不经一番寒彻骨，哪得梅花扑鼻香。经过在DBA五年的课程学习与实践，2021年10月9日，DBA首二班同学、云南实力控股集团联合创始人兼CEO张娅迎来了她的最终答辩时刻。张娅同学在答辩现场阐述了《传统房地产企业基于价值共创的业务开发创新研究》，最终通过答辩！恭喜张娅同学！

企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，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。张娅同学正是在理论与实践跨界的碰撞中，培养出了应对新商业文明下可能出现的新问题与新挑战的能力，她的学习从“理解 - 判断 -实践 - 引领”的旅程一路走来，跨越式的思想突围，让她在企业家学者项目历经了新商业文明的一次次洗礼。 

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张娅同学的学术成果。

LIAO Jianwen

Professor of Strategy,CKGSB

TAN Wee Liang

Associate Professor of Strategic Management,SMU

GOMULYA, David

Associate Professor of Strategic Management,SMU

Denis LEUNG

Professor of Statistics,SMU

张娅 | 传统房地产企业基于价值共创的业务开发创新研究

张娅同学答辩中

▇ 论文摘要：

房地产业是中国社会发展的重要方面，在经济增长中有着举足轻重的地位。伴随我国城镇化发展、全面夺取小康社会胜利、房地产市场调控“因城施策”以及房地产金融属性增强，导致购房者需求多样化、更加理性化并伴随对“美好生活的向往”，房地产供给方——房地产公司在这一大背景下在细分市场中竞争更加激烈。人们生活水平的不断提高，消费升级带动了人们对于高品质生活的追求。伴随着政策调控和消费观念的不断升级，房地产行业原有的土地扩张模式已不能适应新形势的发展。如何在严峻的政策形势下求得生存发展，成为众多中小房地产企业不得不面对的难题，探索新的增长模式、寻找企业发展新的增长引擎成为中小房地产企业迫切任务。

面对来自政策、市场需求变化的诸多挑战，中小房产企业只有突破原有发展模式的桎梏，通过主动的开发新业务，打造自身的核心竞争力，才会获得突围的机会。而若要实现业务上的创新发展，中小房地产企业不得不面对以下的几个问题：（1）价值共创的理念能否适用于中小房产企业的业务发展和创新需要？（2）在什么样的环境形势下，中小房产企业需要进行业务开发的创新？（3）运用价值共创进行业务开发创新方面有哪些成功的经验可以借鉴？（4）运用价值共创进行业务开发创新能够取得哪些收益？

价值共创理论强调多个参与主体通过资源整合、多方互动进行问题解决，该理论可以增强消费者的参与性，这与中国房地产企业业务开发创新的内在需求一致。因此，本研究选取典型的成功企业，从价值共创的视角出发提炼其业务开发创新模式，对上面的四个问题进行解答，以期为中国中小房地产企业的业务创新提供有益的解决思路。本研究对价值共创和企业业务创新的相关文献进行梳理，从理论上理清价值共创和企业业务开发的研究脉络，理顺房地产行业应用价值共创进行企业业务开发创新的理论逻辑，并提出了基于价值共创的房地产行业业务创新概念模型。该模型假定中国房地产企业在内外部环境的诱导因素的影响下，面临着业务创新的必要性和可行性，企业与消费者、供应商和物业公司三个群体开展价值共创活动，从核心能力、品牌价值和顾客体验三个方面评价企业价值共创活动的产出。云南公司的外部环境分析结果表明，中国房地产市场告别快速增长阶段，进入稳步增长阶段，行业集聚越来越明显，中小房地产企业生存空间越来越小。本研究通过对云南实力的企业基本情况、市场能力、组织构架以及企业文化情况等内部环境分析，结果表明公司资产规模和销售额在行业中处于中等水平，抗市场风险能力较差，但因公司专注于文旅地产板块，深耕云南市场，积累了较多的优势。

本研究以云南实力的“大理的小院子”项目为例，验证基于价值共创的房地产行业业务创新概念模型。通过“大理的小院子”在广度、深度和强度三个方面的价值共创实践，云南实力的业务创新效果显著：1. 在企业核心能力方面产生三个影响，即市场营销能力得到提升，产品创新能力得到加强，内部运营管理能力得到优化；2. 在企业品牌价值提升上产生两个影响，即企业品牌影响力得到提升，品牌管理能力得到提升；3. 对企业顾客产生两个影响，即提升了企业的整体销售，提升了企业的客户服务水平。

本研究提出了基于价值共创理念的房地产行业业务创新概念模型，并以云南实力公司作为案例开展研究，以期解决中国中小房地产企业在业务开发创新中运用价值共创的四个关键问题：第一，价值共创的理念能否适用于中小房产企业的发展需要？第二，在什么样的环境形势下，需要利用价值共创理论进行业务开发的创新？第三，中国中小房地产企业在业务创新方面运用价值共创理念取得了哪些典型经验？第四，中小房企运用价值共创进行业务开发创新的效果如何？

