On Strategy And Effect Evaluation Of Vanke's Transformation Of Asset-Light Mode

At present,China is vigorously pursuing supply-side reforms,emphasizing “de-stocking” and “de-leveraging”.The real estate industry,which once became the pillar of China's national economy,bid farewell to the “golden age”.In recent years,China's land cost has surged,and the profit rate of housing enterprises has been compressed.The government has strict control over the real estate industry and the sales of housing enterprises have been blocked.The number of enterprises in the market has increased and the pressure of competition is huge.In the face of various difficulties,real estate companies have begun to seek transformation.Vanke has borrowed the experience of Tishman Speyer and Capita Land.In 2014,it began to try to transform the light asset model based on “small stock trading”.What strategies have been adopted by Vanke's transformation of asset-light mode,and what the transformation effect is,and what is the reference for other real estate companies,are worth studying.This thesis uses case study method to study the motivation,strategy,effect and related enlightenment of Vanke's transformation of asset-light mode.The body content consists of four parts.The first part is the theoretical analysis of the asset-light mode and the balanced scorecard,defining the definition of the asset-light mode,expounding the characteristics of the asset-light mode,and explaining the principles and advantages of the balanced scorecard.The second part is the background and strategy of Vanke's transformation of asset-light mode,including the current difficulties faced by the real estate industry,the Vanke enterprise profile and the motives for transforming asset-light mode,and the six strategies adopted by Vanke for the asset-light mode transformation based on the “small share trading” model. Strategies include establishing a business partner system,learning about Internet thinking,conducting financial innovations,strengthening property management output,and developing a variety of urban services.The third part is to evaluate the effect of Vanke's strategy of transforming asset-light mode by using the balanced scorecard method.From the four dimensions of finance,customer,internal process and learning and growth,this thesis finds that the transformation of asset-light mode has made Vanke's performance significantly improved in the financial dimension,customer dimension and internal process dimension,but the performance in the learning and growth dimension is not so good,and needs to be further strengthened.However,in general,Vanke has transformed the asset-heavy mode from the previous process to the asset-light mode of management output through the transformation of the asset-light mode,which has played a positive role in reducing financing pressure and improving the return on net assets.The fourth part is the enlightenment and suggestions of Vanke's transformation of asset-light mode,including the reference of Vanke's initiative to other real estate companies and Vanke's proposal to continue the path of light asset transformation.This thesis believes that other real estate companies can learn from Vanke's successful transformation experience,use their brand advantages to manage output,learn Internet thinking,and carry out financial innovation to complete the transition to asset-light mode.For Vanke,it is possible to deepen the light asset operation mode by expanding the scale of “small stock trading”,accelerating the layout of urban service business,and increasing R&D investment.This thesis innovatively applied the method of balanced scorecard when evaluating the effect of Vanke's light asset transformation model.By analyzing the motivation,strategy and effect of Vanke's transformation of asset-light mode,this thesis draws the following conclusions: First,Vanke's transitional light asset model updates the company's profit model,enabling companies to obtain profits through management output.Second,this thesis uses the balanced scorecard approach to consider Vanke's strategy for transforming light assets.The third is that the key to successful transformation of the light asset model is that the company maintains its own brand value.For Vanke,it is its excellent project management capability and brand premium.