Research On The Application Effect Of Asset-light Operation Mode In New Energy Enterprises

In recent years,the energy industry has been affected by domestic and international policies and the market environment,and the shortcomings of the existing model have gradually emerged,with many companies encountering obstacles to their development and seeking to transform.As a new development model,light asset operation,with its characteristics of "small to large",coincides with the idea of supply-side structural reform and is favoured by many industries,including the energy industry.Among the first energy enterprises to transform into asset-light operations,GCL New Energy is a typical example.This paper combines literature research and case studies to study the financial effects of GCL New Energy before and after its transition to asset-light operations,with a view to helping GCL New Energy to operate more smoothly,reduce costs and increase efficiency,and promote its long-term development.Firstly,the literature on asset-light operations and financial effectiveness is reviewed to summarise the research results and clarify the research content.Then,we define the concepts of light assets,light asset operation and financial effectiveness,introduce the methods for evaluating the financial effectiveness of light asset operation,and explain the smile curve theory,industrial chain integration theory and value chain theory used in the paper.Secondly,taking GCL New Energy as the main research object,we analyse the current situation of the company’s asset-light operation from three perspectives: the motivation before the implementation of asset-light operation,the means adopted during the implementation and the financial performance after the implementation.Again,using the time point when GCL New Energy proposed asset-light operations as the dividing line,the financial data of GCL New Energy from 2012 to 2021 were combined to conduct a preliminary analysis of the financial effects of GCL New Energy before and after asset-light operations through four dimensions: solvency,operating capacity,profitability and growth capacity,followed by further verification using the economic value added(EVA)method.The analysis of the data revealed that the positive results obtained by the company’s asset-light operations were relatively limited and revealed more problems in its operations: high short-term debt,high debt servicing pressure,lack of operating capacity,which was below the industry average,imbalance in revenue and expenses,weak profitability,lack of growth momentum and high fluctuation in values.Subsequently,the reasons for the problems were analysed,mainly including industry policies,the new crown epidemic,financing structure,capital management,earnings quality and core competitiveness.Finally,in view of the problems and causes of GCL New Energy’s asset-light operations,suggestions for improvement are put forward in terms of attempting to diversify operations,improving operational capabilities,optimising the financing structure and developing a comprehensive performance index system.This paper takes GCL New Energy as an example to enrich the theoretical and practical experience of asset-light operation,laying the foundation for the company to successfully achieve the transformation of asset-light operation and providing reference for similar energy enterprises seeking their own development.