【作者】 李鑫；

【导师】 李宝锋； 刘兆阳；

【作者基本信息】 河南科技大学 ， 会计硕士（专业学位）， 2023， 硕士

【摘要】 随着可开发的土地减少,我国房地产业宏观调控政策措施出台,使得过去依靠土地资源价值增长的重资产经营模式已经不能保证房地产企业良好的发展。因此,房地产业如何在当前严酷的局势下继续实现稳定发展,是当前行业关注的焦点。当下,轻资产的这一概念越来越火热,不少房地产企业为了得到更好的发展已经朝轻资产模式方向转型,万科轻资产转型较早也比较成功,在新冠疫情期间也做到了房地产行业为数不多的项目不停工,是房地产行业中轻资产转型比较有代表性的企业。本文通过回顾我国房地产业的发展历程,引出房地产公司需要对以往的重资产模式做出改变,需要进行轻资产转型这一话题。在对房地产业轻资产转型的财务绩效分析中,选取了万科这个有代表性的研究对象,采用文献研究、案例分析和对比分析法,通过其实施轻资产转型前后的财务数据对财务绩效进行分析。首先,对万科的基本情况进行介绍,阐述其转型发展过程,探究其转型的内部及外部原因,并对万科的轻资产转型策略进行分析;然后,借助万科轻资产转型的策略的时间节点,通过传统的财务绩效四大指标以及EVA指标进行分析,并与同行业且情况相似企业(保利发展)对比分析,研究出万科轻资产转型过程为企业带来的财务绩效变化。结果表明,轻资产改造可以在一定程度上可以帮助房地产企业降低财务风险,保障稳定发展;最后,借助财务绩效分析数据,找到万科在发展过程中的问题并给出建议,以期帮助其在日益严峻的市场环境中保持竞争力,并供同行业想要进行轻资产转型的企业借鉴和参考。更多还原

【Abstract】 With the reduction of developable land,the introduction of macro-control policies and measures for China’s real estate industry has made the asset-heavy business model that relied on the growth of land resource value in the past no longer able to ensure the good development of real estate enterprises.Therefore,how the real estate industry can continue to achieve stable development under the current harsh situation is the focus of the current industry.At present,the concept of asset-light is becoming more and more popular,many real estate enterprises have transformed into an asset-light model in order to achieve better development,Vanke’s asset-light transformation was earlier and more successful,and during the new crown epidemic,it has also achieved a few projects in the real estate industry without stopping,and is a representative enterprise in the asset-light transformation of the real estate industry.By reviewing the development process of China’s real estate industry,this paper leads to the topic that real estate companies need to change the previous asset-heavy model and need to transform into asset-light.In the analysis of the financial performance of the asset-light transformation of the real estate industry,Vanke,a representative research object,was selected and used literature research,case analysis and comparative analysis methods to analyze the financial performance through its financial data before and after the implementation of asset-light transformation.Firstly,the basic situation of Vanke is introduced,its transformation and development process is explained,the internal and external reasons of its transformation are explored,and Vanke’s asset-light transformation strategy is analyzed.Then,with the help of the time node of Vanke’s asset-light transformation strategy,the financial performance changes brought by Vanke’s asset-light transformation process were studied through the analysis of the traditional four indicators of financial performance and EVA indicators,and compared with enterprises in the same industry and similar conditions(Poly Development).The results show that asset-light transformation can help real estate enterprises reduce financial risks and ensure stable development to a certain extent.Finally,with the help of financial performance analysis data,Vanke’s problems in the development process are identified and suggestions are given,in order to help it maintain competitiveness in the increasingly severe market environment,and for enterprises in the same industry who want to carry out asset-light transformation.更多还原