| As output values of real estate industry continue increasing its ratio in the gross national product (GNP), operating gains of real estate industry is growing to be a major constituent in the fiscal revenues of governments, and the real estate as a business sector a pillar industry in our national economy. At present, China's real estate industry is on a fast developing stage, turning from the extensive growth mode to a more steadily increasing mode. However, real estate industries of China are confronted with bottleneck problems, which are inclusive of ambiguity of value creation mode of the industry, lack of orientation of enterprises, and unsettled issues such as how real estate value chains can create values by way of cooperation based on division, and, how the business enterprises can best exploit their own potentials in operation. There is insufficient understanding over demand structure of customers in the real estate industry, thus it remains an unachieved task to define the objective and modes for value creation in the perspective of customers. Set in the background of seller market, customers'values are never highlighted in the industry, and business enterprises are unable to fix on their value objectives with certainty. Therefore, this paper bases on the angle of customer value for the attempt of research work on the value creation of real estate value chains, which hopefully shall prove to be of values, theoretical and practicable as well, for the promotion of values of both real estate enterprises and real estate value chains by way of enriching and supplementing to the theories and methodologies of real estate value chain management and raising customer values.The paper focuses on for objective the value creation of real estate value chains, and provides systematic and in-depth studies, in the perspective of customer values, on the value formation and creating mechanisms of the value chains of the industry by combining qualitative analysis with quantitative analysis and meantime incorporating theories related to management, mathematics and economics (such as fuzzy comprehensive evaluation method, evolutionary game theory, principal-agent theory, and other system optimizing & decision-making model construction methods), as well as most updated result of domestic and overseas research work in the fields, with main points listed as follows:1. On the basis of literature synthesis, the paper analyzes the types and features of real estate customers, and defines the concept of customer value for the industry, coming to the point that real estate customer values are the values the customer attains when purchasing the real property products, and the congregation of gains the customer senses. Analysis also is attempted on the formation of real estate customer values, based on which is constructed on the index system for appraisal of customers of the industry.2. Questionnaire is designed for the specific content of the real estate customer value appraising index system, along with research over the on-site investigations, with respective appraisal on values of four types of customers (business type, consumer type, investor type and investor-consumer dual type) adopting the improved fuzzy comprehensive evaluation method (I-FCEM), while in-depth analyses and discussions are contributed to the results of evaluation.In said research work, the I-FCEM is adopted to mainly address the defects of traditional fuzzy comprehensive evaluation method, with optimization and improvements on two aspects: Firstly, evaluation on decision-maker obtained from three-point interval numbers is adopted, while decision-maker judgment information is congregated by BP nerve network and a new method is put forward for transition from three-point interval number to definite numbers; secondly, an innovative subjective-objective integrating weighing method is worked out through application of the AHP method and the entropy right method, when comprehensive evaluation is made over real estate customer values by using improved fuzzy comprehensive evaluation method.According to the research, business type of customers are more inclined to useable values and economic values, while consumer customers focus more on service values, and show a gradual decrease in attention over economic values, useable values and brand values, investor type customers, as a third group, favor most economic, useable and brand values yet more ignore service values, and the last type, investor-consumer dual customers focus equally on the useable and economic values of the housing property itself and the service values. In general, today's Chinese real property developer enterprises have an inefficient attention on customer values.3. Real estate value chain models are constructed based on customer values, providing theoretical basis for the following analysis on value formation and creation mechanisms of value chains of the industry.First comes the definition of value chains of real estate, accompanied by analysis over value activities of the real estate value chains basing on understanding of development and operation flows of real estate projects, including investment decision-making analysis, construction preparation, construction implementation, market promotion, and real property management, totaling five activities. Following that, real estate value chain model is constructed on two perspectives, internal of real property enterprises and participants in the industry, and constituent elements are expounded for the two models. Furthermore, core function of the real estate customer values is highlighted, and relationship is considered between main bodies of the real estate value activities and customer values, including relation of main bodies of value activities to the customer values, interrelations among such main bodies, and such interrelation's relevance to the customer values. Basing on those, real estate value chain models are constructed on customer values, while it's pointed out that, in order that the real estate