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郁亮称找不到和房产钱景相当的行业，产业地产钱景如何
如果是住宅是地产中的小学，商业是地产中的中学，产业就是地产中的大学。
产业地产的难，在于要兼容和平衡产业和地产两头，特别是产业占据主导地位。
对地产人或传统地产同行而言，过去多年不论是住宅还是商业，都是以地产为主，产品标准化之后寻找相应客户，因为居住和消费的刚需庞大，所以就算有错过但需求的基数足够，所以基本都能消化，无非是时长和价格。
但产业地产，更多受制于产业，一个园区如果是有主题，在产品设计的前期，就要对目标产业进行详细的研究，包括他们对于地产功用的特殊要求，以及相关配套的产业个性化，而非继续“倒流程”地先把房子按照标准化造好，不愁去化。
大多数产业地产都面临着二次折腾，有的是前期没有定位，导致一个园区内各种类型客户的要求不兼容；有的是前期有所专项和主题定位，但产业发展或经济大背景发生变化，导致二次定位，推翻原有的相关设计设施。
因为地产受制于产业，大多数停留在传统和常规地产思维的同行，往往比较困惑，因为这个转型是对原有知识结构和行业的一次格式化。
从前景来看，目前各个政府职能部门的相关政策千篇一律，很难做到配合产业地产开发商对招商进行个性化倾斜政策的扶植，所以开发商个人推动招商，要解决的不仅是产品、价格、配套、服务等问题，但对于企业选择产业扎堆需要的政策、扶植、专项服务，开发商鞭长莫及。
如何从财务报表挖掘企业隐藏的商业逻辑
通过对小微企业的观察，山东思脉特奇企业管理咨询有限公司（SMCTS）发现：除了销售额、订单量、客户数量和利润等一些基本数据外，小微商家很少关注财务分析。如果他们能定期对一些财务数据、比率进行分析，预期经营状况能得到有效地改善。
By observing the small and micro enterprises, SMCTS finds that most small-scale businesses pay little attention on financial analysis besides sales, inventory order, number of customers, and profit among other basic data. If businesses could periodically conduct financial data analysis, their performance would be better off.
有三类常用的财务比率企业可以用来实时监控业务的流动性、运作效率和利润率：
There are three categories of financial ratios that enterprises can use to monitor the liquidity, operating efficiency and profitability of a business entity:
1. 一类比率是评估生意流动性或者短期偿债能力。常用的一个比率是流动比率，它将流动资产除以流动负债，如果这个比率大于1，说明商家的运营资金的流动性正常或者说短期出现资金链断裂的可能性较小。
One group of ratios assesses liquidity or short-term solvency. A commonly used ratio is current ratio that divides current asset by current liability, if the ratio is greater than 1, it indicates cash flow is normal or the probability of cash shortage is relatively low.
2. 另一类比率涉及商家的资产管理或者周转效率。常用的有三个比率是: 销售额除以应收账款额，产品进货成本除以存货量，和产品进货成本除以应付账款额。它们给商家的提示是，尽量降低前两个比率，提升第三个比率，这样能提高资产的周转率。具体来讲，在一个月、一个季度或者一年的时间里，在保证财务报告质量的前提下，企业应尽量压低存货量，降低应收账款量和提升应付账款量。这就要求企业做到以三点准备:
Another group of ratios relates to the efficiency of asset management or turnover. Three commonly used ratios are sales divided by accounts receivable, cost of goods sold divided by inventory, and cost of goods sold divided by accounts payable. Businesses are expected to lower the former two ratios and raise the third ratio, so as to enhance asset turnover. Specifically, within a month, quarter or year, on premise that the quality of financial reports is assured, enterprises should try to lower the inventory level, reduce the level of accounts receivable and increase accounts payable. To do so, they are expected to take the following tactics:
》 鼓励客户在网上购买商品或者服务时，当时付款或者7天之内到账。Encourage customers to pay for goods or services online on the day of transaction or within 7 days of the transaction.
