A Value Creation-based Analysis On Enterprise Performance Of Asset-light Strategy Mode In Health Care Market

Economic Globalization promotes the Division of Labor and the cooperation in the industrial chain, which makes it possible to achieve huge capital benefits with small investment by concentrating on high added-value market. Meanwhile, the development of internet and it technology leads to reflecting the market demands and allocating product resources with low cost. Thus here comes the asset-light strategy mode, which is highly welcomed by the US and EU enterprises. The characteristic of asset-light strategy mode is that the company can get high profits with low investment by using light asset such as brand, patent and so on. Bright Dairy Group Co., Ltd. is the company who introduced asset-light strategy mode to China in 2001 by the advice of McKinsey, while now the mode is widely used in China in various industries including PC, clothing, dairy, real estate, etc. But the study on asset-light strategy mode is quite delayed. It mainly concentrated on the form of asset-light strategy mode and the its impacts on financial performances, while the relationship of asset-light strategy mode and value creation is barely studied.Health care industry is an important industry related to everyone’s livelihood. Thanks to the rapid development of China’s economy and the continuous advancement of medical system reform, the future of health care industry is becoming much brighter. On the other hand, health care industry remains a state monopoly industry and social capital finds it hard to break in with the barriers composed by capital, technology, government-control, management and so on. Aier Eye Hospital Group Co., Ltd. is the first IPO eye care institution. It has achieved high-speed and high-quality development with the help of asset-light strategy mode, and becomes a leader in the health care market. Although, it still remains as a question whether asset-light strategy mode can really be suitable for the health care market and help the social capital overcome the barriers into health care market.To solve above problems, this article takes Aier Eye Hospital Group Co., Ltd. as an example, and analysis its EVA and enterprise performances between the year of 2009-2014 basing on the value creation strategies to study the effects of asset-light strategy mode on enterprise’s value creation, especially in health care industry. This article resolves the financial value driving factors and non-financial value driving factors, then studies the changes of these factors while using asset-light strategy mode. In the end,this article draws a conclusion on the relationship of asset-light strategy mode and value creation, and provides several management suggestions for the private medical institutions.