Research On Financial Performance Of The Transformation Of Beijing Origin Water Technology Co.,Ltd.light Assets Operation Mode

Water affairs is one of the most basic public service industries related to national economy,people’s livelihood and the whole society.In recent years,a large number of companies have joined the environmental protection water industry,resulting in environmental protection water companies having both traditional engineering construction companies and new high-tech companies.Since 2014,environmental protection water companies have vigorously carried out a new type of PPP heavy asset projects,such projects have brought significant benefits to water companies during the operation period,however,this type of project is asset-heavy.With the increasing proportion of such asset-heavy projects in water affairs companies,it has brought a variety of adverse effects such as increasing interest expenditures and financing pressures on water companies,and gradually brought water companies into the situation of heavy asset operations.Among.While most companies are still satisfied with relying on asset-heavy businesses to drive their enterprise scale expansion,in 2017,BEWG began to accelerate its transformation into asset-light enterprises by building an asset management platform and a “dual-platform” operation management platform.This can be seen as an advocate for the transformation of the asset-light operation model in the environmental water industry.However,this move did not attract the attention of most environmental water companies.In 2018,the impact of external environmental factors made the development of PPP asset-heavy projects very difficult.The sudden change in the market environment has caused large-scale damage to the performance of asset-heavy enterprises,and the hidden dangers of the asset-heavy operation model have been fully exposed.Where to go for environmental protection water companies,how will the asset-heavy business model develop in the future,whether to transform the asset-light operation model,and what will happen after the transformation,have become hot issues of great concern to water companies.This article selects Beijing Origin Water Technology Co.,Ltd.(hereafter referred to as "Origin Water")as a research case.As a clear representative of the environmental protection water industry,Origin Water has introduced a large-scale asset-heavy project business since 2015,leading to a gradual move towards assetheavy operations until 2018,which suffered setbacks in asset-heavy operations.In2019,Origin Water officially began the transformation of its asset-light operation model.It has been nearly two years since the transformation in 2019 and 2020.At the end of 2018,Origin Water was a "heavier" company with a relatively heavy asset structure.Like most environmental water companies in the industry,its performance was heavily influenced by asset-heavy PPP projects.Origin Water was the first to propose a light-asset transformation in 2019.Therefore,Origin Water is very representative of the transformation of the asset-light operation model of the environmental protection water industry.The research on the performance of enterprises before and after the transformation of the asset-light operation model,and the exploration of the changes brought by the transformation of the asset-light operation model to the business performance,has a strong point of significance.On the basis of various theoretical points,empirical analysis,reading,and summary of the transformation of asset-light operation models at home and abroad,this article defines the concept of asset-light operation and selects the indicator of asset-lightness as a measure of corporate asset structure and asset quality.Based on this indicator,a control group was set up to analyze the motivation and means of the transformation of Origin Water asset-light operation model,and gradually restore the background and process of the transformation of Origin Water asset-light operation model.The most important part of this article is through the longitudinal analysis of the change trend of the main financial data and financial indicators before and after the transformation of Origin Water light asset operation model,as well as the horizontal comparison of the Shanghai environment with the control group.Combining with a series of environmental factors such as the industry characteristics of Origin Water,the business characteristics of Origin Water,and the policy background,discuss the gains and losses in the transformation process of Origin Water asset-light operation model,and the financial consequences of the transformation of Origin Water assetlight operation model from a performance perspective.Made a comprehensive analysis and evaluation.Furthermore,it provided feasible suggestions for the transformation of Origin Water asset-light operation model,and sorted out the enlightenment that the transformation of Origin Water asset-light operation model may bring to environmental protection water enterprises.It is hoped that this article can provide certain references for companies interested in the transformation of asset-light operation models,especially environmental protection water companies.