Research On Enterprise Value Creation Path Of Asset-light Operation

At present,the competition between enterprises is no longer just the competition between products,but the more important is the competition between enterprise operation modes.An operation mode suitable for enterprise development can make the enterprise in a dominant position in the market and create greater value for the enterprise.In the current market environment,more and more enterprises choose to implement the asset-light operation mode,which indicates a development path for the development of enterprises with its innovation and uniqueness.With the method of case analysis and comparative analysis,on the basis of the value chain theory and the theory of capital value,the free cash flow model combining with enterprise value driving factors of seven construct light assets operating under the enterprise value creation path,summarizes the light asset operation mode,in the end,in the front of the value chain and the concrete creation path backend enterprise value.In the case study,HLA in the clothing industry was selected as the research object,which mainly analyzed the judgment of HLA’s asset-light operation and its asset structure,and explained the feasibility and motivation of HLA’s asset-light operation.And then on the basis of the theory of value chain analysis of sea rings of the specific value creation path,in the value chain front increased investment in research and development has increased to promote the sales of the product and its profit ability has also been a certain level of ascension,and supplier developed jointly enhance the ability of supply chain management,enterprises in the value chain end big outsourcing strategy to reduce the production cost,credit mode to reduce the financing cost of enterprises,in the value chain of the back-end pay attention to brand marketing makes the increasing of brand value,etc.Finally,on the basis of the financial performance evaluation theory based on the enterprise value creation,the asset-light Smith barney and asset-heavy youngor in the clothing industry are selected for the comparison of operation effect.Finally,the asset-light operation model can improve the profitability of enterprises,form their own core business,enhance market competitiveness,and create higher value for enterprises.Through the free cash flow model and the seven driving factors of enterprise value,this paper constructs the concrete path of enterprise value creation under the asset-light operation,and explains one by one on the basis of the value chain theory,which has certain reference significance for other enterprises to carry out asset-light operation.