Financial Performance Analysis Of Real Estate Enterprises Under The Light Asset Operation Mode

2022 is a very difficult year for the real estate industry.The domestic market economy is suffering from the impact of the epidemic.However,the tone of the national regulation of the real estate industry has not changed.Before that,the central government proposed supply-side reform to promote the industry’s deleveraging and reduce the debt ratio,issued regulations on the debt constraints of real estate enterprises and the "three red lines",and implemented the central government’s firm policy of "no speculation in real estate".The real estate industry has experienced complex tests,the market has continued to decline,and enterprises have successively experienced debt crises.In the past,most real estate enterprises in China have adopted the asset-heavy model,which has brought huge benefits to many real estate enterprises in the early stage.However,in the past few years,the real estate industry,which is closely related to people’s livelihood,has become a key area of national reform,and the national real estate market is not as good as before,so some powerful real estate enterprises have tried the water-light asset model.Based on the method of literature analysis,this paper first sorts out and summarizes some domestic and foreign academic literature on asset-light operation and financial performance,focusing on the basic concepts and theoretical basis involved in the article;Secondly,in the context of the overall downward market economy,the specific motivation and representative path of the industry selection and transformation are described.This paper takes Vanke,one of the first companies in China to put forward the asset-light model,as an example.The reason is that Vanke has been operating well as a leader in the industry for many years.The implementation path of its asset-light model is diversified and representative in the industry.In addition,Vanke has been listed for many years and its data source is reliable and convenient for financial performance analysis.This paper selects the financial data of the past ten years as the research core,and uses the ratio analysis method to analyze and evaluate its financial performance from both horizontal and vertical perspectives.At the same time,in order to reasonably consider the cost of capital.Therefore,EVA is also included in this paper for performance analysis;Finally,from the perspective of non-financial performance indicators,the performance of enterprises after the transformation of the asset-light operation mode is also evaluated.Based on the above analysis,this paper believes that after Vanke’s transformation to asset-light operation mode,preliminary results have been achieved in the early stage,the sources of income are diversified,the operating efficiency has also been effectively improved,and the profit and cash flow have both increased.However,in the context of the tightening of the national policy,the development of the whole industry has shown a downward trend.Vanke Group has used "small stock trading" and other means to realize the asset-light transformation,and the decline in profitability has also been curbed in the general environment of the industry downturn.On the whole,transformation is conducive to the overall direction of enterprises.Finally,combined with Vanke’s asset-light operation mode,the paper puts forward suggestions to other enterprises that the company should pay attention to the accumulation of asset-light assets,enhance the operation and management ability,optimize the financing structure,and enhance the R&D investment to enhance the core competitiveness of enterprises.