Research On Performance Of The Asset-light Strategy Transformation Of Household Enterprises

As a downstream industry,the trend of household industry is closely related to the change of real estate market.In the golden age of the real estate industry,home circulation enterprises to take a free ride,using the asset-heavy operation mode to actively expand,Red Star Macalline uses two-wheel drive business mode of "asset-heavy plus asset-light" through self-built malls and external provision of entrusted management services,which can build higher barriers to entry,accelerate the occupation of the market to become the industry leader.However,with the changes of the times,the disadvantages of the asset-heavy operation mode have become more and more obvious in recent years due to the dual impact of the real estate downturn and the digital economy.On the one hand,Since 2012 the state ’s policy is increasingly tightening,and the model of balancing the construction cost of shopping malls through land premium income is unsustainable.The increase in development costs brings greater financing pressure to enterprises;on the other hand,under the asset-heavy mode,the corporate debt burden is heavy,the malls are crowded under the digital economy,the rental income has dropped significantly,and the risk of corporate capital chain rupture has increased.In 2020,Red Star Macalline upgraded "asset-light,operation-heavy,and leverage reduction " to the company ’s first strategy.As the industry leader,its transformation has a vane significance for the industry.By studying the transformation motivation,path,mechanism and performance of Red Star Macalline,it can provide reference for similar enterprises seeking transformation.In this thesis,the analysis of the motivation of Red Star Macalline ’s transformation is carried out from both internal and external aspects.Externally,it is affected by upstream industry policy changes and industry competition.Internally,there are problems such as high debt repayment pressure,tight cash flow and declining profitability.For the above reasons,Red Star Meikailong to carry out a series of transformation measures,through the optimization of business layout to establish profit growth point,from the investment promotion,marketing and operation of these three aspects to strengthen the operation and management,by stripping heavy assets,asset securitization and other ways to achieve deleveraging,promote enterprise asset-light.In order to analyze the feasibility of the above path,the comparative analysis method is used to analyze the basic financial data before and after the transformation of the enterprise.At the same time,Xiangjiang Holdings,which adopts asset-heavy operation mode,and Fusenmei,which adopts asset-light operation mode,are selected for horizontal comparative analysis,and the data for calculating economic value added are comprehensively compared and analyzed.The study found that the market has a positive attitude towards the asset-light strategy transformation of Red Star Macalline,and the company ’s performance has been improved after the asset-light strategy transformation.However,the positive role in solvency and profitability is short-term and partial.This is because Red Star Macalline has too many heavy assets in the early stage,which makes the liquidity of enterprise assets poor.In addition,the current performance growth is inseparable from the heavy asset business,and the quality of light asset business with high hopes is not ideal.In view of the above problems,this thesis puts forward feasible suggestions for Red Star Macalline to strengthen the transformation of stock over assets,strengthen the management of new debelopment business,pay attention to investment decision-making,etc.,in order to provide some reference for other enterprises that want to carry out asset-light transformation.