Research On The Performance Of Vanke Group's Asset-light Operation Model Transformation

After the real estate market reform,China's traditional real estate enterprises generally rely on the asset-heavy operation mode to achieve operation.However,with the gradual end of the golden week in the development of China's real estate industry,the disadvantages of the asset-heavy operation mode are becoming more and more obvious,such as the increase in land costs leading to the compression of corporate profit space,the increase in financial leverage,the increase in financing risks and so on.Under the background of this industry,some excellent real estate enterprises in China begin to try to transform the asset-light operation mode,reduce their asset-heavy reserve,and take design,research and development,sales and service,etc.with higher economic value added as their core business to improve their core competitiveness.This approach has also attracted many real estate enterprises to follow suit,the asset-light operation mode began to become a mainstream trend in the real estate industry.Therefore,in order to test the actual effect of enterprise operation under the asset-light mode,it is necessary to carry out detailed performance evaluation on the enterprises undergoing asset-light transformation.Current research about the document of light asset operation mode transformation is relatively limited,mostly focused on to explore the cause of enterprise transformation,and transformation trend analysis,however,the study of the performance evaluation of transformation methods is relatively single,most of the pure financial indicators can be compared to the way to carry on the simple analysis,the lack of a complete performance evaluation system.This paper takes vanke group,the leading enterprise of real estate enterprises,as the research object for case analysis.Firstly,this paper analyzes the reasons for vanke group to start the transformation of asset-light operation mode in 2014 based on the factors of the industry and the enterprise itself,and then summarizes the specific implementation strategy of asset-light transformation based on vanke's annual report andexisting literature.Finally,the paper analyzes and evaluates the performance of vanke group before and after the transformation from2010 to 2018.In the specific analysis of financial performance,this paper mainly USES the improved principal component analysis method and entropy weight method to establish a complete financial performance evaluation system,and in the traditional principal component analysis index system to add the financial indicators suitable for the characteristics of asset-light enterprises;In the non-financial performance evaluation system,this paper introduces the event analysis method to analyze the short-term market performance of vanke's transformation based on the existing studies.The comprehensive financial performance,from the long and short term two aspects of comprehensive investigation of the transformation of asset-light operation mode to vanke group changes.Finally,it is concluded that the asset-light operation mode can effectively improve the financial performance of enterprises,bring positive market effect to enterprises,improve the investment value in the short term,and enhance the degree of brand premium of enterprises,expand market share.