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有志者，事竟成。2021年4月20日，在職工商管理博士三期班同學(xué)、樂居控股有限公司首席執(zhí)行官賀寅宇迎來了他的最終答辯時刻。賀寅宇同學(xué)圍繞《中國房地產(chǎn)跟投運(yùn)營效果與機(jī)制分析》進(jìn)行了深入研究，成果豐碩。答辯現(xiàn)場闡述精彩，最終順利通過答辯。恭喜賀寅宇同學(xué)，也讓我們一起回顧他的高光時刻。

在職工商管理博士三期班企業(yè)家學(xué)者項目以成就新商業(yè)文明思想者和引領(lǐng)者為愿景，打造極具前沿性和系統(tǒng)性課程。以框架模塊、聚焦模塊、專題研究+實踐課堂這三大核心為課程主軸，整合全球優(yōu)質(zhì)教育資源。課程涵蓋2大金融主題與4大微觀主題，探索6大宏觀方向，定制化行業(yè)專題，走訪行業(yè)內(nèi)領(lǐng)軍企業(yè)。旨在幫助同學(xué)實現(xiàn)“理解 - 判斷 - 實踐 - 引領(lǐng)”的跨越式發(fā)展與提升，成為新商業(yè)文明的先行者。賀寅宇同學(xué)經(jīng)過完整的體系化學(xué)習(xí)與研究，邁進(jìn)了探索真知的新格局和新高度。

本次論文答辯，來自長江商學(xué)院和新加坡管理大學(xué)（SMU）的教授們共同見證了賀寅宇同學(xué)的學(xué)術(shù)成果。

Yu Jun
Professor of Financial Economics,SMU
Yan Aimin
Professor of Management,CKGSB

Sun Yu
Assistant Professor of Economics,SMU

中國房地產(chǎn)跟投運(yùn)營效果與機(jī)制分析

賀寅宇同學(xué)答辯中

▇ 論文摘要：

跟投制度，已經(jīng)成為大多數(shù)房地產(chǎn)開發(fā)企業(yè)發(fā)展的根本制度。在房地產(chǎn)上行周期，以跟投為主的激勵機(jī)制對于房企的業(yè)績增長發(fā)揮著重要作用。但是，對于一家開發(fā)企業(yè)而言，如何有效設(shè)置自身的跟投制度，目前行業(yè)并沒有一個相對成熟的模型。多數(shù)開發(fā)商在建立跟投制度時，都是通過找企業(yè)的對標(biāo)對象，然后依樣畫葫蘆，按照對標(biāo)對象來設(shè)定自身的跟投制度。

本文通過對全國500強(qiáng)房企中101家企業(yè)的310份問卷調(diào)研、訪談及文獻(xiàn)研究，從中探尋我國房地產(chǎn)企業(yè)跟投制度實施的基本現(xiàn)狀，并通過案例，綜合分析優(yōu)化跟投機(jī)制，試圖為房產(chǎn)行業(yè)提供一個可參考的基本制度模型。具體包括：

（1）房企跟投的進(jìn)入機(jī)制，包括跟投人員的選擇、跟投額度和跟投運(yùn)行平臺：強(qiáng)制跟投人員主要是企業(yè)總部層面、城市公司及項目公司層面高管為主；項目跟投總額（包含杠桿額度） 一般不超過項目資金峰值的 10%；層級越高，跟投的額度越高，低收入水平的員工，跟投額度低，而且多是自愿跟投。跟投的實現(xiàn)是通過事業(yè)合伙制持股平臺架構(gòu)來運(yùn)行。在房地產(chǎn)下行周期，盡可能降低強(qiáng)制跟投的額度，減輕核心員工的壓力。

（2）房企跟投的返本機(jī)制：跟投返本的次數(shù)、額度、比例等是返本機(jī)制設(shè)計的關(guān)鍵。本金主要是多次返還：以2-4次為主。本金返還條件是項目公司在項目經(jīng)營性現(xiàn)金流回正，并預(yù)留未來?6?個月經(jīng)營性支出的情況下，于30日內(nèi)向跟投公司返還本金的50%。

（3）房企跟投的分紅機(jī)制：主要包括分紅條件、時間節(jié)點、分紅次數(shù)。分紅條件：多次分紅，2-4次為主，可以預(yù)分紅和正式分紅。預(yù)分紅的條件：一是項目經(jīng)營現(xiàn)金流為正，二是凈利潤為正，三是項目去化率達(dá)到90%。其次應(yīng)當(dāng)在項目結(jié)算時根據(jù)項目收益率進(jìn)行正式分紅，兩步返還紅利。

（4）房企跟投的杠桿和托底機(jī)制：對托底和杠桿，目前行業(yè)中各家企業(yè)的操作差異化程度很大。但基本邏輯是：杠桿一般應(yīng)為2-4倍，在房地產(chǎn)市場上行周期，建議給提供跟投配資杠桿；但在下行時，高周轉(zhuǎn)不復(fù)存在，本金返還困難，建議不再配杠桿。房地產(chǎn)上行時，建議不托底；房地產(chǎn)下行時，建議實施托底。

跟投的根本目的是為了實現(xiàn)項目開發(fā)的高周轉(zhuǎn)。通過案例分析，為了實現(xiàn)高周轉(zhuǎn)，本文發(fā)現(xiàn)，建立運(yùn)營、產(chǎn)品、服務(wù)標(biāo)準(zhǔn)化是前提，而優(yōu)化完善考核、競爭、激勵體系是根本保障。這些都和跟投制度的實施密不可分。