本研究以“大理的小院子”项目为切入点，并基于价值共创理念建立了房地产行业业务创新概念模型，研究云南实力公司的价值共创活动。本研究通过案例的研究可以充分回答以上四个问题：

（1）本研究基于价值共创分析云南实力的业务创新活动，分析可以发现“大理的小院子”项目在云南文旅地产市场上取得了巨大的成功，显著增加了企业的销售业绩，提升了企业的核心竞争力。这充分说明价值共创的理念十分适用于中国中小房地产的发展需要。

（2）本研究的第四章部分对云南实力控股集团业务创新的内部环境进行了分析。外部环境分析表明，中国房地产行业由高速发展阶段转入稳步增长阶段，中国房地产行业集中度不断提升，中小房地产企业的生存空间越来越小。内部环境分析表明，云南实力公司资产规模和销售额在行业中处于中等水平，抗市场风险能力较差，但公司专注于文旅地产板块，深耕云南市场，拥有成熟的文旅地产运营能力和品牌经营能力，以及多样的配套文旅地产项目的业务。因此，中国中小房地产企业要以价值共创进行业务创新必须具有专注单一业务，避免横向多元化发展，并围绕核心业务开展纵向多元化，同时企业还需要一定的品牌经营能力。

（3）本研究基于价值共创的中国房地产行业业务创新概念模型，从云南实力与消费者、重要的供应商（政府、建筑商）和物业公司三大利益主体相互间的价值共创活动，提炼了云南实力公司基于价值共创理念的业务创新实践，证明了企业以价值共创理念开展业务创新活动的有效性，也取得了一些运用价值共创理念的典型经验。具体而言，在企业与消费者的价值共创方面，企业要结合市场营销理论，从消费者需求与目标市场识别、消费者参与产品设计、消费者参与品牌营销三个维度与消费者建立广泛、深入的互动、交流、沟通；在企业与供应商的价值共创方面，首先要在框架协议签订、正式投资、土地开发和政府供地等阶段与政府的价值共创进行全流程的沟通，其次企业要与建筑公司在住宅设计与持续迭代、配套设施设计与完善等方面进行持续互动；在企业与物业公司的价值共创方面，可从社区服务和产业生态圈建设等方面开展合作。

（4）本研究证明了价值共创可以显著提升企业核心能力、品牌价值和客户体验。因此中小房企运用价值共创进行业务开发创新的效果良好。

答辩现场

▇ ABSTRACT：

The real estate industry is an important aspect of China's social development and plays a pivotal role in economic growth. Along with our country urbanization development, seize the well-off society in an all-round victory, the real estate market regulation "implement different measures according to different cities" and real estate finance enhanced properties, leading to buyers demand diversity, more rational and associated with the "good life", the real estate supply, real estate companies in the context of the competition in the market segment. The continuous improvement of people's living standards and the upgrading of consumption drive people's pursuit of high-quality life. With the policy regulation and the continuous upgrading of consumption concept, the original land expansion mode of the real estate industry has been unable to adapt to the development of the new situation. How to survive and develop under the severe policy situation has become a difficult problem that many small and medium-sized real estate enterprises have to face, and it is an urgent task for them to explore a new growth model and find a new growth engine for the development of enterprises.

Faced with many challenges from policy and market demand changes, small and medium-sized real estate enterprises have to break through the shackles of the original development mode, develop new businesses actively, and build their own core competitiveness, so as to get the opportunity to break through. In order to achieve innovative business development, small and medium-sized real estate enterprises have to face the following problems : (1) Can the concept of value co-creation be applied to the business development and innovation needs of small and medium-sized real estate enterprises? (2) Under what environmental situation, small and medium-sized real estate enterprises need to carry out business development innovation? (3) What successful experiences can be learned from the application of value co-creation in business development and innovation? (4) What benefits can be obtained by using value co-creation for business development and innovation?

Value co-creation theory emphasizes that multiple participants solve problems through resource integration and multi-party interaction. This theory can enhance the participation of consumers, which is consistent with the inherent demand of business development and innovation of Chinese real estate enterprises. Therefore, this study selects typical successful enterprises, extracts their business development and innovation models from the perspective of value co-creation, and answers the above four questions, in order to provide useful solutions for the business innovation of small and medium-sized real estate enterprises in China.To the value of this research to create and enterprise business innovation of relevant literature, clarify theoretically value creating and enterprise business development research venation, straighten out the real estate industry application value for enterprise business logic to develop innovative theories, and put forward the real estate industry based on value creating business model innovation concept. The model assumes that the Chinese real estate enterprises, the external environment under the influence of the inducing factors, faced with the necessity and feasibility of business innovation, three groups of enterprises, consumers, suppliers and property companies carry out value co-creation activities, from the core ability, brand value and customer experience from three aspects, the output of evaluation of enterprise value creating activities. The analysis results of the external environment of Yunnan Company show that China's real estate market is moving away from the stage of rapid growth and into the stage of steady growth. The industrial agglomeration is becoming more and more obvious, and the living space of small and medium-sized real estate enterprises is becoming smaller and smaller. This study through to the Yunnan Strength enterprise basic situation, market capacity, organizational structure and enterprise culture and internal environment analysis, the results show that the company's assets scale and sales at the medium level in the industry and poor ability to resist market risk, but because the company focus on text brigade property stocks, deep market in Yunnan province and accumulated more advantage.

