Financial Risk Analysis And Its Control Under Vanke Asset-Light Operation Pattern

With the rapid development of the real estate industry in the 21 st century,China's real estate industry has greatly promoted the growth of the national economy,and has become the pillar industry of the national economy.But the real estate industry in the high-speed development at the same time,its drawbacks are also increasingly prominent.The real estate market is in turmoil because of the rapid rise of house prices,the overstock of commodity housing stocks and the large land occupation.In response to this shortcoming,the government has issued a number of macro-control policies to control the real estate market.China's real estate has always used the "borrow-take-land-develop-sell" heavy asset operation mode,but with the national credit policy,the promulgation of the purchase restriction policy,increased the financial pressure of the real estate industry.The traditional asset-heavy operation mode is not only difficult to work,but also aggravates the financial risk of the enterprise.Therefore,more and more real estate enterprises have gone to the development path of light assets operation mode in order to optimize the industrial structure and improve the efficiency of capital allocation.Faced with the transformation of more and more real estate enterprises to light assets operation mode,how to identify the financial risks of real estate enterprises and evaluate the risks under the complicated and changeable internal and external environment,Analysis of the causes of financial risk has become the focus of the enterprise.Based on this background,this paper chooses Vanke Group as a research case to analyze the financial risk of Vanke Group in the process of transformation.As one of the leading enterprises in real estate development in China,Vanke is also one of the first companies to implement the strategic transformation of light assets operation mode.In 2013,Vanke first put forward the operation concept of "small-share tray" and formally embarked on the road of light assets transformation in2014.Its exploration in the process of light assets transformation has a certain representativeness.First of all,on the basis of combing the domestic and foreign research on the operation of light assets,this paper introduces the relevant theoretical basis,and defines the two concepts of financial risk and control.The relationship between light assets operation mode and financial risk is also introduced.Secondly,taking Vanke as an example,this paper analyzes the financial risks such as high debt ratio,incomplete income structure and credit risk of partners existing in Vanke's light assets transformation,and constructs a financial risk assessment system for Vanke.Finally,the related measures such as broadening financing channels,improving income quality and balancing cooperation risks to control the financial risk are put forward,which can provide reference for Vanke and even the whole real estate industry to successfully complete the transition of light assets operation mode.