Vanke's Financial Performance Evaluation Research Under Asset-light Operation Model

In recent years,the continuous regulation of the state macro policy has made the "golden age" of land hoarding--building--profiteering in the real estate industry gone forever.Under the asset-heavy operation model of real estate enterprises,the contribution rate of land reserve increment income to corporate profits gradually declines,while the disadvantages of slow asset turnover and high capital cost also gradually become prominent.In this context,real estate enterprises at the critical moment of life and death made a strategic decision to transition to the asset-light operation model.The asset-light operation model aims to obtain high profit return through small amount of capital and light asset investment,which undoubtedly provides the possibility for real estate enterprises to achieve sustainable and efficient development.As one of the well-known enterprises in the real estate industry,Vanke Group(hereinafter referred to as Vanke)has been an active advocate and practitioner of the transformation from asset-heavy model to asset-light operation model.From 2014 to now,Vanke has been exploring the transformation to asset-light operation model for six years.Therefore,the study of Vanke has a good fit with the subject of the study.In addition,through the research literature,the author finds that domestic and foreign scholars pay equal attention to the theory and practice of the asset-light operation model,but because the research time of asset-light operation model in China is still short,there is still some research space.Therefore,this paper comprehensively studied the financial performance of Vanke under the asset-light operation model,and there was a certain degree of innovation in the research ideas,research perspectives and index selection.The main content of this paper is divided into six parts: The first part,introduction.The content includes the research background,research significance,research content and methods of the paper.The second part is the concept definition and related theoretical basis.Through careful study of relevant literature,this paper defines the concepts of asset-light,asset-light operation model,asset-light operation model of real estate enterprises and financial performance evaluation,and summarizes the theoretical basis of asset-light operation model and financial performance evaluation,so as to lay a theoretical foundation for the next research.The third part,Vanke light assets operation model transformation analysis.First,the company profile of Vanke is introduced.Secondly,it analyzes the situation and predicament of Vanke's asset-heavy operation,and then demonstrates the necessity of its asset-light operation model transformation.Then,it introduces how Vanke is transforming to asset-light operation model.Finally,it analyzes the report characteristics of Vanke under the asset-light operation model.The fourth part is the performance evaluation of Vanke's asset-light operation model.Firstly,compare and analyze the financial performance of Vanke before and after the implementation of asset-light operation model.Select the financial data of the last ten years from 2009 to 2018,and take 2009-2013 and 2014-2018 as the phases of asset-heavy and asset-light models respectively,and vertically compare the financial performance indicators of Vanke in the two phases.Secondly,the data of the five years from 2014 to 2018 were selected,and the financial performance of Vanke and RiseSun development,an enterprise in the same industry,was compared and analyzed horizontally based on the average data of some industries.The fifth part,Vanke in the asset-light operation process of the existing problems and improvement Suggestions.Based on the above research,the existing problems of Vanke in its transformation business are obtained,and corresponding improvement Suggestions are put forward,hoping to provide certain reference for the development of Vanke's asset-light operation model and the transformation of other enterprises in the same industry.The sixth part,research conclusion and prospect.This paper summarizes the research conclusions of the paper,points out the limitations of the research in the paper,and makes a prospect.It is believed that the asset-light operation model of Vanke is getting better and better in its gradual exploration and development.To light through the study of this article found that Vanke contributes to the development of the enterprise assets operation mode transformation,from the enterprise's financial performance before and after the transformation analysis,Vanke's profitability after transformation,short-term debt paying ability,operation ability and growth ability are improved,but the long-term debt paying ability index rising,worthy of attention;Compared with the enterprise of assets and RiseSun of industry,found that after Vanke light-asset operation model transformation,although various aspects ability are improved,and the stability of the financial performance indicators is better than that of RiseSun,but still couldn't show the obvious financial advantage,therefore focused attention on the mode l of "small traders,financialization innovation,cost control and personnel four aspects in this paper,the Vanke in asset light the problems existing in the process of operation model transformation,and puts forward the corresponding solution measures accordingly.In this paper,on the basis of the collected literature,to grasp the financial management field research hot spot,based on the related theoretical basis,using the literature research,case method,ratio method and comparative analysis,analyzed and evaluated the financial performance of Vanke under the asset-light operation model.It will enrich the content of the current research in the theoretical field and makes up for the shortage of studying the asset-light operation model in real estate enterprises,provides new research ideas for the follow-up studies of scholars and hopes to provide some references for the transformation of enterprises in the same industry.