Research On Financial Strategy Of Real Estate Listed Companies Under Asset-light Operation Mode

With the transformation of the economy in China,the real estate market has entered the "silver age" after a decade of rapid development.In the new period,real estate industry is influenced by the national macroeconomic regulation and control policy,and drawbacks of the asset-heavy operation mode are increasingly exposed.It is difficult for real estate enterprises to adapt to new market conditions.The asset-light operation mode characterized by specialization and financialization has become the main transformation direction of real estate enterprises.They want to improve their own risk resistance and capital allocation efficiency.As the foundation of enterprise development,financial strategy is very important.Many real estate enterprises on the road of asset-light operation mode,especially for small and medium-sized real estate enterprises,need learn to how to think out and implement financial strategy in order to ensure smooth transition and achieve sustainable development.This paper mainly adopts the method of literature analysis,case study and qualitative and quantitative research.Firstly,the related literatures at home and abroad are summarized and sorted out,and resource-based strategy theory,the theory of division of labor,value chain theory and smile curve theory are used as theoretical support for the research of asset-light operation mode.Secondly,on the basis of establishing a asset-light operation mode and financial strategic relationship,this paper analyzes the problems existing under the asset-light operation mode,and based on the theory of sustainable growth,the financial strategy system under the asset-light operation mode of real estate enterprises was constructed from the perspective of investment and financing.Thirdly,this paper takes LS Real Estate Company as a case study to conduct a research on the financial strategy under the asset-light operation mode.It studies and analyzes the specific financial strategy that fits the corporate strategy.From the three perspectives of profitability,anti-risk ability,and sustainable increase of capabilities,a longitudinal comparative analysis of the financial data of LS Real Estate Company after implementing the corresponding financial strategy,and atthe same time,it compares the financial indexes of DL Real Estate Company and other companies in the industry under this operation mode.Then it emonstrates the effectiveness of the financial strategy,and finally can get inspiration to provide reference for other companies.The conclusions drawn from this paper are as follows:(1)Financial strategy as a strategic tool for resource allocation provides indispensable support for asset-light operation mode;(2)The financial strategy system under the asset-light operation mode of the real estate company constructed in this paper confirms its effectiveness in the case analysis,can promote the sustainable development of the enterprise,and has implications for other enterprises in the industry;(3)Investment strategy should focus on investing in light assets,investing in the integration of industrial chains,leveraging on financial leverage,and adopting a differentiated product investment;In terms of financing strategy,the capital structure should be matched with the life cycle of the company,and the share of interest-free liabilities should be increased.Moreover,an innovative financial platform should be built to realize a diversified financing strategy;(4)Enterprises should formulate specific financial strategies in light of their own actual conditions and constantly adjust them in accordance with changes in internal and external environments so as to promote the sound and rapid development of enterprises.