Research On Financial Strategy Of D Company Under Asset-light Mode

With the deepening of China’s economic development and economic restructuring,the real estate industry has also experienced a rapid development and gradual slowing down.In recent years,the continued downturn in the land market,the value inversion of commercial land and residential land,single financing model and some other factors also seriously restrict the development of real estate enterprises.Coupled with a series of macro-control strategies being introduced,inventory surplus phenomenon in real estate enterprises has been very common.The reduction of capital efficiency has brought huge operational risks for enterprises,the traditional heavy assets operating model has been unable to adapt to the development requirements of the times,and real estate enterprises’ transformation to asset-light model is imminent.The success of the transformation to asset-light enterprise operation mode depends mainly on whether the formulated financial strategy is scientific,thus exploring how to perfect the enterprise financial strategy under the asset-light operation mode has become the key to the development of the real estate industry.D company,which began to implement the asset-light operation mode internally in 2016,is taken as an example to explore and analyze financial structural features and strategies under the asset-light mode.Firstly,through analyzing the financial data and the financial structure of D Company from 2014 to 2020,this paper pointed out that D company has such problems as excessive dependence on external financing,unreasonable investment strategic layout,low efficiency of capital use and radical dividend distribution method.Then it used PEST analysis,Michael Porter’s Five Forces Model and SWOT analysis,to study D company’s internal and external environment,and determined that D company should adopt expansionary financial strategy by using QSPM matrix analysis.Based on the exploration of D Company’s financial strategy under the asset-light operation mode in respect of four aspects,financing strategy,investment strategy,operation strategy and dividend distribution strategy,it evaluated the effect of D company’s financial strategy under the asset-light mode from two aspects of financial indicators and financial strategy matrix,which identified the reasons for the problems of D company’s financial strategy under the asset-light mode.Finally,the suggestion is to adopt Regular Plus Bonus Policy for optimization,using diversified financing method,improving the investment strategy layout and strengthening the enterprise operating capacity in a diversified financing way.Through the comparison between financial data and the analysis of financial strategy before and after the implementation of asset-light mode,the paper can help to understand intuitively the key issues and direct results of the strategic transformation of D company,and also can help other real estate enterprises under asset-light transformation pay more targeted attention to business indicators.This research aims to solve debt crisis and invigorate assets of real estate enterprises,provide some reference value of asset value enhancement,and also expects that this research can enrich the theoretical system of real estate enterprise’s asset-light operation mode transformation research,in order to promote the healthy and rapid development of China’s real estate industry and the optimization of economic structure.