（1）快周轉(zhuǎn)的本質(zhì)是提高資金的使用效率，而做到這一點，就需要快拿地、快開工、快銷售、快回款。

（2）實現(xiàn)上述“四快”，需要的是標(biāo)準(zhǔn)化：包括運(yùn)營標(biāo)準(zhǔn)化、產(chǎn)品標(biāo)準(zhǔn)化和服務(wù)標(biāo)準(zhǔn)化。在拿地、定位、產(chǎn)品、成本、采購、實施、營銷、交樓、物管服務(wù)等環(huán)節(jié)實現(xiàn)標(biāo)準(zhǔn)化，促進(jìn)項目開發(fā)駛?cè)刖G色快速通道。

（3）標(biāo)準(zhǔn)化運(yùn)營的同時，還需要保證項目的投資風(fēng)險和運(yùn)營成本。而這些，都依賴團(tuán)隊，特別是團(tuán)隊負(fù)責(zé)人的能力和工作成效。所以，實現(xiàn)快周轉(zhuǎn)，實施跟投制度，根本核心是讓人發(fā)揮出最大的價值，完善人才競爭、考核、激勵機(jī)制等，打造協(xié)同高效、具備戰(zhàn)斗力的組織，提升效率，順利實現(xiàn)組織目標(biāo)與個人目標(biāo)。

答辯現(xiàn)場

▇ ABSTRACT：

Follow-up investment system has become a fundamental system for the development of most real estate development enterprises. In the upward cycle of real estate, follow-up investment based incentive mechanism is of great importance for performance growth of real estate development enterprise. However, real estate development enterprises lack a relatively mature model to effectively build a follow-up investment system. While building a follow-up investment system, most real estate development enterprises find a benchmark object and copy it mechanically. 

The author explored the basic implementation status of follow-up investment system of Chinese real estate enterprises through 310 questionnaires survey, interview and literature research on 101 among China’s top 500 real estate enterprises, comprehensively analyzed and optimized follow-up investment system through case study and tried to provide a referable basic system model for the real estate industry. To be specific:

(1) Entrance mechanism for follow-up investment of real estate enterprises includes ion of follow-up investor, follow-up investment amount and follow-up investment operation platform: Mandatory follow-up investor mainly includes top management of enterprise headquarter, city enterprise and project company; follow-up investment amount (including leverage limit) is often limited to 10% of maximum project fund; the higher level is the larger follow-up investment amount is. Low-income employees have a low follow-up investment amount and most follows up the investment voluntarily. Follow-up investment is realized through business partnership shareholding platform architecture. In the downward cycle of real estate, we should try to reduce mandatory follow-up investment amount and relieve pressure on core employees.

(2) Return mechanism for follow-up investment of real estate enterprises: Return frequency, amount and ratio are the key to design the return mechanism. The principal is mainly returned 2-4 times on the condition that the project company has positive operational cash flow and returns 50% of the principal to the follow-up investment company within 30 days with operating expenditure of the coming 6 months reserved.

(3) Profit sharing mechanism for follow-up investment of real estate enterprises mainly includes profit sharing condition, time node and frequency. Profit sharing condition: Profit should be shared 2-4 times in advance and formally. Conditions for sharing profits in advance: First, operational cash flow of project is positive; second, net profit is positive; third, sales rate of project reaches up to 90%. Then, profit should be shared formally by two steps according to project yield upon settlement.

(4) Leverage and bottoming mechanism for follow-up investment of real estate enterprises: There is a big difference in bottoming and leverage of real estate enterprises. However, the basic logic is: Level should often be 2-4 times. In the upward cycle of the real estate market, follow-up investment should be provided with beverage. However, high turnover does not exist and the principal can hardly be returned in the downward cycle, so beverage is unnecessary. Bottoming is necessary in the upward cycle but unnecessary in the downward cycle of real estate. 

賀寅宇同學(xué)在企業(yè)家學(xué)者項目

The primary purpose of follow-up investment is to achieve high turnover of project development. For this reason, the author found from case analysis that the precondition was to standardize operation, product and service and the fundamental guarantee was to optimize and improve evaluation, compensation and incentive systems, which were closely connected to the implementation of follow-up investment system.

(1) The essence of quick turnover is to improve capital usage efficiency, which requires quick land acquisition, quick construction, quick sale and quick return.

(2) To realize "quick land acquisition, quick construction, quick sale and quick return", standardization is needed: Including operation standardization, product standardization and service standardization. That is, standardize land acquisition, orientation, product, cost, purchase, implementation, marketing, handover and property service and accelerate green fast channel of project development.

(3) In the meantime of operation standardization, investment risk and operation cost of project should be controlled, which relies on team, especially team leader’s ability and work efficiency. Therefore, the core of realizing quick turnover and implementing the follow-up investment system is to maximize the value of people, improve talent competition, evaluation and incentive systems, build a collaborative, efficient and competitive team, improve efficiency and achieve organizational goals and individual goals.

本次論文答辯雖已圓滿結(jié)束，但接下來的日子里，賀寅宇同學(xué)依舊會在自己的領(lǐng)域探索鉆研，孜孜不倦。深刻踐行新商業(yè)文明，用獨特的商業(yè)洞見，繼續(xù)引領(lǐng)行業(yè)的發(fā)展方向