| With the changes in the market environment and continuous push of national policy regulation for real estate industry,real estate enterprises are faced with a series of problems such as large inventory pressure,long project cycle and slow capital turnover under the traditional heavy asset business model.As a result,large real estate companies such as Vanke and Wanda have taken the lead in exploring the path of light asset operations and have achieved certain results.So,what is the light asset management model of real estate companies? What factors will affect the transformation of real estate enterprises,and how will these factors influence the successful transformation of enterprises? How should real estate companies choose their own light asset operation model? By thinking about these issues,we can provide advice with real estate companies in the transformation of light assets.In view of the above problems,this paper combs and summarizes the definitions of light assets concepts and related research by domestic and foreign scholars,and analyzes the influencing factors of real estate enterprises' light assets transformation operation mode from inside and outside the enterprise.Then,taking Vanke,Greentown and Wanda Commercial as the research cases,the paper introduces the light asset operation modes of the three companies,analyzes the important factors which affects their light asset transformation,and finally make a detailed analysis of their financial performance before and after the light asset transformation,and summarize the impact path of influencing factors on the transformation of enterprise.According to the multi-case comparative study,this paper finds that whether it is Vanke's small stock trading mode,Greentown's agent construction mode,or Wanda's cooperative operation mode,it is influenced by brand and financing ability.Brand influence supports the light assets transformation by attracting partners to invest and improve the bargaining power of enterprises to obtain excess profits,while the financing ability guarantees the capital demand in the light asset transformation of enterprises,and also provides financing support for the operation of enterprises in the future light asset mode.Due to the different competitive advantages of different enterprises,the factors affecting the transformation of light assets are different,so are the transformation methods adopted by enterprises.Vanke's small stock trading has higher requirements for manpower and technology.Greentown's agent construction model is constrained by product quality.Whether Wanda's commercial light asset transformation can succeed depends on whether the company has high execution ability and strong operational capability.For enterprises that are undergoing light asset transformation or planning a transformation,this paper puts forward relevant suggestions: clarify advantages,rationally select the light asset operation mode;control the progress of light asset transformation,optimize the financial performance of the enterprise;do a good job in project management and control,continue the brand advantage;develop financing channel,support light asset transformation. |
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