摘要21世界以来中国房地产一直以来投资热，开放热，建设热的“三热”发展速度使其高于其他产业，使得中国房地产业飞速增长。但近年来随着政府宏观调控，社会政策出台一系列的“限购令”、“限贷令”、“限售令”的不断推出，各家银行均在收缩对商业地产开发的贷款支持力度，使得商业地产企业的主要外部融资渠道受限，商业地产企业营运也面临资金紧张，资金链断裂，绩效不断下滑等诸多阻碍。中国房地产业被迫进入改革变型阶段，商业地产市场增速放缓，供求关系正在潜移默化的改变。但转型既是机遇也是挑战，究竟如何才能正确匹配当前房地产商业地产的需求并保持可持续的增长呢？本文将采用文献分析法、案例分析法来进行研究，来探究商业地产行业在选择转型轻资产运营模式时该如何抉择和转型过程中应该注意哪些方面。以分析万科商业地产由重资产转型成轻资产的转型成功案例，通过对其进行研究，总结中国商业地产究竟该如何选择适用模式，明确核心竞争力，完善融资渠道，发展地产金融。关键词：商业地产运营模式战略转型轻资产重资产AbstractSincethe21stcentury,China'srealestateindustryhasbeeninvestinghotly,openingupheat,andbuildingahot“threehot”developmentspeedtomakeithigherthanotherindustries,makingChina'srealestateindustrygrowrapidly.However,inrecentyears,withthegovernment'smacroeconomicregulationandcontrol,socialpolicieshaveintroducedaseriesof“restrictionorders”,“restrictionorders”and“restrictionorders”.Allbanksareshrinkingtheirsupportforcommercialrealestatedevelopment.Themainexternalfinancingchannelsofcommercialrealestateenterprisesarelimited,andtheoperationofcommercialrealestateenterprisesisalsofacingmanyobstaclessuchastightcapital,brokencapitalchainanddecliningperformance.China'srealestateindustryhasbeenforcedtoenterthestageofreformandtransformation,thegrowthrateofthecommercialrealestatemarkethassloweddown,andtherelationshipbetweensupplyanddemandischangingsubtly.Buttransformationisbothanopportunityandachallenge.Howcanwecorrectlymatchthecurrentdemandforrealestatecommercialrealestateandmaintainsustainablegrowth?Thispaperwilluseliteratureanalysisandcaseanalysistoconductresearchtoexplorehowthecommercialrealestateindustryshouldpayattentiontowhattochooseandtransformduringthetransitionallightassetoperationmodel.InordertoanalyzethesuccessfultransformationofVankecommercialrealestatefromheavyassetsintolightassets,throughresearchonit,sumuphowChinacommercialrealestateshouldchoosetheapplicablemodel,clarifycorecompetitiveness,improvefinancingchannels,anddeveloprealestatefinance.Keywords:commercialrealestateoperationmodel,strategictransformation,lightassets,heavyassets目录一、绪论........................................................................................1（一）选题背景.............................................................................1（二）研究意义.............................................................................1（三）研究内容和方法...................................................................2二、相关理论概述...........................................................................2（一）重资产理论.........................................................................2（二）轻资产理论.........................................................................3三、商业地产转型的背景..................................................................4（一）商业地产行业背景................................................................4（二）商业地产轻资产运营的动因.....................................................
