Research On The Match Between Asset-light Operation Mode And Financial Strategy

With the intensification of market competition in various industries,the added-value derived from the traditional asset-heavy mode has been reduced.Therefore,the asset-light operation mode,which can leverage high returns with low investment,is gradually receiving more and more attention from enterprises.In order for the asset-light operation model to be carried out smoothly,the enterprises’ financial strategy must be matching.In other words,the smooth operation of asset-light mode requires the realization of the implementation path of financial strategy corresponds to its characteristics,and the implementation effect is consistent with its goal.This thesis chooses Aier Eye Hospital(hereafter referred as Aier)as the case to study.Aier is the first listed private eye medical institution in China.Since its inception,Aier has adopted the development path of asset-light operation mode.After years of development,Aier has become the largest private eye medical service institution in China and gradually become a global well-known chain eye medical brand.Therefore,the study regards to the matching effect of Aier’s asset-light operation model and financial strategy is of crucial value for optimizing the allocation of financial resources of enterprises.Based on the value chain theory,smile curve theory and core competitiveness theory,this thesis analyzes Aier’s current financial strategy and asset-light operation mode from matching perspective by using literature analysis,case study and qualitative and quantitative combination method.Firstly,the thesis introduces the characteristics of Aier’s asset-light operation mode.Secondly the financial strategies currently adopted by Aier are then categorized by content,with specific content described from four perspectives: investment strategy,financing strategy,operating strategy and dividend distribution strategy.Thirdly,it analyzes whether the financial strategy can reflect the characteristics of the asset-light operation mode in terms of implementation,and makes a qualitative analysis of their matching degree.Finally,since the ultimate goal of both the asset-light operation model and the financial strategy is to achieve enterprises’ added-value,this thesis combines the three-dimensional financial strategy matrix model to quantitatively analyze the implementation effect of the financial strategy through the quadrant where the indicators of the three dimensions of the matrix model are specifically located and their change trends from 2017 to 2021 about Aier.After analyzing the implementation of Aier’s financial strategy and its effectiveness,in terms of implementation methods,the current financial strategy can play a good role in supporting the asset-light operating model,but there is a problem that the low turnover rate of accounts receivable in the operating strategy does not match the characteristics of the asset-light operating model which emphasizes high turnover.In addition,there are also problems such as low capitalization level of R&D investment and the need to adjust the loan term.In terms of implementation effects,Aier’s current financial strategy is in line with the goal of the asset-light operating model,and can contribute to the creation of value for the company.However,the low turnover rate of accounts receivable also affects its sustainable growth rate to a certain extent,which leads to a gap between sustainable growth rate and sales growth rate.Therefore,the author concluded that Aier’s current financial strategy is basically compatible with the asset-light operating model,but the operating capital management and some details remained to be optimized.In addition,from the perspective of long-term development of enterprises,the study of the implementation of financial strategy under the guidance of asset operation model and the effect of the implementation of financial strategy on the support of the enterprise asset operation model will be beneficial to enterprise’s own financial management and future development.