房地產產業鏈的發展與轉型  以上市櫃公司為例

本研究探討房地產業鏈中上下游公司的營運特性與差異，資料來源來自上市櫃公司中房地產業所屬公司的相關財務數據與發展歷程，透過拆解產業鏈上下游公司的特性，利用財務比率與發展歷程的比較來看面對市場衝擊不同的因應策略。結果發現，在普世認知裡，房地產業者透過不斷推升房價，好像獲利很多，但在土地資源有限，整合與取得成本不斷推高下，侵蝕獲利，再加上外在政策與經濟環境的改變，房地產業也如同其他產業一般，朝向透過上下游整合達規模經濟，建立經營門檻，並且在有能力之餘，透過多角化發展，增加經營彈性，同時必須強化自身核心競爭能力，導入科技工具，打造品牌力，不再只是土地開發商，而要是生活風格的打造者，打造一全齡生活圈，同時發展次核心產品，把設計與規劃能量，擴大到商辦空間與整體社區環境營造，品牌力與開發力建立後，轉而增加合建比例，以輕資本投入、高技術含量參與房地產業的經營，不僅僅能降低營運風險，更能增加複製能力，走向國際市場。

關鍵字

房地產業；產業鏈；轉型；財務比率；多角化

並列摘要

The purpose of this study was to investigate the characteristics and differences of supply chain of real estate. The source of information mainly came from the financial data and development path of listed real estate. By analyzing the characteristics of upstream and downstream companies, and comparing the financial ratios and development history to identify different strategies to respond the market shocks The results revealed that real estate companies seemed to make profits from pushing up housing prices, however, the constantly increasing acquisition and integration costs had lowered the profits under limited land resource. Also due to the changing political and economic environment, the real estate industry had established threshold of business through vertical integration of supply chain and achieving economies of scale. In addition, they diversified the business to increase operational flexibility, and applied the technology to enhance core competitive capability and brand power. They were not only as land developers, but lifestyle builders. They created life circle for all ages, while developing sub-core products, devoting the energy of design and plan to commercial spaces, and integrated community development as well. After brand and development power were activated, the business model of real estate turned to joint construction with low capital injection and in high-tech base, which was not simply to reduce operational risks, but capable of inventing and enter international markets.