With the rapid development of information technology and the advent of the era of knowledge economy,both the national economy at the macro level,the industry at the meso level and the enterprise organization at the micro level are facing new development opportunities and challenges.The vigorous rise of modern science and technology has brought major changes in the way of production and life.The deepening of economic globalization has accelerated the flow of resource factors.Therefore,the market demand for products and services presents the characteristics of dynamic diversity.This not only provides enterprises with broad market prospects,but also brings stronger competitors and more complex strategic environment.Whether large enterprises want to break through the bottleneck for transformation and expand new market areas,or small and medium-sized enterprises want to rapidly expand the scale and seek greater progress,the acquisition and maintenance of competitive advantage are the core issues that enterprises must consider and face.Only by constantly creating new value can enterprises achieve long-term development in today’s era.However,the traditional operation mode guided by expanding scale and obtaining economic benefits can not help to realize the goal of maximizing enterprise value.More enterprises need to explore new operation modes to adapt to the development of the times and market changes.The asset-light operation mode produced under this background is not only conducive to the development of enterprises,but also plays an indirect role in promoting the transformation and upgrading of industrial structure and the optimization of market resource allocation,which is in line with the needs of market development in the current era.Therefore,as a product of innovation in the business field,asset-light operation mode has attracted the attention of all walks of life,and its economic consequences for enterprises are worthy of in-depth research.This paper uses the literature method to sort out and review the relevant literature,clearly defines the concepts and measurement methods of asset-light operation mode,financing constraints and enterprise value,and analyzes the development process and current situation of enterprise asset-light operation and real estate industry Dynamic capability theory and financing constraint theory analyze the relationship between the three,and put forward two basic assumptions.Using the regression analysis method,taking the real estate industry listed on China’s A-share market as the research sample,this paper constructs a multiple regression model to verify the hypothesis,and carries out path analysis and heterogeneity analysis on the basis of the basic hypothesis,in order to deeply study the impact of asset-light operation mode on Enterprise value and the intermediary role of financing constraints between them.The results show that:(1)Asset-light operation mode can significantly improve enterprise value;(2)Asset-light operation mode can improve enterprise value by alleviating financing constraints.The specific path is to optimize enterprise capital structure,improve enterprise internal financing rate and enhance enterprise competitiveness;(3)There are differences in the role of asset-light operation mode in promoting enterprise value.Compared with enterprises in the central and western regions,non-state-owned enterprises play a more significant role in promoting enterprise value than state-owned enterprises.The basis and conclusion obtained through theoretical analysis and empirical research can not only enrich the theoretical system of asset-light operation,but also expand the research on business model selection in the transformation practice of the real estate industry,which has practical and theoretical significance.Based on this,this paper puts forward the corresponding enlightenment from the two levels of enterprises and government.Enterprises should pay attention to the asset-light operation mode and its concept,focus on their own key resources and capabilities,and improve the degree of asset-light operation in combination with their own development needs and regions.At the same time,we will formulate a financial operation focusing on asset-light,focusing on endogenous financing,and further improve the financing capacity.The government should maintain a good relationship between government and enterprises and provide a better financing environment for enterprise innovation and transformation and development by further deepening market-oriented reform.Finally,this paper hopes to provide reference for enterprises to find and maintain their competitive advantages,realize more value creation,high-quality development of the real estate industry and so on.Figure [3] table [11] reference [79]... |