The Research On The Enterprise Value Evaluation Of Tongrentang Under The Background Of Asset-light Operation

A growing number of business managers advocate asset-light operation model today.Many companies have adopted this operation model since its inception.There are also some old companies that are beginning to transform into this model.The asset-light operation model that can make managers fully recognize the position of the company in the industry chain and urge managers to rationally integrate internal resources and invest it in production links that generate high added value will help to enhance the quality and market competitiveness of products and create more wealth for their shareholders.This paper mainly introduces the relevant concept and characteristics of asset-light operation model and also explain how asset-light operation model drives enterprises to create more value.Then choose Tongrentang as the case company and evaluate its enterprise value.The Chinese medicine industry,as a national and basic industry in the national economy,will accelerate the integration of mergers and acquisitions,and gradually move from the growth stage to the mature stage with medical reform and national policy support.It is of practical significance and reference value to select Tongrentang which is the leader of Chinese medicine industry and a typical asset-light operation model enterprise as the case company for analysis.The enterprise value of Tongrentang will be evaluated by EVA model.As an enterprise performance evaluation indicator,EVA that emphasize the value created by the company’s entire capital for shareholders will be more suitable for assessing the enterprise with asset-light operation model.First,calculating the historical EVA value by analyzing historical business data.And then,the enterprise value of Tongrentang can be calculated by analyzing future strategic planning and industry developme nt prospects.The research on the intrinsic value of Tongrentang not only provides certain reference value for managers and investors,but also enriches the content related to asset-light operation model enterprises in asset evaluation.