有志者，事竟成。2021年4月20日，在职工商管理博士三期班同学、乐居控股有限公司首席执行官贺寅宇迎来了他的最终答辩时刻。贺寅宇同学围绕《中国房地产跟投运营效果与机制分析》进行了深入研究，成果丰硕。答辩现场阐述精彩，最终顺利通过答辩。恭喜贺寅宇同学，也让我们一起回顾他的高光时刻。
在职工商管理博士三期班企业家学者项目以成就新商业文明思想者和引领者为愿景，打造极具前沿性和系统性课程。以框架模块、聚焦模块、专题研究+实践课堂这三大核心为课程主轴，整合全球优质教育资源。课程涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。旨在帮助同学实现“理解 - 判断 - 实践 - 引领”的跨越式发展与提升，成为新商业文明的先行者。贺寅宇同学经过完整的体系化学习与研究，迈进了探索真知的新格局和新高度。
本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了贺寅宇同学的学术成果。
Yu Jun
Professor of Financial Economics,SMU
Yan Aimin
Professor of Management,CKGSB
Sun Yu
Assistant Professor of Economics,SMU
中国房地产跟投运营效果与机制分析
贺寅宇同学答辩中
▇ 论文摘要：
跟投制度，已经成为大多数房地产开发企业发展的根本制度。在房地产上行周期，以跟投为主的激励机制对于房企的业绩增长发挥着重要作用。但是，对于一家开发企业而言，如何有效设置自身的跟投制度，目前行业并没有一个相对成熟的模型。多数开发商在建立跟投制度时，都是通过找企业的对标对象，然后依样画葫芦，按照对标对象来设定自身的跟投制度。
本文通过对全国500强房企中101家企业的310份问卷调研、访谈及文献研究，从中探寻我国房地产企业跟投制度实施的基本现状，并通过案例，综合分析优化跟投机制，试图为房产行业提供一个可参考的基本制度模型。具体包括：
（1）房企跟投的进入机制，包括跟投人员的选择、跟投额度和跟投运行平台：强制跟投人员主要是企业总部层面、城市公司及项目公司层面高管为主；项目跟投总额（包含杠杆额度） 一般不超过项目资金峰值的 10%；层级越高，跟投的额度越高，低收入水平的员工，跟投额度低，而且多是自愿跟投。跟投的实现是通过事业合伙制持股平台架构来运行。在房地产下行周期，尽可能降低强制跟投的额度，减轻核心员工的压力。
（2）房企跟投的返本机制：跟投返本的次数、额度、比例等是返本机制设计的关键。本金主要是多次返还：以2-4次为主。本金返还条件是项目公司在项目经营性现金流回正，并预留未来 6 个月经营性支出的情况下，于30日内向跟投公司返还本金的50%。
（3）房企跟投的分红机制：主要包括分红条件、时间节点、分红次数。分红条件：多次分红，2-4次为主，可以预分红和正式分红。预分红的条件：一是项目经营现金流为正，二是净利润为正，三是项目去化率达到90%。其次应当在项目结算时根据项目收益率进行正式分红，两步返还红利。
（4）房企跟投的杠杆和托底机制：对托底和杠杆，目前行业中各家企业的操作差异化程度很大。但基本逻辑是：杠杆一般应为2-4倍，在房地产市场上行周期，建议给提供跟投配资杠杆；但在下行时，高周转不复存在，本金返还困难，建议不再配杠杆。房地产上行时，建议不托底；房地产下行时，建议实施托底。
跟投的根本目的是为了实现项目开发的高周转。通过案例分析，为了实现高周转，本文发现，建立运营、产品、服务标准化是前提，而优化完善考核、竞争、激励体系是根本保障。这些都和跟投制度的实施密不可分。
（1）快周转的本质是提高资金的使用效率，而做到这一点，就需要快拿地、快开工、快销售、快回款。
（2）实现上述“四快”，需要的是标准化：包括运营标准化、产品标准化和服务标准化。在拿地、定位、产品、成本、采购、实施、营销、交楼、物管服务等环节实现标准化，促进项目开发驶入绿色快速通道。
（3）标准化运营的同时，还需要保证项目的投资风险和运营成本。而这些，都依赖团队，特别是团队负责人的能力和工作成效。所以，实现快周转，实施跟投制度，根本核心是让人发挥出最大的价值，完善人才竞争、考核、激励机制等，打造协同高效、具备战斗力的组织，提升效率，顺利实现组织目标与个人目标。
答辩现场
▇ 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.
贺寅宇同学在企业家学者项目
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.
本次论文答辩虽已圆满结束，但接下来的日子里，贺寅宇同学依旧会在自己的领域探索钻研，孜孜不倦。深刻践行新商业文明，用独特的商业洞见，继续引领行业的发展方向