近年来，房地产成为国民经济中的热点行业，很多企业开始涉足地产开发领域。当企业新进入一个行业时首先需要进行战略规划，考虑要采用的成长战略、竞争战略形式，对应的营销策略、财务策略，自身的资源条件与核心竞争力能否支持等内容。同时，战略规划工作不仅需要定性地分析行业吸引力和自身优劣势，还需要定量地考虑不同战略与财务资源、资产结构的匹配程度，预测可能实现的经营绩效，以降低战略决策的不确定性。因此，使用案例分析方法深入研究具有行业领导者特征的企业，探索其各个时期的企业战略、资产结构与经营绩效之间的关系，可以作为行业追随者确定战略的参照。 万科公司是中国房地产行业的领先者，其发展历程具有战略先行的特点。从多元化到集中化成长，从内源性密集增长到并购扩张和战略联盟模式，从以差异化竞争到成本领先优势的探索，万科的历史沿革是一个非常全面的企业战略案例。同时，万科的核心价值观是“阳光照亮的体制”，企业理念具有专业化、规范化、透明化的特点。反映在财务报告上的财务与非财务信息非常丰富，适合用于分析和印证企业战略、资产结构和经营绩效之间的关系。 本文首先描述万科公司近十年来的发展过程，根据战略模式的区别分为四个成长阶段，分别是相关多元化后期、内源性集中化成长期、外源性集中化成长期和战略联盟式集中化成长期。根据各阶段宏观经济和产业政策的变化，具体分析资产结构的特点和变化趋势，探索影响资产结构的外部环境和企业战略因素。之后，再从盈利能力、运营效率、偿债风险和发展能力四个维度分析万科公司在各成长阶段的绩效特点，并与当期的行业平均水平对比，判断万科在各个维度的战略侧重程度。 通过上述分析形成的案例报告包含了在不同外部环境下，万科公司的战略导向，与之匹配的资产结构，最终形成的经营绩效，内容较为全面。通过战略研究和财务分析的结合，为企业战略规划、资产结构配置提供了定量化的方法，可以作为面临类似环境和条件的房地产开发企业参考和借鉴。
In recent years real estate has become a hotspot in the national economy, attracting many enterprises to real estate developing industry. While entering a new field the decision-makers of the enterprises should make strategic planning in the first place, considering its growth strategy and competitive strategy, corresponding marketing strategy and financial strategy, and the strength of its resources and core competence. To lower uncertainty, the strategic planning should consist of qualitatively analyzing industry attractiveness and the advantages or disadvantages of its own; quantitatively considering the compatibility of various strategies with its financial resources and assets structure; predicting performance it may achieve. The introduction of case analysis doing comprehensive research into industry leaders, discovering the relationship between financial performance, cooperate strategies and assets structure is a guide for decision makers of follower enterprises in the same industry. Vanke is one of the leaders of China real estate industry, and its fast growth demonstrates its strategy-leading features. From diversification to intensive growth strategy, from intensive growth strategy to acquisition and strategic alliance, from differentiation strategy to cost leadership strategy, the development of Vanke is a complete case of enterprise strategy. Vanke's core value is "Sunshine System" meaning professional, standardized and transparent. The financial and non-financial information in their financial statements is abundant and suitable for analyzing and proving the relationship between enterprise strategies, assets structure and financial performance. This article firstly pictures the 10-year development of Vanke consisting of four stages being: late diversification period, prophase of intensive growth strategy, intensive growth strategy period and economic fluctuations and adjustment period; then specifically analyzes the features and trends of assets structure, discovering the environment and enterprise strategy factors that influence the assets structure, according to the changes of macro economy and industry policies of each stage. Finally it analyzes the distinguishing features of each stage, comparing to industry average based on four dimensions being: profitability, operational efficiency, risk on debt and development capacity, then estimates the extent of preference Vanke gives to the four dimensions. This comprehensive case analysis report based on the above-mentioned procedures includes Vanke’s strategy direction and suited assets structures in different circumstances, and the business performance it finally achieved. Being a combination of strategic research and financial analysis, this article is a guide and reference to those real estate developing enterprises in similar circumstances and conditions, giving them strategy planning and assets structuring solutions.
