会计学院知识库

  改革开放以后，我国房地产市场开始飞速发展，一度成为我国的经济支柱产业之一，但房地产行业在经过十年的急速发展后开始暴露出诸如杠杆水平过高、融资渠道单一、盈利能力下降、现金资产不足等问题。为维持市场竞争优势，房地产行业中很多规模较大的房企开始考虑进行战略转型，其中以向轻资产运营模式进行转型较多。本文基于这一背景，选取了其中规模体量较大并且在行业中相对具有代表性的龙湖集团为研究对象，对其转型轻资产运营模式进行财务绩效研究。

  首先，基于轻资产界定、轻资产运营模式等概念梳理与微笑曲线理论、产业价值链理论等理论基础，本文发现龙湖通过新业务市场开拓，将企业资源投入到回报率较高同时周转能力更强的产品设计与销售产业链中，通过发行债券拓宽融资渠道，引入合作开发模式，减少单个项目的资本投入，实现了市场扩张与资产结构优化。其次，本文结合龙湖轻资产运营模式的转型路径与转型动因从偿债能力、盈利能力、营运能力与现金流质量四个方面对龙湖的转型过程进行财务绩效分析，分析过程结合行业中未转型企业融创中国的指标对比与转型前后各阶段的财务指标对比，同时在指标选取中考虑到传统财务绩效指标的缺陷，针对房地产行业特殊性选取部分改造指标进行传统财务绩效分析上的深化。最后对龙湖集团轻资产转型前后经济增加值（EVA）指标的变化情况进行了综合分析并提出相关建议。

  本文研究发现龙湖集团通过轻资产运营模式转型实现了资产结构的优化，利润水平的增长，周转能力的稳定与现金资产的释放，论证了轻资产运营模式能够在一定程度上使融资问题与资金流动性问题得到有效缓解，并且在行业下行时期起到稳定资产周转的作用。证明轻资产运营模式是各大房企在行业下行时期实现困境突破的可选途径之一。

  After the reform and opening up, the real estate market in China began to develop rapidly and once became one of the pillar industries of the national economy. However, several problems, such as too high leverage, single financing channel, decline in profitability, cash asset deficiency, had begun to surface in the real estate market after a decade of rapid development. To maintain the competitive advantage in the market, plenty of relatively large real estate enterprises in the real estate market began to consider strategic transformation, in which transformation to asset-light operation mode is more. Under this background, large-scale and relatively representative Longfor Group in the industry is selected as the research object to study its financial performance in the transformation of asset-light operation mode in this paper.

  Firstly, based on concepts such as asset-light definition, asset-light operation mode and theoretical bases such as the smile curve, industrial value chain, it is found that Longfor invests enterprise resources into the product design and sales chain with a higher return rate and stronger turnover capacity via new business market development, issues bonds to expand financing channels, introduces cooperative development mode, and reduces the capital investment of a single project so that the market expansion and asset structure optimization are realized. Secondly, combined with transformation path and motivation of Longfor Group to asset-light operation mode, from the solvency, profitability, operating capacity and cash flow quality, Longfor Group’s transformation process is subject to financial performance analysis in this paper. Combined with the comparison of the indexes of Longfor Group and Sunac China, an untransformed enterprise in the industry, and the comparison of the financial indicators before and after the transformation, considering defects of traditional financial performance index in the index selection at the same time, partial transformation indexes are selected during analysis for the deepening of traditional financial performance analysis according to the particularity of real estate industry. Finally, the change situation of the economic added value (EVA) index before and after the asset-light transformation of Longfor Group is synthetically analyzed and relevant suggestions are proposed.

  The conclusion of this paper is that Longfor Group realizes the asset structure optimization, profit growth, and the stability of the turnover capacity and the release of cash assets via the asset-light transformation. It is demonstrated that the asset-light operation mode can effectively alleviate the financing and financial liquidity problems to a certain extent and play a role in stabilizing asset turnover during the industry downturn. The asset-light operation mode is proved as one of the optional ways for all real estate enterprises to achieve a breakthrough in the industry downturn.