轻资产模式下商业地产企业与投资机构演化博弈分析

Analyses of evolutionary game on commercial real estate enterprise and investment institution based on synergetic theory in the asset-light business model

促进商业地产企业与投资机构的合作开发有利于实现商业地产企业轻资产运营.针对商业物业净租金收益率难以覆盖同期银行贷款利率的问题,提出商业地产企业收益补贴策略,运用演化博弈的方法,探讨了收益补贴量的大小对双方合作开发演化博弈过程的影响,得出了随着收益补贴量的增加,系统收敛于合作的决策域的面积将先增大再减小,并揭示了两者合作开发行为的最佳收益补贴量.为实现商业地产企业资产轻型化和进一步促进双方合作开发的途径提供借鉴.

To promote the cooperative development between commercial real estate enterprise and investment institution is conducive to the realization of asset-light operation of commercial real estate enterprise. Aimed at the problem that commercial property rental income is hard to cover the interest rate on bank loans over the same period, this article proposes commercial real estate enterprise income subsidy policy, and probes into the evolutionary process of the cooperative development between the commercial real estate enterprise and investment institution by using evolutionary game method. The result shows that with the increase in the amount of income subsidies, the area of the system converging to the cooperative decision domain will first increase and then decrease and reveals the optimal income of the amount of subsidies about their behavior of cooperative development. The study will provide an important reference value to realize asset-light operation of commercial real estate enterprise and further perfect the approaches of the cooperative development between commercial real estate enterprise and investment institution.