Financial Performance Analysis Of Poly Real Estate Under Asset Light Mode

In 2022,with the continuous implementation of the 14 th five year plan,even if the domestic economy is still facing sudden epidemic effects from time to time,the tone of the central government’s regulation of real estate remains unchanged.In the previous second half of 2020,with the slogans of deleveraging the industry and reducing the debt ratio,the state officially issued new regulations to limit real estate debt,requiring real estate enterprises not to touch the "Three Red Lines",which continued to show the determination of the central government to firmly implement the "house is for living,not for speculation".At present,the vast majority of domestic real estate enterprises adopt the heavy asset model,which has created rich profits for many real estate enterprises in the early stage.However,in the past five years,the real estate industry closely related to people’s livelihood has become the key reform field of the country,and the domestic real estate market is much worse than before.Therefore,some powerful real estate enterprises began to try to operate in the direction of asset light mode.This paper selects Poly Real estate,the first real estate enterprise in China to put forward the operation concept of asset light mode,as the research object,which has a rich operation process and data of asset light mode for analysis.Poly Real estate first put forward the concept of asset light mode in 2011,and successively launched some asset light paths in the following years.However,the "one main and multiple wings" strategy proposed in 2015 symbolizes that the enterprise officially carries out comprehensive operation to asset light mode.Therefore,based on the actual situation of the case enterprise,this paper not only introduces the asset light mode operation path of Poly Real estate,but also analyzes the financial performance from the long-term and short-term perspectives.The long-term perspective mainly uses the data of Poly Real Estate for five years before and after 2015,and uses the financial index method for longitudinal comparative analysis;The short-term perspective is to select some financial indicators after 2015 for factor analysis.Poly Real estate,as one of the leading enterprises in the domestic real estate industry,has a strong exemplary role as a central enterprise.By analyzing the path and performance of its implementation of asset light mode,this paper explores whether the asset light mode is feasible in the domestic real estate industry,which can provide sufficient reference significance for other enterprises in the industry who want to operate in asset light mode.This paper is divided into five chapters.Chapter 1 is the introduction,which introduces the background and significance of the topic,literature review,as well as the content arrangement and research ideas of this paper,as well as the research methods and possible innovations of this paper;Chapter 2 mainly combs the basic concepts and related theories related to asset light involved in this paper,so as to provide a theoretical basis for the article;Chapter 3 first introduces Poly Real estate,then expounds the driving factors of asset light mode outside the industry and inside the enterprise,indicating the necessity of asset light mode operation of Poly Real estate,then describes the specific asset light path adopted by Poly Real estate,and summarizes the relevant operation demonstration experience,which not only reviews the implementation process,but also provides content background support for subsequent performance analysis;Chapter 4 first introduces the selection description of the method of financial performance analysis in this paper,in which the long-term perspective adopts the traditional financial index method for comparative analysis,and the short-term perspective uses the factor analysis method as a supplement,and carries on the analysis and summary;Chapter 5 draws a conclusion,and puts forward corresponding unique and practical suggestions based on Poly Real Estate’s own asset light mode path and specific performance,as well as summarizes the shortcomings of the research.After analysis,this paper believes that the rational use of Poly Real estate asset light mode has played a positive role in improving some financial performance,but there are still some deficiencies.From the demonstration effect brought by Poly Real Estate’s implementation of asset light mode,the asset light mode is feasible in the domestic real estate industry and will continue to be popularized.The contribution of this paper is based on the background that the state vigorously regulates the real estate industry,more complements and improves the financial performance research of Poly Real estate cases in the asset light theory circle,looks at the empirical impact of Poly Real estate asset light mode operation from an exemplary perspective,and shares targeted suggestions.