Research On Enterprise Financial Strategy Under The Light Assets Operation Mode

In In the context of the high-quality development of the national economy and the improvement of people’s living standards,the cultural and tourism industry has played an increasingly prominent role in the national economy.But at present,my country’s cultural tourism industry is still in a stage of large-scale development.The in-depth integration of cultural industry and tourism is insufficient.It promotes the supply-side reform of the cultural tourism industry,releases the potential of culture and tourism consumption,and promotes the high-quality transformation and development of the cultural industry.Seen as the top priority of the industry at the moment.The asset-light operation model is a business model that companies in many industries have stepped into in recent years.The core of this model is to minimize the consumption of resources in low value-added links and reduce the capital occupation of enterprises’ heavy assets;on the contrary,resources should be concentrated to develop the upper reaches of the value chain.And downstream high-value-added links,such as increasing investment in light assets that represent the core competitiveness of enterprises,such as brands,patents,human resources,and marketing capabilities.Financial strategy is the financial branch of an enterprise’s overall strategy.The implementation of financial strategy plays a driving role in the enterprise’s operating model,which is ultimately reflected in the different effects of strategy implementation.While analyzing the smile curve theory,core competence theory,and strategic alliance theory,this paper expounds the arrangement of corporate financial strategy under the asset-light operation model.At the same time,it selects Songcheng Performing Arts Company,a representative enterprise in the cultural and tourism industry,as a case study.the study.First,it introduces the light asset operation model of Songcheng Performing Arts in detail,including the analysis of the internal and external implementation environment of the enterprise operation model,the implementation motivation of the light asset operation model,and the implementation path.Then sort out the implementation arrangements of Songcheng performing arts financing strategy,investment strategy,and operation strategy under the asset-light operation model,and then use financial indicators and a comprehensive evaluation method-factor analysis to evaluate its implementation effects.At the same time,Qujiang cultural tourism and industry averages were introduced as reference objects.It is found that the failure of the off-site replication project’s asset-heavy operation model has touched the ceiling,brand creativity and marketing advantages,and the increase in tourism supply and demand in central and western cities in China are the main reasons that Songcheng Performing Arts has opened an asset-light operation model.Through case studies,it is found that,in the financing strategy,Songcheng performing arts funds mainly come from endogenous financing and the use of supply chain funds,thus ensuring its financing efficiency.In the investment strategy,the company’s investment efficiency and growth ability are guaranteed by reducing heavy assets,increasing R&D and sales investment,and mergers and acquisitions.In the operating strategy,the company’s operating capacity and profitability are improved by ensuring free cash flow,outsourcing non-core business,and stable payment of light asset projects.The result of factor analysis shows that asset-light operation has a significant effect on the improvement of Songcheng’s comprehensive performance.Finally,this article summarizes the experience and reference of Songcheng Performence financial strategy implementation under the asset-light operation model,and also points out the issues that should be paid attention to in the implementation of enterprise financial strategy under the asset-light operating mode and explains the deficiencies of this article.