Research On The Impact Of Asset-light On The Financial Risk Of Listed Tourism Enterprises

In recent years,the tourism industry has developed rapidly and has gradually become an important part of China’s economic industry.With the influence of internal and external factors facing the tourism industry,the large-scale asset-heavy investment operation model in the past is not fully suitable for the current market demand.For example,in the process of tourism project development,the initial investment capital is large,the capital recovery period is long,and the capital cost is also high.As a mode for tourism enterprises to help development,asset-light operation is different from previous operations in terms of operation management,product development,strategic planning,etc.,which will also have an important impact on financial risks.In order to better use asset-light operation and understand the impact of asset-light operation on financial risks,tourism enterprises should focus on measuring the degree of asset-light operation,identifying financial risks under asset-light operations,and evaluating financial risks.Firstly,according to the background of the development of tourism enterprises,the asset-light operation mode is gradually introduced,starting from the concept and operation theory of asset-light,combined with the relevant concepts and theories of financial risk,and summarizing the literature review of relevant research,so as to provide conceptual definition and theoretical basis for the research of this paper.Secondly,the development status of listed tourism enterprises is sorted out,and the degree of asset-light is measured according to the financial data of listed tourism enterprises from 2012 to 2021,and the financial risks of listed tourism companies are identified and evaluated.In addition,according to the empirical research design,research hypotheses are proposed,relevant variables are selected,and regression models are constructed.Finally,empirical analysis is used to discuss the impact of asset-light on financial risk,suggestions for financial risk management and control are put forward,and the research conclusions and shortcomings of this paper are summarized and prospected.Through empirical analysis,the degree of asset-light operation of tourism listed enterprises can have a positive impact on the financial risk F value,and the larger the financial risk F value,the smaller the financial risk,and vice versa,and considering the endogenous problem and robustness test,the conclusion can be further verified.In addition,according to the relevant variables affecting financial risks,financial risk control suggestions are put forward based on industry characteristics and operating conditions,so as to enhance the awareness of financial risk management of tourism enterprises and improve the effect of asset-light operation.It is hoped that through the research of this paper,it can provide reference opinions for tourism enterprises that are about to transform and are operating lightly,and also provide reference for optimizing financial risks under asset-light operations.