会计学院知识库

随着城市化进程的加快以及一系列耕地保护政策的出台，我国商用土地资源
受到较大限制，房地产投机性动机也得到进一步遏制。我国房地产行业进入靠质
量取胜、以全方位服务为目标的发展时期。过去房地产企业依赖土地增值的重资
产盈利模式己经无法满足其发展需求。由此，一些房地产企业试图突破现有发展
瓶颈，向轻资产盈利模式转型，以寻求新的利润增长点。万科率先于 2013 年向
轻资产盈利模式转型，并取得了良好的成绩。
文章以万科作为具体的研究对象，采用文献研究法、案例研究法，结合分工
理论、微笑曲线理论和价值链理论以及相应的企业绩效评价方法，研究分析万科
轻资产盈利模式的实施情况。首先介绍万科的概况，分析了万科向轻资产转型的
动因，并梳理了万科采用的三种盈利模式，接着结合价值链理论进一步探讨了万
科轻资产盈利模式的特征。其次，通过财务指标和 EVA 评价体系对其盈利模式的
运行分别进行了横向和纵向的比较分析，并采用非财务指标加以补充。最后文章
通过本案例研究从两个层面提出了相应的经验与启迪。
研究发现，万科实施轻资产盈利模式后，其经济增加值有了明显的改善，偿
债能力、盈利能力、营运能力整体有所提升，品牌价值、市场占有率及员工保持
率处于一个较高水平，整体发展迅速并取得了良好的结果。但通过对比发现，万
科的发展能力并没有显著提升，而且存在员工结构调整力度不大的问题。通过对
万科个案的研究，以期能够对已经转型和尚未转型的房地产企业提供智力支持。

With the acceleration of urbanization and the introduction of a series of cultivated land protection policies, China's Commercial land resources are greatly restricted, and the speculative motivation of real estate has been further curbed.China's real estate industry has entered the development period of winning by quality and aiming at all-round service. The asset-heavy profit model of land appreciation that real estate enterprises relied on in the past has become unable to meet their development needs. As a result, some real estate enterprises try to break through the existing development dilemma and transform to asset-light profit model in order to seek new profit growth points. Vanke took the lead in transforming to asset-light
profit model in 2013, and achieved good results.This paper takes Vanke as the specific research object, uses the literature research method, case study method, combined with the division of labor theory, smile curve theory, value chain theory and the corresponding enterprise performance evaluation method, studies and analyzes the implementation of Vanke asset-light profit model.

This paper first introduces the general situation of Vanke, analyzes the motivation of Vanke's transformation to asset-light, and summarizes three profit models adopted by Vanke. Then it further discusses the characteristics of Vanke's asset-light profit model
based on the value chain theory. Secondly, through the analysis of financial indicators and EVA evaluation system, the operation of the asset-light profit model of Vanke is compared horizontally and vertically, and non-financial indicators are used to supplement it.

Finally, the paper summarizes the experience and inspiration obtained
from the case study from two aspects.It is found that after the implementation of asset-light profit model, Vanke's Economic Value Added has been significantly improved, its solvency, profitability and
operation ability have been improved, its brand value, market share and employee retention rate are at a high level.On the whole, it has developed rapidly and achieved good results. But through the comparison, we find that Vanke's development ability has not been significantly improved, and that the adjustment of staff structure need to be further strengthened.

Through the case study of Vanke, this paper aims to provide intellectual support for the real estate enterprises that have been and have not yet been transformed to asset-light profit model.