会计学院知识库

在过去的二十多年里，我国房地产行业的迅猛发展，有效地促进了整个国民经济的发展，许多房产企业赚的盆满钵满，于是，更多的企业争相涌入房地产行业，使得房企间的竞争日趋激烈。同时，随着国家房产调控政策的逐步落实，以及房地产市场供求关系的变化，很多三四线城市的房产已出现了供大于求的局面，房企将面临已经来到的冬天。房产建设初期需要投入大量资金，而且建设期长，资金周转慢，所以，作为以重资产运营为特征的房产企业将面临严峻的考验，原有经营模式的弊端日益明显，房产企业资金链断裂的情况频频出现。为了应对诸多挑战，房企都在积极寻找并创建新的运营模式，走轻资产运营的道路，以期实现战略转型。保利作为最早转型的企业之一，它的轻资产运营有其特殊性，轻资产运营模式下的财务风险问题，有可借鉴的经验和启示，也有进一步完善的空间。

本文运用财务指标分析、财务风险全过程控制等方法对保利财务风险追根溯源。从轻资产战略的转型背景出发，首先介绍了保利的基本情况，而后深入分析保利的轻资产战略的实施路径，再结合保利轻资产运营后的具体情况，识别其战略转型后在筹资、盈利、营运及现金流量各角度而产生的风险，并运用因子分析法来评价保利的财务风险，又结合财务风险分析和评估的结果找出内外部成因。分析表明，轻资产运营整体上能够在对抗财务风险方面产生积极作用，但也不完全相关，因为风险的不确定性很大，应在继续推进轻资产运营的前提下，识别和评价分析财务风险。最后根据分析结果提出保利轻资产战略转型下的财务风险控制对策。

In the past twenty years, the rapid development of China's real estate industry has effectively promoted the development of the whole national economy. Many real estate enterprises have earned a lot of money. Therefore, more enterprises rush into the real estate industry, and the competition between real estate enterprises is becoming increasingly fierce. At the same time, with the gradual implementation of the national real estate control policies, as well as the changes in the supply and demand of the real estate market, many third and fourth tier cities have seen a situation of oversupply of real estate, housing enterprises will face the winter has come. In the early stage of real estate construction, a large amount of capital needs to be invested, and the construction period is long, and the capital turnover is slow. Therefore, as a real estate enterprise characterized by heavy asset operation, it will face a severe test. The disadvantages of the original business model are increasingly obvious, and the capital chain fracture of real estate enterprises frequently appears. In order to cope with many challenges, real estate enterprises are actively looking for and creating new business models, taking the road of asset-light operation, in order to achieve strategic transformation. As one of the earliest enterprises to transform, Poly has its particularity in its asset-light operation. There are experiences and inspirations for the financial risks under the asset-light operation mode, and there is also room for further improvement.

This paper uses financial index analysis, financial leverage effect, the whole process of financial risk control and other methods to trace poly financial risks. From light assets strategic transformation background, first introduced the basic situation of poly, and then analyzes the implementation of the strategy of asset light path of the poly, poly light after the assets operation, combining the specific situation, identify its strategic transformation in financing, profitability, operating and cash flow after the Angle of risk, and USES factor analysis to evaluate the financial risk of the poly, Combined with financial leverage to analyze the internal and external causes of risk. The analysis shows that, as a whole, asset-light operation can play a positive role in combating financial risks, but it is not completely relevant, because the uncertainty of risks is very large, and financial risks should be identified and evaluated under the premise of continuing to promote asset-light operation. Finally, according to the analysis results, the financial risk control countermeasures under poly's asset-light strategic transformation are proposed.