| China’s real estate industry has experienced the "golden age",with profit margins and revenue reaching record highs,accompanied by record highs in house prices across China.In order to protect people’s livelihood and promote the healthy development of the economy,China has introduced relevant policies to promote the healthy development of the real estate industry since a long time ago,such as the "ten new national articles" issued in 2010 and the"purchase,loan and price restrictions" and other relevant policies to curb real estate speculation and investment,so as to "cool down" the real estate market.The 19th National Congress stressed that we should unswervingly adhere to the policy of "no speculation in real estate" and further promote the steady and healthy development of the real estate industry.In such an environment,the once extensive development model of real estate enterprises has become outdated,and its profit margin is also decreasing.Therefore,seeking diversified development and transformation has become the consensus of many leading real estate enterprises.Therefore,summarizing the transformation process and experience of the more successful enterprises has certain reference significance for other real estate enterprises in urgent need of transformation.By studying the transformation process of Greenland,a typical real estate enterprise,combined with dynamic capability theory and resource dependence theory,this thesis discusses and analyzes the three stages of its transformation "big infrastructure" in detail,and analyzes the dynamic changes of external audit risk in the transformation process,in order to provide some reference significance for relevant real estate enterprises and their external auditors.Using the literature research method and theoretical research method,this thesis combs the resource dependence theory,dynamic capability theory and synergy theory,constructs the three-stage path of "perception acquisition transformation" of the case enterprise based on the three levels of dynamic capability theory,analyzes its results and influence,summarizes and draws the corresponding mechanism diagram.Combined with the case study method,this thesis collects the relevant announcements and materials of Greenland holdings,carefully analyzes the steps and important events in the transformation process of Greenland holdings,and finally provides some reference for external certified public accountants through the analysis of audit risk in the transformation process.It is found that the introduction of dynamic capability makes the enterprise transformation process become a dynamic process rather than a static process,and the enterprise behavior is gradual in the whole process.In addition,in the process of transformation,the behavior of enterprises has a positive impact on enterprises by changing the type of resource dependence between enterprises and the external environment and various internal components of enterprises.Therefore,when facing greater external policy pressure and market environment pressure,real estate enterprises can choose to transform through continuous vertical M&A.In addition,this study found that in the process of transformation,the audit risk of enterprises has also changed dynamically,so external auditors should focus on different audit fields according to different transformation stages.This thesis has a certain supplementary role for the dynamic capability theory and resource dependence theory to explain the enterprise transformation.At the same time,it has a certain practical significance for the real estate enterprises and their accounting firms in the process of transformation. |
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