Research On The Performance Of Light Asset Model In Real Estate Enterprises

As the pillar industry of our national economy,real estate economy for our country's economic construction has made a great contribution,but as a large traditional industry,it has been used in the heavy asset development model,mainly from the bank loans to take the land and then build houses,and then through the pre-sale model,access to capital reflux.In this mode,the real estate industry is facing more and more difficulties,not only the capital pressure,in the industry recession,still unable to return,often due to the early investment is too large to cause the problem of capital fracture,the development of their own has caused a great impact.In view of this,the light asset model comes into being,part of China's real estate companies began to try to operate light assets.Compared with the heavy assets,the advantages of light assets are obvious,achieving the ease of operation of light assets also need our enterprises in combination with their own conditions constantly groping.This paper selected 100 real estate listed companies,of which 38 have introduced the light asset model,62 is still a heavy asset model.Logit model analysis confirms that the main financial indicators of real estate enterprises to choose light assets have a significant impact.In order to strengthen the verification of the advantages of light asset model,Vanke has introduced and analyzed cases,through the performance of financial performance,to explain the benefits of light assets operation.Through the analysis of the causes of the former and Vanke's own characteristics,it put forward suggestions for improvement.The conclusions are mainly as follows: first,it is found that the factors affecting the choice of the operation strategy of the real estate enterprises include cash flow,debt level,profit level,enterprise core competence,land cost and enterprise value.Second,the number of real estate enterprises that try to operate light assets in China is increasing,the paper concludes that the real estate enterprises need to develop the core competence,optimize the cash flow structure,and evade the risk in a variety of financing means.Third,Though Vanke's light asset operation in the financial performances seems successful,but there are some problems.Enterprises also need to strengthen the integration of resources,improve the operation of the light asset model.