The Research On Financial Performance Of BL Company’s Transformation Of Asset-Light Operation Mode

Along with the rapid development of China’s economy,the real estate industry is booming,attracting a large number of investors to the real estate industry,setting off a"speculation fevern" resulting in high housing prices,from which real estate enterprises have gained a lot of profits.However,due to the state’s policy to regulate the real estate industry,the rising cost of land and the difficulty of enterprise financing,the real estate industry relies on the traditional operation mode to meet the profit requirements,so they have begun to transform to the asset-light operation mode.As the asset-light operation model is still in the preliminary stage in China,the impact of real estate enterprises’ transformation to asset-light operation model for enterprises is not yet clear,so it is of great significance to study the impact of asset-light transformation on the financial performance of real estate enterprises.This paper takes BL company as the research object and uses literature analysis,comparative analysis and quantitative and qualitative analysis to analyze the financial performance of BL company’s transformation of asset-light operation model.Firstly,this paper explains the research background and significance of the study,and compares the relevant domestic and international studies to establish the research idea and research method of this paper.Secondly,based on the situation of BL,the motivation of its transformation is analyzed,including the external dilemma of macro policy regulation,rising land cost and increasing financing pressure,and the internal dilemma of unreasonable investment structure,high backlog inventory,high cash flow pressure,declining profitability and shrinking profit margin.It then analyzed the feasibility of its transformation and also studied the implementation path of its transformation,mainly including developing real estate business,laying out value-added service business,cooperative development and brand building.Finally,the financial characteristics of BL after its transformation are analyzed,and it is found that they basically match with the financial characteristics of companies with asset-light operation mode.In the part of analyzing the impact of asset-light transformation on financial performance,firstly,based on the quantifiable EVA value,combined with the difference calculation method to measure the degree of influence of various factors on the company’s performance,it is determined that the asset-light transformation strategy is the main factor affecting financial performance,followed by analyzing the causes of the impact of the asset-light transformation strategy on financial performance,and then using the asset-heavy operating company Rongsheng Development and the industry average as a reference for After the horizontal and vertical analysis of financial indicators,descriptive and factor analysis of BL,it is concluded that the asset-light transformation has a positive effect on BL’s financial performance in general,after the transformation of asset-light model,BL’s financing cost is reduced,inventory digestion is accelerated and profitability is enhanced.However,there are also problems of financial risks,low operating efficiency and poor growth capacity.Finally,we analyzed the problems and found that the main reasons for the problems include BL’s excessive reliance on external funding,inventory backlog,inefficient use of capital and less experience in operating new asset-light businesses.Therefore,recommendations are made for BL to further improve its financial performance in view of the existing problems and causes.