Research On The Transformation Of Asset-light Operation Of Real Estate Enterprises From A Financial Perspective

After ten years of prosperity in the development of domestic real estate enterprise,now it has entered a stage of reshuffle.In recent years,policy regulation has become intensive and tightening,the number of consumers has continued to decrease,the pressure of the industry's competitive sales has surged,and the short-term,fast-paced,high-turnaround development model has been challenged.Crises such as overcapacity,difficulty in financing,and tight funding have begun to emerge,and companies are gradually touching to the business bottleneck.In order to break through the predicament,most real estate enterprise have begun to adopt new models,new thinking and reshape market competitiveness with an asset-light operation model.In exploring the asset-light operating model,real estate enterprise are changing from time to time,and implementing dual upgrades in housing and industry to promote new high-quality development of the entire industry.This article uses the literature analysis method to sort out the impact of asse-light operations on financial performance,expounds the theoretical basis that real estate enterprise should follow in implementing asse-light operations,and uses relevant literature and theory to review Country Garden's implementation of asse-light operation transformation with case analysis reasons,ways,effects and deficiencies.The reasons for Country Garden's implementation of asset-light operation transformation are divided into external industry factors and internal self-factors.Using the PEST analysis method to analyze the industry's macro-environment before transformation,it was found that the policy constraints are deepening,the real estate investment is declining,the impact of the aging population is increasing,and the scope of technological innovation is expanding;and it did not perform well in financial aspects such as cost,profit,capital,and inventory before the transition,This makes Country Garden an inevitable choice for this transformation.Country Garden's transformation is mainly focused on gathering resources,seizing information intelligence opportunities,extending the property development industry chain,exporting management and brand value,and formulating a " multiple financing+operation management" dual strategy,which not only solves capital problems,but also achieve the goal of leveraging high returns with less investment.The effectiveness of Country Garden's implementation of the asset-light operation transformation is determined by evaluating whether financial performance has been improved.Using the ratio analysis method to compare the individual financial indicators before and after the transition,we found that the debt servicing level is stable and improving,the profit level is rising strongly,the cash flow is sufficient and strong,and the asset turnover efficiency performance is normal;relying on SPSS to conduct a factor analysis of 11 different financial ratios from 2005 to 2018,it was found that the comprehensive financial performance score F value from 2016 to 2018 rose against the trend to a positive standard,which represents the transformation of Country Garden's overall financial performance improved.The above analysis verified the correct of Country Garden's implementation of this transformation strategy,but in the later period of operation,we must pay attention to improving asset turnover speed and cost,and continue to consolidate the superior resources of the existing talent team and cooperative relations.