分类号:F272.3
10710-2018323124
专业硕士学位论文
H 公司康养地产项目投资可行性评价体系研究
王献彬
导师姓名职称 陈建校 副教授
专业学位类别
申请学位类别 专业硕士学位 工商管理
及领域名称
论文提交日期 2022 年 4 月 8 日 论文答辩日期2022 年 6 月 12 日
学位授予单位长安大学
Research on Optimization of Investment Feasibility
Evaluation System for The Healthy Real Estate Project of H
Company
A Thesis Submitted for the Degree of Master
Candidate：Wang Xianbin
Supervisor：Prof. Chen Jianxiao
Chang’an University, Xi’an, China
论文独创性声明
本人特别声明：本人所撰写呈交的硕士学位论文是在研究生导师的监督和指导下，独
立自主地进行研究和教学工作而来的。除了论文中已经特别注明引用的内容外，对于该论
文的研究作品有重大贡献的个人和社会集体，均已在文中以明显的方式予以标明。本论文
不包含其他未加明确标记的个人或社会集体已公开发布的成果。
本声明的法律责任由本人承担。
论文作者签名： 2022 年 6 月 8 日
论文知识产权权属声明
本人在导师指导下所完成的论文及相关的职务作品，知识产权归属学校。学校享有以
任何方式发表、复制、公开阅览、借阅以及申请专利等权利。本人离校后发表或使用学位
论文或与该论文直接相关的学术论文或成果时，署名单位仍然为长安大学。
（涉密论文在解密后应遵守此规定）
论文作者签名： 2022 年 6 月 8 日
导 师 签 名：2022 年 6 月 8 日
摘 要
以健康养老服务为主要内容的康养产业进入高速增长阶段，是广受追捧的“朝阳欧亿·体育（中国）有限公司”，
并且伴随着国家对于房地产领域相关政策的调整，万科、绿地、保利、泰康人寿等大型企
业纷纷开发康养地产。H公司在传统地产项目开发建设的基础上，大力布局健康养生、文
化旅游两大地产关联领域。但康养类、文旅类地产项目较纯住宅地产项目要复杂很多，项
目规模大、投资金额大、业态涵盖多、开发建设周期较长、运营管理体系复杂。近几年 H
公司在运用过去已成熟的住宅项目投资决策体系判断项目的过程中也出了一些问题，尤其
是康养类项目时有投资失误发生，同时有一些优质项目因投资判断标准不明确而搁置，对
公司带来了一定损失。因此需要通过科学的调查研究方法，构建出一套完整的康养地产类
项目投资评价体系模型，以期对 H 公司和其他同行企业康养地产项目投资决策实践有一定
的指导意义。
本文以 H 公司康养地产项目的投资可行性评价体系作为研究目标，依据项目管理的有
关理论对H 公司投资评价现状和存在的问题进行分析。邀请业内房地产建设、投资和运营
方面的 30 位专家，综合考虑康养地产同业和 H 公司实际情况，结合投资可行性研究的行
业经验设计H 公司投资评价指标体系。并以 JZ 养生谷项目为例，通过问卷调查法，对JZ
养生谷项目的城市配套、市场政策、地块情况、经济财务和投资风险五个维度进行了详细
的项目投资评价分析研究。在分析过程中，利用模糊层次分析法赋予上述 5 个一级指标和
25 个二级指标权重，建立可行性评价体系，对 JZ 养生谷项目的投资决策进行评价，判断
项目是否可以投资。另外，对于 H 公司内部管理而言，应从战略上、流程上等多方面进行
支撑，使项目投资评价体系能够应用到其他康养项目中，形成完善的康养地产项目投资评
价系统，为H 公司康养地产项目投资提供了可靠的评价分析依据，也为其他康养地产项目
投资可行性评价管理提供了有益的借鉴。
关键词：投资可行性评价；康养地产；房地产；H 公司
I
Abstract
The health care industry with health care and elderly care services as its main content has
entered a stage of rapid growth and is a widely sought after "sunrise industry". With the
adjustment of policies in the real estate industry, Vanke, Greenland, Poly, Taikang Life
Insurance and other large enterprises have developed health care real estate. On the basis of the
development and construction of traditional real estate projects, H Company has made great
efforts to layout two real estate related fields: health maintenance and cultural tourism. However,
the health care and cultural tourism real estate projects are much more complex than the pure
residential real estate projects, with large project scale, large investment amount, diversified
business forms, long development and construction cycle, and complex operation and
management system. In recent years, H Company has also encountered some problems in the
process of judging projects by using the mature investment decision system of residential
projects in the past, especially for health and health projects. Meanwhile, some high-quality
projects have been shelved due to unclear investment judgment standards, which has brought
some losses to the company. Therefore, it is necessary to construct a complete model of the
investment evaluation system of health and health real estate projects through scientific
investigation and research methods, in order to have certain guiding significance for H Company
and other peer companies in the investment decision-making practice of health and health real
estate projects.
This article takes the investment feasibility evaluation system of the H company’s health
care real estate project as the research objective, and analyzes the current situation and existing
problems of the investment evaluation of H Company according to the relevant theories of
project management. Real estate construction, investment and operation in the industry are
invited 30 experts, comprehensive consideration, a real estate trade and H company actual
situation, combining with the experience of industry investment feasibility study design H
company investment evaluation index system, and with JZ health valley project as an example,
through questionnaire investigation, city of JZ health valley project supporting, market policy,
land situation, economic, financial and investment risk in detail in five dimensions, evaluation of
project investment analysis. In the analysis process, the fuzzy analytic hierarchy process is used
to give weight to the above five first-level indicators and 25 second-level indicators, establish the
feasibility evaluation system, evaluate the investment decision of JZ Health Valley project, and
judge whether the project can be invested. In addition, for H company internal management,
support from aspects of strategy, process, and make the project investment evaluation system can
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