轻资产战略转型下万科财务风险管理研究

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作者	马赛孟
姓名汉语拼音	Ma Saimeng
学号	2019000008091
培养单位	兰州财经大学
电话	18119490687
电子邮件	1542747151@qq.com
入学年份	2019-9
学位类别	专业硕士
培养级别	硕士研究生
一级学科名称	会计
学科代码	1253
第一导师姓名	李希富
第一导师姓名汉语拼音	Li Xifu
第一导师单位	兰州财经大学
第一导师职称	教授
第二导师姓名	李贵义
第二导师姓名汉语拼音	Li Guiyi
第二导师单位	中国银行甘肃省分行
第二导师职称	高级经济师
题名	轻资产战略转型下万科财务风险管理研究
英文题名	Research on Vanke's financial risk management under Asset-light strategic transformation
关键词	轻资产房地产财务风险转型期
外文关键词	Light assets ; Real estate ; Financial risk ; Transition period
摘要	国家统计局数据显示，2020 年国内房地产业经济增加值已达到 74552.5 亿元。然而，近年来我国房地产行业的发展逐渐放缓。究其原因，一方面，目前市场房屋存量已经超出有效需求量；另一方面，政府提出“房住不炒”原则，出台一系列税收、信贷、限购、土地政策，不断调控房市，推动房企改革。过去几十年，房地产企业普遍采取“借钱、买地、开发、销售”的重资产模式，企业负担超高负债率，面临很高的财务风险和经营风险，加之近年来的市场变化及政府政策干预，多数房地产企业的资产结构、经营模式都亟待调整。目前众多房地产企业面临经营模式转型，而转型对企业而言堪称一场大型手术，需要密切关注转型所带来的影响，尤其是对财务风险的影响。万科是我国一家大型上市房地产企业，自 2014 年开始逐步转型轻资产战略，多年来在摸索中前行，取得了一定的成效。作为转型范例之一，万科可为房地产企业转型期的财务风险管理提供一些参考。本文是在研读了一系列相关文献并对万科案例深入研究的基础上完成的，从专业知识以及目前学术界对轻资产、重资产、财务风险的定义角度出发，论述万科轻资产转型的背景原因、自身条件及具体措施。接着，从偿债、盈利、运营、现金流四个方面对转型期间的财务风险进行识别和分析，结合已采取的财务风险控制措施，得出结论：万科轻资产转型期间不同类型的财务风险变化趋势不同，整体上虽在转型初期有一定下降，但后期有所上升，就当前的房地产行业形势而言，其财务风险状况并不乐观。本文通过分析万科在轻资产转型期间的财务风险，结合房地产行业当前的外部市场环境和普遍高杠杆的内部财务环境，提出几点建议，供其它房地产企业的轻资产转型参考借鉴，更好地度过转型期。
英文摘要	According to the data of the National Bureau of statistics, the economic added value of the domestic real estate industry has reached 7455.25 billion yuan in 2020. However, in recent years, the development of China’s real estate industry has gradually slowed down. On the one hand, at present, the housing stock in the market has exceeded the effective demand; On the other hand, the government has put forward the principle of "no speculation in housing", introduced a series of tax, credit, purchase restriction and land policies, continuously regulated the housing market, and promoted the reform of real estate enterprises. Over the past few decades, the real estate enterprises have generally adopted the asset heavy mode of "borrowing money, buying land, developing and selling". Enterprises bear an ultra-high debt ratio and face high financial and operational risks. In addition to the market changes and government policy intervention in recent years, the asset structure and business model of most real estate enterprises need to be adjusted. At present, many real estate enterprises are facing business model transformation, which can be regarded as a major operation for enterprises. We need to pay close attention to the impact of transformation, especially on financial risks. Vanke is a large listed real estate enterprise in China. Since 2014, Vanke has gradually transformed its asset light strategy. Over the years, Vanke has moved forward in exploration and achievedcertain results. As one of the transformation examples, Vanke can provide some references for the financial risk management of real estate enterprises in the transformation period. This paper is completed on studying a series of relevant literature and in-depth study of Vanke's cases. From the perspective of professional knowledge and the current academic definition of asset light, asset heavy and financial risk, this paper discusses the background, reasons, self conditions and specific measures of Vanke's asset light transformation. Then, the financial risks during the transformation period are identified and analyzed from four aspects of debt repayment, profit, operation and cash flow. Combined with the financial risk control measures taken, the conclusion is drawn: during the transformation period of Vanke light assets, different types of financial risks have different trends. On the whole, although there is a certain decline in the initial stage of the transformation, it has increased in the later stage. As far as the current situation of the real estate industry is concerned, its financial risk situation is not optimistic. By analyzing the financial risks of Vanke during the asset light transformation, combined with the current external market environment of the real estate industry and the generally high leverage internal financial environment, this paper puts forward some suggestions for other real estate enterprises to use for reference in the asset light transformation and better pass the transformation period.
学位类型	硕士
答辩日期	2022-05-28
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	63
参考文献总数	61
馆藏号	0004494
保密级别	公开
中图分类号	F23/817
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/32581
专题	会计学院
推荐引用方式 GB/T 7714	马赛孟. 轻资产战略转型下万科财务风险管理研究[D]. 甘肃省兰州市. 兰州财经大学,2022.

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