Study On Financial Performance Of Wanda Commercial Asset Light Operation Mode

China’s economy is entering a new stage of high-quality development,and all industries are facing the challenge of industrial transformation and upgrading.After ten years of prosperity,the domestic commercial real estate industry has entered an era of stock.Affected by multiple impacts such as financing,competition and cost,the market demand is sluggish and competition is increasingly fierce.In order to get rid of the inherent limitations of the traditional model,Wanda,Vanke,Country Garden and other property tycoons have sought to break through,testing the water of the asset-light model.Among them,Wanda Commercial has been deeply engaged in the real estate industry for 20 years.As a leading commercial real estate enterprise in the industry,financial problems gradually became prominent under the constraints of policies,market and resources in the development process.The reason lies in the fact that Wanda Commercial,as an active practitioner and advocate of asset-light transformation,could not cope with the passive situation in the environment with the asset-heavy operation mode previously adopted.This dissertation selects Wanda Commercial as a typical case and explores the actual effect of its assetlight transformation from the perspective of financial performance with the help of entropy weighted TOPSIS method,so as to provide information support and decision-making reference for evaluating the applicability of the asset-light operation mode of the case enterprise and even the real estate industry,as well as the optimization of the mode.Firstly,the dissertation reviews the domestic and foreign research literature from the aspects of the concept definition,characteristics and motivation of asset-light and its operation mode,and expounds the research content and methods.Secondly,the dissertation defines the connotation of asset-light,asset-light operation mode and financial performance evaluation,analyzes the applicability of asset-light and asset-heavy operation mode,as well as the motivation and types of asset-light operation transformation of commercial real estate enterprises,and summarizes the theoretical basis of asset-light operation mode.Then,based on the case of Wanda Business,based on PEST analysis and Porter’s Five Forces model,the dissertation deeply analyzes the macro environment,competitive factors and internal factors of Wanda business,and analyzes the motivation and necessity of its asset-light transformation.The results show that Wanda Commercial consolidates the advantages of assetlight operation through brand,marketing,technology and other core aspects in the implementation of asset-light operation,so that it has the financial characteristics of asset-light operation such as good asset liquidity,low proportion of fixed assets,fast inventory turnover and optimized income structure.Further,the dissertation uses smile curve,value chain and other related theories to construct the evaluation system of Wanda Commercial financial performance indicators by using correlation analysis method,and uses entropy weighted TOPSIS method to dynamically analyze the solvency,profitability,operating capacity,cash flow and comprehensive financial performance of Wanda Commercial from 2013 to 2020.The results show that The asset-light operation effect of Wanda Commercial is good,and the overall effect is considerable.The asset structure is more reasonable,and the debt paying ability and profitability are improved,which alleviates the passive situation of Wanda Real estate to a certain extent.However,the financial performance is confronted with such problems as the mismatch between the maturity structure of assets and liabilities after asset-light operation,weak operation capacity and development capacity,weak ability to return shareholders,partial assets such as total assets and current assets have not been fully utilized,and poor overall effect of financial performance.Finally,based on the problems existing in the financial performance of Wanda Commercial asset-light operation,optimization suggestions are put forward: focusing on advantageous industries,deeply cultivating the sinking market,choosing digitalization,enlarging and strengthening service consumption,doing high-barrier business,and implementing the requirements of "Work is king,innovation is infinite".