Research On The Effect And Optimization Of China Shenhua Asset-light Operation Mode From The Perspective Of The Whole Industrial Chain

With the progress of the times,China’s economy is gradually transforming into a high-quality development model.At the same time,the competitive landscape of enterprises is constantly evolving.The transformation of economic development and the surge of competitive pressure on enterprises have led to serious losses in traditional industries represented by coal.Shenhua Group,as a traditional heavy asset coal company,was constrained by a number of factors,including overcapacity,new energy development and capacity removal policies,and the coal industry entered a period of economic "winter",which halted its development in all aspects.Prior to this,most energy companies,like Shenhua Group,used to invest the majority of their capital in heavy asset selfproduction,participating in the full industry chain division of labour,making it the specific performer of production,processing to assembly and transportation functions.In the long run only relatively fixed and limited returns can be achieved in the corresponding areas.In order to promote a rational allocation of internal and external resources and to enhance its ability to cope with changes in the market economy,Shenhua Group has embarked on a transformation of its asset-light operation model.As a major way to transform traditional heavy-asset enterprises,it can not only reduce the proportion of heavy assets in the enterprise,but also enhance its profitability and improve its operation.Given that the application of the asset-light operation model in China is still in the exploratory stage,this paper focuses on the asset-light operation of Shenhua Group in terms of R&D innovation,promotion and marketing,and customer interaction,in order to address the situation that the original resource allocation in the coal industry is not able to improve the overall economic returns of the enterprise.This paper focuses on the research and development innovation,promotion and marketing,and customer interaction aspects of asset-light operations.The original business model of coal production is abandoned,and the company is committed to developing a full industry chain model that integrates coal,electricity,railways and ports,so as to enhance the overall effect of asset-light operations under the full industry chain.This paper will take Shenhua Group,an exemplary enterprise in the coal industry,as the research object to study the enterprise’s asset-light operation model and its effect in promoting enterprise development,so as to provide important case support for the development of China’s coal enterprises.This paper reviews the current state of research on asset-light operations and the whole industrial chain at home and abroad,and discusses in detail the concepts and characteristics of division of labour theory,value chain theory and capital structure theory,which are relevant to this paper.A case study is introduced to examine Shenhua Group’s asset-light operation from the perspective of the whole industry chain,in terms of the integration path,the characteristics of the model and the motivation for the use of the asset-light model,in which the integration path is through the transfer of profit distribution among enterprises along the value chain,based on the division of labour of products and the migration of the vertical and horizontal value network of the whole industry chain.The characteristics of the light-asset operation model refer to the integration and reuse of resources through light-asset operation,so that it gradually becomes a high-end link in the whole industry chain.Secondly,a comprehensive analysis and evaluation of the economic effects of its transformation,combined with annual reports and financial statement data from the Guotaian database,has greatly improved the theoretical research on the transformation of China’s coal industry into an asset-light operation model.In the process of measuring and analysing the effects of the transformation,the financial data from Shenhua Group’s annual reports were collected and analysed by model substitution.It also provides feasible suggestions for the transformation of other enterprises in the coal industry.