企业家学者项目依托长江商学院专注管理教育十余年之势能，整合全球优质教育资源，打造极具前沿性和系统性课程。同时，秉持成就新商业文明思想者和引领者的愿景，深刻洞察全球经济转型与发展，深入总结行业趋势和规律，以应用型研究为导向，将学术的严谨与新鲜的实践碰撞。许华芳同学在这样的学习与体验中不断提升，实现了“理解-判断-实践-引领”的跨越式发展，积极参与全球化进程，与优秀企业家共同迎接新商业文明的挑战，为中国和全球经济发展贡献“长江力量”。

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了许华芳同学的学术成果。

许华芳 | 重塑商业体竞争力的数字化战略

▇ 论文摘要：

数字化战略转型对于中国商业地产行业影响深远。然而，迄今为止，对商业相关领域数字化战略及创新的研究大多围绕着零售业进行，缺乏对于数字化战略如何对商业体及商业运营者产生可准确辨识影响的系统性研究。对于商业体数字化战略转型这一议题，目前管理学、经济学领域中均缺乏相关的实证证据来定量分析其效果，而业界实践也没有任何现成的、可靠的经验可资借鉴。

本文依托于Y公司与B地产商合作开展的数字化工具部署的真实业务场景，以具体的商业体（购物中心）项目为分析单元，利用行业内独特一手业务数据和严谨的计量经济学因果识别方法，力求弥补这一研究空白。本文突出强调商业体数字化战略的3个维度“数据化、网络化、智能化”，并根据不同数字化工具的技术属性，在上述三维度和“准-预-质-连”的分析框架下提出了一个技术分类模型。

基于业务实践、文献总结和理论分析，本文提出了若干能够被计量分析检验的假设，基于双重差分方法实证检验了多种数字化工具对商业体竞争力的影响，并且探究了数字化工具对于商业体竞争力存在多个影响机制，多种数字化工具组合能够产生叠加效果。研究结果发现，经营系统的部署可以有效降低人工成本和管理成本，提升经营效率，提高NOI、人均产能，管理的资产规模越大时，边际效益越明显；精密客流系统可以大幅提高对真实客流数据掌握的精准度，区分用户层次，并可为精准营销和招商运营提供直接有力的用户偏好数据，在和会员系统打通的情况下，可使营销精准化，针对会员的投入产出比将提升。不同数字化工具叠加组合之后能够产生关联和交互效果，同时上线多种数字化工具对于商业体租金收入、其他收入、客流量、销售量等指标有显著增强效果。

从影响机制来看，数字化工具对商业体竞争力的存在多个作用渠道。首先，数字化工具能够对商业体的客流量、会员数量、游逛深度产生促进作用，通过提升这些直接要素，继而对商业体的业绩表现产生影响。其次，数字化工具能够对覆盖商圈内的消费者行为偏好产生影响，从而提升了消费者消费偏好与商业体业态组合的契合度，继而提高商业体竞争力。最后，是数字化工具还可以通过改变商业体运营的策略与实践（例如通过数字化转型提高营运管理效率、业态组合或动线设置优化）影响商业体竞争力。

基于上述研究结论，我们提出了若干具有可操作性的行业政策建议，其意义在于：能够指导在商业体中应用数字化技术的策略；能够为研究数字技术如何为商业创造有效附加值奠定基础；能够为中国商业体运营商的新商业数字化战略提供理论依据，并着眼于引发行业技术革新，将可行技术路线向中国乃至世界范围内其他商业体推广。 

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答辩现场

▇ Abstract：

The digital transformation strategy has a profound impact on the commercial real estate industry in China. However, so far, research on digital innovation strategies in the business field predominantly surrounds the retailing and systematic research identifying the effect of digital strategies on HOPSCA and commercial operational service provider has yet to be conducted. On the issue of digital transformation strategies of HOPSCA, there is currently a lack of relevant empirical evidence in the fields of management and economics to quantitatively analyze its effects, and there is not readily available and reliable experience for reference in the business practices.

Based on real-world business scenarios deployed by digital tools jointly developed by IT Corporation Y, Property Corporation B, and Tencent Holdings Ltd., this dissertation regards specific HOPSCA (shopping malls) as the analysis unit and takes advantages of unique first-hand business data and statistical causal identification methods, striving to make up for this research gap. This dissertation highlights three dimensions of the HOPSCA digital strategies, namely Digitalization, Networkization, and Intelligentized. Based on the technical attributes of different digital tools, it proposes a taxonomy of technologies under the above-mentioned three dimensions and the conceptual framework of “Accuracy-Prediction-Quality-Linkage”(准-预-质-连).

Based on business practice, literature summary and theory, this dissertation puts forward a set of hypotheses that can be tested quantitatively and empirically. By combining the first-hand business data with the Difference-in-Differences method, we examine the effect of digital tools on the competitiveness of HOPSCA. The result suggests that the deployment of PMS/AMP can effectively reduce the cost of labor and management, improve operation efficiency, and increase NOI. When the scale of assets under management gets larger, the marginal benefits become more significant. The Precise Customer-flow Statistics System can greatly improve the accuracy and reliability of customer-flow statistics data, distinguish customer segments, and provide direct and powerful customer preference data for targeted marketing and leasing strategies. When it is connected to the Membership management system, it can make marketing more efficient and increase the input-output ratio for marketing and operation. The interrelation and combination of various digital tools can produce synergistic and interactive effects. 

许华芳同学在企业家学者项目开学模块中

On the mechanism, digital tools have multiple channels that sharpen the competitiveness of HOPSCA. First, digital tools can increase the customer-flow, the total number of members, and the number of stores that customers visit. By improving these direct factors, digital tools will then have an impact on the performance of HOPSCA. Secondly, digital tools can have an impact on consumer behavior preferences, thereby improving the fitness between consumer preferences and HOPSCA’s tenant and brand mix, thereby enhancing the competitiveness of HOPSCA. Finally, digital tools can also affect the competitiveness of HOPSCA by changing the strategies and practices of HOPSCA operations (for example, digital tools can improve the efficiency of operation management, optimize business format portfolio or traffic flow settings through digital transformation).

Based on the above conclusions, we have put forward a few of feasible industry recommendations, the significance of which lies in guiding the application of digital technologies in HOPSCA, laying the foundation for studying how digital technologies can create effective added value for business, and providing a theoretical basis for Chinese commercial real estate operators’ new digital strategies. These recommendations also focus on bringing about industry technology innovation and introduce feasible technology roadmaps to other HOPSCA in China and the world.

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合影

论文答辩圆满结束，但作为终身学习者，这是许华芳同学的又一个起点。未来的日子里，他将带着对中西管理学理念的认知与思考，继续践行新商业文明；用独到的洞见，不断为中国经济注入新动力，并引领行业的发展方向。