value chain establishes its capacity of creating excellent values for customers, each link on the value chains has to understand the purchasers, and not only the utmost end of value chains, and can make due adjustments constantly to address changed customer demands. Real estate business firms shall explore varied methods for establishing relation to customer values or redefining value activities of real estate enterprises, in a view to better realizing customer values.4. System research work is done on value formation mechanism of the real estate value chains, then the paper points out that the value creation process and law of the real estate industry, and presents the operation law of values.The paper firstly analyzes valuable elements of the value chains of the real estate industry, including development values of land resource, consulting values of R & D, safeguard values of construction, feadback values of former product, prevalence values of makerting, delivery values of product channel and extend values of afer service.Then, the paper develops value formation mechanism of the real estate value chains based on interactive relations of elements, and the formation process is to intergrate and remodel value activities of all elements on the value chains of the real estate industry, when the values of the enterprises are created only when realization of customer values is taken for the utmost goal and orientation of value activities on the value chain. Therefore, the value formation mechanism of the real estate value chains based on customer values proves resources for real estate enterprises'cluster value chains, which materializes values of the enterprise by way of customer values realized in the design, development and passing on of real estate product values. The three processes are circular with interactive feedbacks.The paper lastly presents the operation law of the value chain of real estate, namely, centralizing inside and outside resources, standlingly increasing customers'vlaues, and controling and reducing costs. Then the paper develops that the operation is the process including centralizing all resouces, improving values of customer having strategy importance, and meantime, in the value formation mechanism of value chains, we shall never neglect three principles, congregation of corporate resources, promotion of customer values, and cost control, as the win-win objective of raising customer values while reducing operation costs are the very utmost goal which the value formation mechanism aims for the competitive strengths of business enterprises.5. Value creation mechanism of real estate value chains is deliberated on the basis of customer values, which provides theoretical and decision-making references for further development, and realization of optimal values, of the real estate industry.Firstly, value creation process is analyzed for value chains of the industry, which contains seizure of customer demands, construction of dynamic alliance, as well as formation and circulation of values. Formation processes of dynamic alliances are provided based on customer values to address the construction of dynamic alliances of value chains of the industry, inclusive of establishing alliance target as per customer values, defining key business processes, selecting members on the alliance, setting forth modes and cooperative rules of alliances, as well as operation of alliances, five stages totally.Secondly, principal-agent theory is adopted for analyzing the benefit allocation mechanism of alliance enterprises which can effectively ensure value creation of real estate value chains. The writer points out that, as risk avoidance of alliance enterprises increases, market risks increase, and reaction decreases of an alliance enterprise's efforts over its share in the profit allocation; When an alliance enterprise's efforts have less effect on gross gains of dynamic alliance, the profit allocation among alliance enterprises come to be more reasonable as ratios become lower. If prior contract sets forth that returns to alliance enterprises shall be irrelevant to gross profits of the dynamic alliance, members on the alliance may not necessarily make full efforts in the co-work. When profit allocation ratios become larger for alliance enterprises, they show more willingness to work for the cooperation, and accordingly, core enterprises bear fewer market risks, while alliance enterprises have to undertake more risks from markets.In further efforts, evolutionary game theory is applied to description of the development and trends of relationship between the real estate developers and the customers, and discussions are made on the relationship and acts of the games between the developer and his/her customers. The writer concludes that, in said game, the trend of their relationship not only relies on both sides'payment matrix, but also is affected by the initial state of the system. Both parties, the developer, and the customers of real estates, in the end march on to the direction of High Quality Real Property, Then, Purchase. Therefore, the win-win cooperation based customer value creation concept shall grow a must selection of future real estate industry.Last presented is the strategies for promotion of customer values, including the adoption of development strategies centering around customer demands, giving discounts of prices, increasing product uses, enhancing communications with and cares towards customers, as well as figuring out values of information and elevating brand values of enterprises.Studies presented in the paper provide significance, in theory and in practice, for enrichment and consolidation of value chain management theories and methods for the real estate industry, and raising integral values, so to upgrade the competitive strengths, of the value chains. In the background of continued growth of the real estate industry in China, results of our research are sure to find ever broader visions of application. |
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