文章编号： 1672-5328（2014）01-0023-05

汪翼^{1, 2}，贺竹磬³
(1.招商局集团有限公司博士后科研工作站，广东深圳518054；2.中国社会科学院工业经济研究所，北京 100036；3.招商局华建公路投资有限公司，北京100020)

摘要： 随着汽车产量及保有量飞速增长，各城市停车场供给严重不足，中国停车场产业的发展面临 巨大挑战。首先对中国停车场产业市场环境和政策环境进行分析，指出中国停车场投资建设项目享 受的优惠政策有限且扶持力度一般。然后，对停车场经营企业的主要业务模式进行归纳，重点对不 同投资规模项目进行分析。结果显示：轻资产类型停车场项目对成本控制要求比较严格，毛利率较 低，主要依靠规模经济；重资产类型项目对产业政策依赖程度较高，若无足够政策扶持，投资的内 部收益水平及投资回收期都难以达到正常投资要求。最后指出，中国停车场产业需要更有效的行业 政策支持，特别是商业配套面积扶持。

关键词： 停车场产业；市场环境；产业政策；投资分析；轻资产；重资产

中图分类号： U491.7

文献标识码：A

Parking Policy and Investment Analysis

Wang Yi^{1, 2}, He Zhuqing³
(1.Post-doctoral Research Station, China Merchants Group, Shenzhen Guangdong 518054, China; 2.Institute of Industrial Economics, Chinese Academy of Social Sciences, Beijing 100036, China; 3.China Merchants Hua Jian Highway Investment Co., Ltd., Beijing 100020, China)

Abstract： The rapid growth of vehicle production and ownership accompanied by severe shortage of parking supply in many cities presents huge challenges to the development of parking industry in China. Based on a market and policy analysis on the parking industry in China, this paper reveals the insufficient support and preferential policies on parking lot construction projects. Then the paper summarizes the main business model of parking operators and discusses the economy of parking projects with different investment scales. The investment analysis results show that parking projects with small-cap funds has a tight budget control with low gross profit rate, and mainly depends on economies of scale. It is also discovered that internal rate of return and payback period of parking projects with large-cap funds are difficult to reach large investment requirements without adequate support of industrial policy. Finally, the paper emphasizes that effective policy support especially on commercial facilities management are needed to promote the development of parking industry in China.

Keywords： parking industry; market environment; industrial policy; investment analysis; small-cap funds; large-cap funds