investment behavior data, this thesis selects the internal rate of return and equity multiplier as the core to design investment standards, and optimizes the cross-regional investment decision-making mechanism from three dimensions of quantitative, qualitative and entry mode.Regarding cross-regional investment management issues, this paper draws on the successful models and methods of excellent domestic and foreign institutions through literature research, and proposes to improve the investment management system, strengthen the construction of scientific and technological systems, improve the risk tolerance, and further support the development of O2O real estate investment platform.
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