》 计算出一段时间内的优化存货量，这可以根据理论公式例如 EOQ 并结合经营经验来决定。Calculate periodic, optimal inventory level by using theorical models, such as EOQ, supplemented by actual operating experience.
》 在商业合约条款允许的情况下，尽量推迟支付供应商货款。Under the allowable terms and conditions of business agreements, firms should try to delay the payment to their suppliers.
要想实现以上三方面的策略，企业还要在经营上下一番功夫：提升运营效率和流动性，降低由于资金周转带来的风险，从而更好的把握产品多样化的机会。
To implement the above-mentioned three tactics, enterprises are expected to take actions to improve business performance through higher operating efficiency and liquidity, lower cash shortage risk while seizing the opportunity of product diversification.
3. 第三类比率是指示利润率的，例如：运作利润率和净利润率。前者是运作收益与销售额的比率，后者是在前者的基础上扣除债务利息和营业税之后再与销售额的比率。如果是大型企业或者上市公司，所有者权益回报率、总资产回报率和市盈率常用作利润率的指标 — 这是从投资者的角度看企业的盈利能力。
The third group of ratios reveals business profitability, such as operating profit margin and net profit margin. The former equals operating income divided by sales while the latter is operating income excluding interest expense and corporate income tax, divided by sales. In the case of large enterprises or listed firms, ROE, ROA and P/E are often used to unveil profitability, from the perspective of investors.
企业自身的财务数据和比率会随时间而变化，它们也可与同行业的企业进行比较。如果能制作一个简单的Excel模型和曲线图，自身在市场上所处的位置就更一目了然了。SMCTS 认为根据不同规模、性质和行业，其它主要财务比率类型还包括：长期偿债率（或者财务杠杆率）、收入和利润的增长率。此外，财务数据还可结合客户、产品和地域进行分割，找到自身的优势和市场的劣势，进而挖掘在产品、服务、区域和或客户群体方面的增长机会。
Financial data and ratios vary over time, which compare with those of industry peers. If firms could develop a simple Excel model and corresponding charts, their positions in the market become more noticeable. SMCTS believes that based on the different scale, nature and industry of enterprises, the other major categories of financial ratios include long-term solvency or financial leverage, the growth rate of sales and profits. Moreover, financial data can be segmented by customers, products and regions, based on which you may identify own strengths and market weaknesses, so as to untap growth opportunities from the perspective of products, service, regions and or customers.
掌握了这些财务规律和趋势，企业便能更全面和更有目标地制定和实施运营策略，以缔造自己在市场中的竞争优势。
By grasping these financial patterns and trends, enterprises can formulate robust and specific business and operating strategies, in order to build their competitive advantages in the market they operate.
更多实用新型短文，请关注头条号【SMCTS战略管理和技术】和 在线培训课程：
http://study.163.com/instructor/1136781035.htm.
For more information, please vist SMCTS company Web page: https://sicmc.wordpress.com, and its online training platform: http://study.163.com/instructor/1136781035.htm
万科负债跨越万亿，超过新西兰这些国家的GDP，你怎么看
很高兴回答你的问题。在中国房地产公司基本上都是负债运营的，根据数据显示2017年上市的房地产公司的平均负债率就达到了80%以上，其中负债超过百亿的就有一半以上。所以，在中国的房地产公司负债没有最多只有更多。
而正如题目所说，作为中国房地产企业的龙头企业，万科的负债率超过了一万多个亿，超过了新西兰等国家的GDP。
如果对新西兰不太了解的话，我们换个例子。海南一年的GDP是4463.54亿，也就是说，万科的负债率是海南GDP的3倍。
那造成房地产公司负债最基本的因素就是——杠杆。
房地产是利用杠杆率最高的一个行业，随着近年来城镇化的改革，住房需求持续上升，导致了房地产公司迎来红利期。不断的用杠杆拿钱盖房，也就是所谓的空手套白狼。
但对于企业来说这样的风险也是很大的，因为杠杆的使用就要保证房源的快速销售，如果拿不到回款，公司就失去了现金流，等待他们的或许就不那么简单了。
