Research On Value Creation Under The Asset-light Business Model Of Jinjiang Hotel

In the context of supply-side structural reform,China has entered an era of "national pursuit of light".Data from CSMAR shows that the operating asset structure of China’s A-share listed companies(excluding ST companies and the financial industry),namely the proportion of the net sum of fixed assets,construction under construction and inventory in the total assets,fell from 53.46% in 2013 to 43.95% in 2019,A decline of9.51 percentage points.The enterprises that implement the asset-light business model will concentrate their resources on the links with higher added value,so they have strong research and development ability or marketing ability,and have their own core competitive advantages,so as to realize the value creation of the enterprise.However,a small number of scholars also found in the research process that there is no statistically significant correlation between asset-light business model and enterprise value creation.Under the above background,choose the hotel industry leading enterprises in jinjiang hotel as the object of case study,the use of resource based theory,theoretical analysis tools such as value creation theory,selection is given priority to with EVA evaluation methods of value creation for jinjiang hotel light changes the value of the assets after business model transformation,and the reason for the change are analyzed.The research finds that: with the continuous advancement of the asset-light business model of Jinjiang Hotel,the EVA value of Jinjiang Hotel does not significantly improve,or even is negative,indicating that the asset-light business model does not create value for Jinjiang Hotel,and even damages the value of the enterprise.After the separation of EVA,it is found that there are some problems in the process of implementing the asset-light business model of Jinjiang Hotel,such as weak growth of gross profit rate,weak control of management cost,need to improve the total capital turnover ratio and too high total invested capital.The reasons for these problems are as follows: ineffective integration of brand resources,lack of deep integration of human resources,large amount of goodwill caused by mergers and acquisitions,drag down capital turnover speed and low efficiency of capital use.These problems show that hotel enterprises can not blindly pursue the asset-light financial statements,pay attention to the speed and quality of the asset-light expansion in the implementation of the management team,talent pool and brand integration ability to match the asset-light model.Under the background that asset-light business model has gradually become the mainstream of the market,the research of this paper has certain reference significance for hotel enterprises trying to implement asset-light business model.