This study takes the "Small Yard of Dali" project of Yunnan Strength as an example to verify the concept model of business innovation in the real estate industry based on value co-creation. Through the value co-creation practice of "Dali's Small Yard" in three aspects of breadth, depth and intensity, the business innovation effect of Yunnan strength is remarkable: 1.It has three influences on the core competence of the enterprise, namely, the marketing ability has been improved, the product innovation ability has been strengthened, and the internal operation management ability has been optimized. 2. There are two influences on the improvement of enterprise brand value, namely, the improvement of brand influence and brand management ability;  3. It has two influences on enterprise customers, namely, it improves the overall sales of the enterprise and the customer service level of the enterprise. 

This research is proposed based on the concept of value creating real estate business innovation concept model, and using the power company in Yunnan province as the case research, in order to solve China's small and medium-sized real estate enterprises in the business development innovation using value to create four key issues: first, the idea of value creating whether is suitable for the development of small and medium-sized real estate enterprises need? Second, under what kind of environmental situation, the value co-creation theory should be used for business development innovation? Third, what typical experiences have Chinese small and medium-sized real estate enterprises gained by applying the concept of value co-creation in business innovation? Fourth, how about the effect of value co-creation in business development and innovation for small and medium-sized real estate enterprises?

This study takes the "Small Yard of Dali" project as the entry point, and establishes a conceptual model of business innovation in the real estate industry based on the concept of value co-creation, and studies the value co-creation activities of Yunnan strength companies. Through case study, this study can fully answer the above four questions:

(1) Based on value co-creation, this study analyzes the business innovation activities of Yunnan strength, and it can be found that the "Small Yard of Dali" project has achieved great success in the Yunnan cultural tourism real estate market, significantly increasing the sales performance of the enterprise and enhancing the core competitiveness of the enterprise.This fully shows that the concept of value co-creation is very suitable for the development of small and medium-sized real estate in China.

(2) The fourth chapter of this study analyzes the internal environment of Yunnan Zenith Holding Group's business innovation.The analysis of the external environment shows that the real estate industry in China has shifted from the rapid development stage to the steady growth stage, and the concentration of the real estate industry in China is constantly increasing, and the living space of small and medium-sized real estate enterprises is becoming smaller and smaller. Internal environment analysis showed that Yunnan Strength company assets and sales is in the medium level in the industry, poor ability to resist market risk, but the company focus on text brigade property stocks, deep market in Yunnan province and has a mature text brigade real estate operating ability and the ability of brand management, as well as a variety of supporting the business of tour real estate projects. Therefore, in order to carry out business innovation by value co-creation, Chinese small and medium-sized real estate enterprises must focus on a single business, avoid horizontal diversification development, and carry out vertical diversification around the core business. At the same time, enterprises also need certain brand management ability.

(3) This research is based on the conceptual model of business innovation in China's real estate industry based on value co-creation. From the value co-creation activities of Yunnan's strengths, consumers, important suppliers (governments, builders) and the three main stakeholders of property companies, It has refined the business innovation practices of Yunnan powerful companies based on the value co-creation concept, proved the effectiveness of the company's business innovation activities with the value co-creation concept, and has also obtained some typical experience in the use of value co-creation concept. Specifically, in terms of value co-creation between enterprises and consumers, enterprises should combine marketing theories to establish a broad relationship with consumers from the three dimensions of consumer demand and target market identification, consumer participation in product design, and consumer participation in brand marketing. , In-depth interaction, exchange, and communication; in terms of value co-creation between enterprises and suppliers, the first step is to communicate with the government for value co-creation at the stages of framework agreement signing, formal investment, land development, and government land supply. Secondly, enterprises should continue to interact with construction companies in terms of residential design and continuous iteration, and supporting facilities design and improvement; in terms of value co-creation between enterprises and property companies, cooperation in community services and industrial ecosystem construction can be carried out.

(4) This study proves that value co-creation can significantly improve enterprise core competence, brand value and customer experience.Therefore, the application of value co-creation in business development and innovation of small and medium-sized real estate enterprises has a good effect.

张娅同学在长江DBA课堂上

张娅同学作为真知的探索者，在自己的工作实践中亲身体验，并在长江DBA的课程学习中洗礼蜕变，带着探索的热情与勇气一步步走来，最终顺利通过答辩，相信在今后的日子里，张娅同学的灼见与智慧，将会对整个行业的发展不断推进助力。