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。
Professor of Financial Economics,SMU
Professor of Management,CKGSB
Assistant Professor of Economics,SMU
（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%。
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.
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.