Study On The Financial Risk Of Poly Real Estate Under The Light Asset Operation Mode

In 2003,the real estate industry officially became one of the pillar industries to promote the domestic economic development.In a long period of time,the rapid development of the industry has led to the growth of upstream and downstream industries,such as finance,construction,hardware and other industries,but the problems brought about by this have also become a social hot spot,among which the most concerned is the problem of enterprises hoarding commercial housing,housing "supply less than demand",and high house prices.For this reason,the government has promulgated macro-control policies such as "eight articles of the state" and "four articles of the state",among which the more famous policy is "purchase restriction and loan restriction".In this context,the traditional heavy asset operation mode of real estate enterprises in China has been impacted by policies,competition,costs and financing,especially the "borrow land develop sell" industrial chain with land as the core has been difficult to adapt to the market development situation,large real estate enterprises began to find a suitable "light asset" road for development.The purpose of this paper is to improve the financial risk related research of Poly Real Estate in theory.In practice,through the case analysis of Poly Real estate,we can put forward relevant suggestions for its asset light operation,and provide reference for other real estate enterprises who expect to transform through "asset light",and make a modest contribution to the healthy and stable development of China’s real estate market.In this paper,the real estate company Poly Real estate is selected as the research object to carry out the case analysis of financial risk research,which mainly describes the main ways of Poly Real Estate under the light asset operation mode and in-depth study of the financial risk changes before and after the light asset operation and the degree of change,and the impact of the total light asset operation mode on the financial risk of Poly Real estate.First of all,review and summarize the relevant literature,clarify the existing research on asset light operation mode and financial risk,and sort out the relevant concepts and theories to lay the foundation for the theory of the paper;secondly,explain the necessity and ways of Poly Real estate asset light operation in detail;finally,from the four aspects of financial risk,namely financing,investment,operation and cash flow risk This paper analyzes the changes of financial risk of Poly Real estate before and after asset light operation,and then constructs a financial risk evaluation model based on 14 financial indicators of financing,investment,operation and cash flow risk by using factor analysis method.The analysis result is that asset light operation mode enhances the ability of Poly Real Estate to resist financial risk,but the level of improvement is limited and can be improved in the process of in-depth operation Can bring new financial risks.According to the analysis,this paper puts forward some suggestions: in the aspect of investment,Poly Real estate should continue to increase the investment of light assets,adjust the income structure,broaden the sources of other business income and increase the amount of other business income;in the aspect of financing and cash flow,as a real estate enterprise,Poly Real estate needs to alleviate the pressure of cash flow by expanding the sources of capital and cash flow;in the aspect of operation On the one hand,for the financial risks of inventory and accounts receivable,Poly Real estate should continue to "de inventory" and establish a corresponding credit management system;on the overall strategy,although the light asset operation of Poly Real estate has a certain effect of resisting financial risks,the level of improvement is limited,so the process of the light asset operation mode of Poly Real estate needs to be further combined with its own development characteristics and needs Push forward.