分类号：密级：
U D C：编号：
河北工业大学会计硕士（MPAcc）学位论文
碧桂园轻资产运营模式下的财务绩效评价研究
论文作者：刘爱丽学生类别：在职攻读
专业学位类别：硕士领域名称：财务管理
指导教师：李素红职称：副教授
Dissertation Submitted to
Hebei University of Technology
For
The Master Degree of Professional Accounting
A STUDY ON FINANCIAL PERFORMANCE
EVALUATION OF COUNTRY GARDEN
UNDER THE ASSET-LIGHT OPERATION
MODE
By
Liu Aili
Supervisor:Prof.Li Suhong
摘要
在经济全球化的背景下，各行各业之间的竞争愈发激烈，各企业都在努力提高自
身的盈利能力和发展速度。经营体系的合理性是企业发展的关键所在，为了适应时代
特征，各企业必须不断地调整商业模式。近年来，轻资产商业模式被越来越多的行业
所采用，其特有的资产结构能够充分地盘活企业的固定资产，加速企业固定资产的流
动速度，从而提高企业的盈利能力和发展速度。但是与其他新兴事物一样，轻资产商
业模式诞生之初存在着诸多问题，诸如库存积压问题、成本上升和财务整合等问题，
造成了企业利润率的下降，导致财务运行绩效不容乐观，这些都不利于企业的可持续
发展。碧桂园作为国内知名度较高的房地产企业，其商业模式于2015年开始向轻资
产运营模式转型，迄今为止，其转型策略是否科学、是否能给企业的绩效带来正向影
响仍有待研究。鉴于因子分析法是一种较为科学的财务绩效评价方法，可以帮助企业
找出影响企业财务绩效的关键财务指标，从而提高企业财务绩效评价的科学性，因此
本文使用因子分析法分析碧桂园轻资产运营模式下的财务绩效。
本文梳理国内外轻资产运营模式下的财务绩效评价相关理论；通过调研获取碧桂
园的财务数据和资料，对碧桂园轻资产运营模式转型进行分析；然后采用因子分析法
对轻资产运营模式下碧桂园的财务绩效进行评价，选取盈利能力、经营增长状况、资
产质量状况和偿债能力四个方面14个指标，横向通过与同类房地产企业财务绩效评
价对比，纵向对碧桂园近十年财务绩效进行评价；最后根据绩效评价结果，结合企业
实际情况，本文提出了提升碧桂园财务绩效水平的对策建议。
关键词：碧桂园；轻资产商业模式；绩效评价；因子分析法
I
ABSTRACT
Recently,the global economic is closely connected,and the competition between
various industries is increasingly fierce.All enterprises try to increase their profits and
develop quickly.The key role to develop an enterprise is a rational management system.In
order to adapt to the new environment,enterprises must constantly modify their business
modes.In recent years,the business mode of light assets has been more and more popular
in all industries.Its unique asset structure can fully activate the fixed assets of enterprises,
accelerate the flow speed of fixed assets of enterprises,and thus increase the profit and size
of enterprises.But similar to other emerging things,there are many problems at the
beginning of a light-asset business.For example,inventory backlog,rising cost and
financial integration can cause the decline of profit,and impact finance.The problems
mentioned are harmful to the long-term development of enterprises.As a well-known real
estate in China,Country Garden's business mode began to transform to light assets
operation mode in 2015.So far,whether its transformation strategy is scientific and
whether it can bring positive impact on the performance of enterprises remains unknown.In
fact,factor analysis is a more scientific method of finance evaluation.It can help
enterprises to find out the key financial indicators,and finally improve the scientific nature
of finance evaluation.Therefore,this paper uses the factor analysis to analyze the finance
of Country Garden.
This paper collected and analyzed associated financial performance evaluation theories
under the light asset operating model;through research,the study obtained financial data
and materials of Country Garden and operated analysis on light asset operating model
transforming;then it adopted factor analysis to operated evaluation on the financial
performance of Country Garden under the light asset operating model and chose 14indexes
in 4aspects such as profitability,operating growth,asset quality and solvency to compare
financial performance evaluation with real estate enterprise in the same type horizontally
and evaluate the financial performance of Country Garden in recent 10years longitudinally;
finally this paper brought up advice on solutions of improving financial performance of
Country Garden according to performance evaluation results and combining with realistic
situation of the enterprises.
III
Keywords:Country Garden,Light asset business model,Performance evaluation,Factor
analysis method
IV