Research On Working Capital Management Of Real Estate Enterprises Under Asset-light Operation Mode

Since 2014,the real estate industry in the strategic development adjustment period of transformation,countries in recent years for the transformation of the real estate industry development on the macroeconomic regulation and control of tightening,"purchase,limit,limit" policy to restart,"house is used to live not to fry" policy,especially the "three red line" policy,is marked the real estate enterprises use high leverage high debt drive high yield business model is no longer adapt to today’s market environment.In this context,many housing enterprises face a sharp increase in business risks,and the phenomenon of capital chain rupture also occurs from time to time.In order to relieve the operating pressure of enterprises and reduce the debt repayment risk,enterprises must explore a new sustainable business model.Therefore,the application of asset-light operation mode is particularly important for the development of real estate enterprises.Because the asset-light operation mode requires a faster capital turnover rate and higher application efficiency,it puts forward new requirements for the working capital management of enterprises.Working capital is like the "lubricating oil" for an enterprise to carry out business.Only with sufficiency and liquid working capital can it ensure the normal operation of the business of the enterprise to the maximum extent.How to rationally allocate and manage the working capital in the asset-light operation mode determines whether the enterprise can successfully transform to the asset-light operation mode.This paper selects the earlier for light assets operation mode transformation of poly real estate analysis,first introduce the IFE(internal factors evaluation)matrix,and then select the corresponding indicators before and after the poly asset light operation mode of working capital structure and efficiency are analyzed and compared,in order to fully grasp the supply and demand of working capital and occupy.Through analysis,it is found that although the profitability and solvency of its working capital have been improved and the financial risks have been well controlled,there are still problems that the transformation to the asset-light operation mode is relatively insufficient and the operating capacity has not been greatly improved.In view of the above problems,combined with the characteristics of real estate enterprises under asset-light operation and the current national policy,Poly can reduce the liabilities by improving the working capital structure,strengthen the operating capacity,strengthen the management of receivables,and innovate financing methods,so as to optimize the working capital and provide reference for the transformation of enterprises in the same industry.