| In recent years,the domestic real estate industry has developed rapidly,and the number and scale of companies have shown a trend of expansion,which has grown into one of the important pillars of the development of the real estate economy in today’s society.With the policy background of "simultaneous development of rental and sales" and "housing and not speculating" and the introduction of regulatory measures such as "price limit" and "purchase limit",as well as the upgrade of a large number of floating population and housing rental demand,the long-term rental apartment industry has grown and has become a new trend to meet and cater to the needs of upgraded housing.Since the impact of the epidemic in 2020,the "three red lines" standards for real estate,and the bank’s real estate loan management regulations,most regions across the country have significantly tightened mortgage approvals.It also raised the mortgage interest rate several times and strictly checked the source of the down payment,resulting in a more comprehensive and precise regulation.As a result,it is difficult to relax short-term policies on real estate,and it also directly affects the development of the long-term rental apartment industry.In today’s economic context,the asset-heavy model of long-term rental apartments through centralized construction,renovation,acquisition or leasing of entire buildings is not only difficult to continue,but also brings high financial risks to the company.Therefore,many long-term rental apartment companies choose to turn to an asset-light model to reduce financial risks through accelerated asset turnover,optimization of product structure and improvement in capital allocation efficiency,and maintain the company’s healthy and sustainable development.Company S is one of the earliest long-term rental apartment companies in my country that has changed its operating model,returned to asset-light operations,and focused on service capabilities.The practice of S company can provide reference for the transformation of many long-term rental apartment companies.This paper introduces the relevant researches on financial risk under the light asset model at home and abroad,and introduces the theoretical basis of the light asset model and financial risk.This paper theoretically illustrates the feasibility and effectiveness of the company’s adoption of the asset-light model,and elaborates on the reasons and status quo of the transformation of the S long-term rental apartment company’s asset-light model.And through the analysis of financial statements to determine the risk evaluation index,and establish the S company’s financial risk evaluation index system under the transformation of the light asset model.In this paper,the determined efficacy coefficient is used to calculate the comprehensive score value of each year’s financial risk through the analytic hierarchy process,and the comprehensive analysis and evaluation are carried out,and the following conclusions are drawn.The profit of the main business has dropped sharply,and the profitability is low;the scale of the company has changed from expansion to contraction,the operating performance has been under obvious pressure,and the development momentum is relatively weak.Company S will be converted from a light alert status to a medium alert status in 2021,and its financial risks are in medium degree,the risk of its growth ability index is relatively high.Subsequently,some suggestions and measures were put forward for S Company,including: first,adjust the business strategy to stabilize cash flow;second,increase refined management and improve operational efficiency;third,concentrate development forces and stabilize main business;fourth,improve customer trusteeship The fifth is to optimize the organizational structure and focus on the reconstruction of talents;the sixth is to focus on the company brand and focus on the C-end experience.I hope to provide some reference for the healthy development of the S company and the long-term rental apartment industry. |
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