Case Study On The Motivation And Effect Of Asset-light Operation In The Transformation Of China Electronics Optics Valley

Over the past decade,although the real estate industry has continued to grow,the development of real estate companies was once in an awkward situation.Since 2010,the Chinese government has constantly adjusted its macro policies,tightened its control policies on the real estate industry,and successively issued "State Eleven" and "State Five",which also led to a sharp reduction in the financing scale of real estate enterprises and a rising financing cost.In addition,the rising cost of land has also led to a more difficult situation in the real estate industry.Under the background of the above depressed real estate industry,more and more developers begin to turn to the industrial real estate field,which leads to the competition of industrial real estate is more and more fierce.As a branch of the real estate industry,industrial real estate mostly adopts the traditional asset-heavy operation mode in the early stage of development.Under this operation mode,enterprises need to invest a large amount of funds for development and construction,and the project cycle is long,which leads to slow capital turnover and difficult capital recovery.In addition,along with the acceleration of the urbanization process in our country,industrial parks are seriously homogenized,core competitiveness declines,the development of industrial real estate enterprises face a bottleneck,in urgent need of exploring the transformation of business mode.CEC Optics Valley,as a representative enterprise of industrial real estate,also fell into the above dilemma and began to transform to an asset-light operation mode in 2016.In this thesis,the industrial real estate enterprise CEC Optics Valley is selected as the case study object.Based on the collation,review and theoretical research of relevant literature and materials,the motivation and effect of the transformation of CEC Optics Valley into asset-light operation.First of all,the thesis reviews the general situation of the industrial real estate industry,the general situation of CEC Optics Valley,operating status and advantages are elaborated,and the way and process of its transformation are sorted out.Secondly,the thesis analyzes the operation motivation of the asset-light transformation of CEC Optics Valley,which can be divided into external environment motivation,internal operation dilemma motivation and Internal financial distress motivation.Then,through comparative analysis of the financial performance and non-financial performance before and after the operation transformation of Light Asset Valley,this thesis makes a specific analysis of its transformation effect.In the aspect of financial performance,the representative indicators are selected for horizontal and vertical comparison,and the entropy method is used for comprehensive analysis of financial performance.In the non-financial aspect,the analysis is carried out from three aspects: business structure analysis,risk bearing ability analysis and brand and service value analysis.After analyzing the positive and negative effects,summarize the transformation effect of CEC Optics Valley and analyze its causes.Finally,based on the research results of CEC Optics Valley,this thesis summarizes the inspirations in the asset-light operation transformation process of CEC Optics Valley according to the causes of positive and negative effects,including selecting a scientific asset-light operation mode,improving operational service capabilities,and avoiding blind expansion the scale.The findings of this thesis can provide some insight for other similar enterprises to transition to asset-light operation.