Financial Strategy&Asset-Light Operation Model&Enterprise Value Creation

Asset-light operation mode that put forward by American famous management consulting firm McKinsey since the 80 s,gradually got popular in western countries.under the background of Chinese economic reform and the Internet rapid development,the traditional enterprise operation mode guided by asset size begun to be replaced by value chain operation mode.A growing number of large domestic enterprises have begun to adopt this model and the range of industry covers the home appliance,automotive,retail and others.Even many traditional heavy industry enterprises which are in the real estate industry also begun to gradually transform and upgrade to "asset-light".With less investment of inventory and fixed assets,focusing more on customer quality,brand,technology research and development ability of non-financial resources,asset-light operation mode could achieve the maximization of the enterprise value,and the process of achieving this goal about maximization of the enterprise value can create and increase the wealth of the enterprise which ensures the long-term stable development of the enterprises.However the present domestic related theory and study about the asset-light operation mode are not perfect and there does not form a mature theory system to guide the current domestic asset-light operation and the transformation and upgrading of asset-light operation mode.How about financial strategy drives the development of asset-light operation mode and value creation such problem is in urgent need of researching and solving academically.Based on this,this article firstly expounds the background of problem and introduces the general idea,the thesis framework and research methods.According to the dimensions of financial strategy,enterprise value,asset-light operating,this article generalizes the related literature home and abroad,based on theoretical analysis among the enterprise value,asset-light operation and financial strategy this article put forward three kinds of hypothesis as follow " arrangement of financial strategy is the main factor that influences the operation of the asset-light "," Adopting asset-light operation is an important strategy to maximize the enterprise value","the structure of cash flow is the key variables between asset-light mode and the business performance ".in the end,through the case study of listed company,the objective of the article is going to verify the proposed hypothesis and put forward the suggestions based on the related conclusion.