本文研究目的, 通过系统性的阐述房地产开发企业、轻资产、轻资产模式的内涵, 分析房地产开发企业轻资产转型的动因、挑战和主要模式, 并结合每种模式的独特性进行具体案例研究, 提出轻资产模式转型的建议. 全文主要采用文献研究、案例分析和比较分析方法, 选取中国最具有代表性且转型成功的绿城、万科、龙湖和保利四家上市公司作为典型案例, 对四种模式的特征、主导环节、资金占用及收入来源进行比较分析, 对每一个公司、每一种模式在实际过程中应用到的具体项目进行财务数据分析, 评价在实行轻资产转型后带来的积极效果和作用. 研究结论, 轻资产转型是当下中国房地产开发企业目前发展的理性选择, 是金融合作模式的不断创新, 是房地产企业在开发价值链过程中对自身的定位和价值挖掘的体现.
This paper is aimed to systematically explain the connotations of real estate development enterprises, light assets, and light asset models, analyze the motives, challenges, and main models of light asset transformation in real estate development enterprises, make specific case studies in combination with the uniqueness of each model, and put forward suggestions for light assets model transformation. This paper mainly adopts the methods of literature research, case analysis and comparative analysis, then selects four listed companies in China that are the most representative and successfully transformed -- Greentown, Vanke, Longfor and Poly -- as typical cases to make a comparative analysis of the characteristics, leading links, capital occupation and income sources of the four models. It makes financial data analysis of specific projects applied in each company and model in the actual process, and evaluates the positive effects and effects brought by the implementation of light asset transformation. It is concluded that light asset transformation is a rational choice for the current development of Chinese real estate development enterprises and a continuous innovation of financial cooperation models as well as a reflection of the positioning and value mining of real estate enterprises in the process of developing the value chain.