摘要随着中国经济的快速增长，房地产行业早已逐渐成为我国的支柱产业之一，其所占全国GDP的比重也不断增长。但相比国外房地产市场，我国房地产市场由于起步时间晚，且目前大多数企业获取资金都高度依赖于银行，因此存在筹资渠道单一，风险分散程度低，加上目前的资本市场不健全等问题。房地产业高杠杆化已成常态化。近年来我国加大了对地产市场的管制，尤其是2021年发布“三道红线”的融资政策新规，对地产行业提出“去杠杆，去库存”的要求。当前的房地产行业面临着巨大的压力。种种因素的综合作用使房地产市场面临着巨大的经营风险，迫切需要进行经营管控来为其健康发展可持续化。本文以万达集团2011年至2020年近十年间由高杠杆重资产运营模式转型为低杠杆轻资产运营模式为例，针对当前房地产企业的经营风险隐患，介绍企业经营风险相关概念，财务杠杆以及资本结构等相关理论，对万达的经营状况进行分析，发现企业在2010年至2017年前在高杠杆重资产运营模式下的总资产在稳步上升，但是负债量也同样处于高位，且久居不下。在这期间中，公司一直在扩大经营，包括对国外地产和其他领域的投资力度。而在2017年政府加大监管力度后，再加之万达爆出高达4000亿负债量后，外界和公众的质疑和担忧日益加重，企业开始通过向外出售地产、减少国外资产等方式来去杠杆，降低负债率，并且加快重资产运营模式转向轻运营模式的步伐。关键词：高杠杆、资产运营模式、经营风险OperationalriskanalysisandmanagementofrealestateenterprisesunderhighleverageAbstract：WiththerapidgrowthofChina'seconomy,TherealestateindustryhasgraduallybecomeoneofthekeyindustriesinChina,anditsproportioninthenationalGDPisalsogrowing.However,comparedwiththeforeignrealestatemarket,China'srealestatemarketstartslate,andmostenterprisesarehighlydependentonbankstoobtainfunds.Therefore,therearesomeproblems,suchassinglefinancingchannels,lowriskdispersion,andimperfectcapitalmarket.Thehighleverageoftherealestateindustryhasbecomethenorm.Inrecentyears,Chinahasincreasedtheregulationoftherealestatemarket,especiallythenewfinancingpolicyregulationsof"threeredlines"issuedin2021,whichputsforwardtherequirementsof"deleveraginganddestocking"fortherealestateindustry.Thecurrentrealestateindustryisfacinggreatpressure.Thecomprehensiveeffectofvariousfactorsmakestherealestatemarketfacehugebusinessrisks,andthereisanurgentneedforbusinessmanagementandcontroltomakeitshealthydevelopmentsustainable.TakingthetransformationofWandabusinessmanagementfromhighleverageheavyassetoperationmodetolowleveragelightassetoperationmodefrom2011to2020asanexample,thispaperintroducestherelevantconceptsofenterpriseoperationrisk,financialleverageandcapitalstructure,andanalyzesthefinancialsituationofWandabusinessmanagement,Itisfoundthatthetotalassetsofenterprisesunderthehighlyleveragedandheavyassetoperationmodewererisingsteadilyfrom2010to2017,buttheamountofliabilitieswasalsohighandremainedhighforalongtime.Duringthisperiod,thecompanyhasbeenexpandingitsoperations,includinginvestmentinforeignrealestateandotherfields.Afterthegovernmentstrengtheneditssupervisionin2017,coupledwithWanda'sdebtofupto400billion,thedoubtsandconcernsoftheoutsideworldandthepublicincreaseddaybyday.Enterprisesbegantodeleveragebysellingrealestateandreducingforeignassets,reducethedebtratio,andacceleratetheshiftfromheavyassetoperationmodetolightoperationmode.Keywords:highleverage,assetoperationmode,operationrisk目录一、引言....................................................................1（一）研究背景..............................................................1（二）研究目的及意义.............................
