Research On Enterprise Value Evaluation From The Perspective Of Asset-light Operation

With the deepening of national economic transformation and industrial reform,relevant departments continue to promote industrial upgrading and business model transformation,enhance the core competitiveness and build enterprise soft power more and more attention.Due to its value-driven orientation,focusing on high value-added links,efficient operation mode and high intangible assets,the asset-light operation mod-e has become the priority choice for many enterprises to transform.This paper selects Xiaomi Group as the object of the case study of asset-light enterprises,and evaluates its enterprise value under the asset-light operation mode.First of all,Xiaomi Group is an Internet enterprise with mobile phones,intelligent hardware and Io T platform as its core operations.Its current assets account for more than 70%,and its brand value and technological innovation ability continue to increase.It is a typical asset-light operation enterprise.Secondly,this paper analyzes the basic "strategy-operation-performance",and evaluates its enterprise value by EVA model as well as combining with the asset-light operation characteristics of Xiaomi Group.Finally,this paper summarizes the performance characteristics of Xiaomi Group and its value driving factors.Crystallizing the essence and unique risk types of asset-light operation model is helpful to supplement theoretical research and case study content,and further improve the theoretical system of asset-light operation enterprise value evaluation.At the same time,on the purpose of value investing,this paper is based on the analysis and induction of the relevant domestic data,to evaluate the enterprise value by researching the economic activities of specific entity enterprise.Then,comparing the result with market value to deepen the identification of capital market for asset-light operation enterprise,and provide the related economic activity player with valuable reference basis.What is more,by analyzing the result,searching the problems during this evaluation,and explain the differences,the paper is mean to provide the theory supplement sense as well as the practice guiding sense for enterprise evaluation.