| Before the market-oriented reform in 1998,China's housing was distributed according to the standard of "unified management,unified distribution,and housing rental".The market-oriented reform has brought spring to the real estate enterprises.The reason why the real estate industry in China can become a pillar industry of our national economy today is due to the accelerated development of our economy and the increasingly urbanized living environment.The rapid development will inevitably lead to some drawbacks.The real estate market in China is seriously frothing.In the face of such a situation,the state has made a clear regulation that the house is used for living rather than for speculation.When the real estate market is in the golden age,the number of real estate enterprises has increased significantly.However,in recent years,the growth rate of China's economy has changed from rapid growth to steady growth.At the same time,China's policies and regulations for the real estate industry have been continuously improved and strengthened the supervision,which has promoted the real estate enterprises to form an increasingly fierce competition situation.Under the influence of many factors,the housing price has declined,and the housing enterprises,which used to rely on land storage and land dividend development,have ushered in an unprecedented crisis.Therefore,under the traditional operation mode,the real estate enterprises continue to expose the disadvantages of heavy assets operation mode,such as: relying on a large number of funds to store land,development and construction in the early stage,the difficulty of de stocking is increased,and the profit margin is declining.In this industry dilemma,many real estate enterprises are forced to retreat,and some real estate enterprises are forced to find another way.Vanke and Wanda are the first enterprises in the real estate industry to try the light asset transformation,and their achievements are remarkable,which is worth learning from.The transformation of asset light operation mode can help real estate enterprises to solve the problems of large amount of capital input,difficult de stocking,low operating profit rate,high financial leverage,and be conducive to the realization of sustainable development principles of real estate enterprises.LC was founded in January 1995.Since its establishment,LC has been committed to brand and quality construction,so it has a good reputation in the consumer market.However,due to the quick success and instant benefit of the management,LC has been involved in the capital chain crisis twice.With the spirit of "how can we get plum blossom fragrance without a cold bone",LC has summed upthe preconditions of its own light asset operation mode,such as its brand advantage,rich management experience and agent construction experience.Through the development of light asset operation mode,LC constantly optimizes its organizational structure,determines the "one body,three wings" pattern in 2018,vigorously develops agent construction business and diversified layout,which is a relatively successful enterprise in the industry's inward light asset operation mode transformation.Through the analysis and comparison,it is considered that the transformation of LC light asset operation mode has certain representativeness in the industry.Therefore,this paper chooses LC as a case study.In this paper,theoretical analysis and case study are combined to study the motivation and financial performance of LC transformation light asset operation mode,and summarize the remarkable achievements and shortcomings in LC light asset transformation,so as to provide reference for other real estate enterprises transformation and development.First of all,this paper studies the connotation and characteristics of asset light through literature reading,to understand the motivation of enterprise transformation asset light operation and the performance analysis after transformation.Secondly,according to the characteristics of the real estate industry,this paper analyzes the advantages and disadvantages of the light and heavy asset operation mode,and summarizes the motivation of the industry's general transformation of the light asset operation mode,and at the same time,it studies and references the relevant theories to make the theoretical basis for the full text.In the third chapter of this paper,the author makes a detailed case analysis of LC.After introducing the basic situation of LC,the author analyzes the motivation and feasibility of its light asset transformation mode,and then analyzes the transformation process.In the fourth chapter,through the calculation of financial indicators,we comprehensively evaluate the financial effect of LC light assets transformation.Finally,the paper summarizes the experience of LC transforming light assets,points out the shortcomings in its development,and draws inspiration.Based on the above research,it can be seen that LC has made remarkable achievements in light of asset transformation and created the industry leading "agent construction" Four ”From the perspective of financial indicators,the profitability has been improved but still needs to be improved,the solvency has been rising steadily,the operation ability has been growing gradually,exceeding the industry average level,the company's growth and development trend is good,and the asset light operationmode has improved the operation condition of LC.However,we still need to see clearly the shortcomings,for example,the strategic layout is slightly inadequate,and the profit of agent construction business is relatively weak.Under the heavy pressure of heavy assets,light asset operation mode brings new opportunities to real estate enterprises,which can further expand financing channels and develop business in related fields.LC's successful transformation of asset light operation mode has brought enlightenment to real estate enterprises.First,the real estate industry should change from "heavy" to "light" as the general trend.Enterprises should follow the law of market development and combine their own characteristics to seek the way of asset light.Second,enterprises should follow the macro environment to accurately set development goals,accurately market positioning and not blindly expand.Finally,with the help of their own We should seek diversified financing channels,give consideration to the principle of cost-effectiveness,and establish the awareness of risk prevention and control. |
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