| As the economy becomes more normal,the real estate industry has entered the silver age.Under the regulation of China’s government on the real estate industry,the loan restriction policy is intensified,the land price is rising,and the industry competition is intensifying.The pressure on China’s real estate enterprises is increasing,and the situation in the real estate industry is increasingly severe.The asset operation mode that only relies on land appreciation for income is no longer conducive to the sustainable development of real estate enterprises.Under this background,some enterprises in China’s real estate industry start to explore a new path of transformation,and take the transformation of "asset-light" as a new goal of enterprises,in an attempt to get rid of the existing difficulties and obtain new development.This paper selects zhangjiang hi-tech co.,a representative park enterprise in the real estate industry,as the case study object,and analyzes the asset-light operation mode and its financial effect of zhangjiang hi-tech by means of literature analysis,case analysis and comparative analysis.First of all,this paper expounds the background,purpose and significance of the research,sorts out the relevant literature,and determines the research ideas and methods of this paper.Secondly,it sorts out the concepts and theoretical basis of asset-light operation model.Thirdly,according to the basic situation of zhangjiang hi-tech co.,LTD.,the motivation of its transformation is explored,and the transformation approach and operation mode after the transformation are studied.Then,from a financial perspective to its financial characteristics as the breakthrough point,found the zhangjiang high-tech financial data and the financial characteristics of light asset operation mode is highly consistent,shows the characteristics of the typical asset light,again with on the basis of analysis of the financial indicators,analyzing before and after the zhangjiang high-tech transformation,at the same time compared with shibei hi-tech industry data analysis,finally put forward the corresponding suggestion.The study found that the asset-light operation model did have a positive impact on zhangjiang hi-tech co.,LTD.The transformation of zhangjiang hi-tech co.,LTD.’s asset-light operation capacity and debt-paying capacity were improved significantly.However,the transformation only had a certain inhibitory effect on the decline of its profitability and growth ability due to the relatively light transformation of zhangjiang hi-tech co.,LTD.Therefore,if zhangjiang hi-tech wants to further improve its financial performance,it needs to make full use of its cash flow and intensify its asset-light transformation.I hope this paper can play a role in improving the asset-lightoperation mode of zhangjiang hi-tech co.,ltd.and provide some reference for some real estate enterprises that have not yet carried out asset-light transformation or are in the preparatory stage of transformation. |
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