在我国经济快速发展的今天，房地产行业不再是处于仅依靠提高市场规模、依赖房价上涨就可以实现利润增长的时代，经济时代快速更迭对房地产企业的转型升级提出了新的要求，房地产企业转型迫在眉睫。在国家相继出台调控政策的宏观背景下，“房住不炒”、拿地困难等诸多因素导致房地产企业商品房库存积压、资金周转难度加大、财务风险增加。因此，房地产企业轻资产运营的转型模式应运而生。本文以Y地产企业为研究对象，该企业上市后便开始探索轻资产运营模式，其市场规模、营业收入进一步扩大，上市时间短但很快成为国内优质的房地产企业。通过对Y地产面临的财务风险进行识别、评价与防范，对促进企业轻资产运营模式实施、提升财务风险管理能力具有重要意义。

本文首先梳理了轻资产运营模式和企业财务风险方面的相关文献，以价值链理论、财务风险管理理论及企业核心竞争理论为主要理论基础，阐述了Y地产轻资产运营模式转型的成因与途径，同时对企业进行财务风险识别，并从盈利能力、资产质量、债务风险和经营增长四个方面构建了财务风险评价指标体系，基于熵权-TOPSIS法对财务风险进行评价。

Y地产财务风险评价结果如下：Y地产开启向轻资产运营模式转型后，财务风险趋势变小，但转型几年后面临着商品房库存积压、成本费用增加等新的财务风险。最后从警惕资产结构变化、增加供应链成本管控、扩充筹资途径和更新财务风险评价体系等四个方面提出相应的财务风险防范建议。

In today's rapid economic development in our country, the real estate industry is no longer in the era of profit growth only relying on the increase in market size and housing price rise. The rapid change of economic times has put forward new requirements for the transformation and upgrading of real estate enterprises, and the transformation of real estate enterprises is imminent. Under the macro background of national regulation and control policies, many factors, such as "housing is not speculation" and difficulty in acquiring land, lead to the backlog of commercial housing inventory of real estate enterprises, increased difficulty in capital turnover and increased financial risks. Therefore, the transformation mode of asset-light operation of real estate enterprises arises at the historic moment. This paper takes Y Real Estate Company as the research object. After its listing, Y Real Estate Company began to explore the asset-light operation mode, and its market size and operating income further expanded. After a short listing time, Y Real Estate company soon became a high-quality real estate company in China. Through the identification, evaluation and prevention of the financial risks faced by Y Real Estate, it is of great significance to promote the implementation of the asset-light operation mode of enterprises and improve the ability of financial risk management.

 This paper first combed the light assets operating mode and the enterprise financial risks related literature, with the value chain theory, financial risk management theory and enterprise core competition theory as the main theoretical basis. This paper expounds the Y real estate assets light the causes and ways of operation mode transformation, from the financing risk, investment risk, operational risk, cash flow risk for aspects of enterprise financial risk identification, The financial risk evaluation index system is constructed, and the financial risk is evaluated based on entropy weight TOPSIS method.

 The financial risk evaluation results of Y real estate are as follows: After Y real estate starts the transformation to the asset-light operation mode, the trend of financial risk becomes smaller. However, after several years of transformation, Y Real estate is faced with new financial risks such as overstocking of commercial housing and increasing costs. Finally, it puts forward corresponding financial risk prevention suggestions from four aspects, such as vigilance against asset structure change, increasing supply chain control of cost, expanding financing approaches and updating financial risk evaluation system.

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