The Path Of Enterprise Value Maximization Under The Asset-Light Operation Model

As the financial management theory deepens, enterprise value maximization has become a common financial management target accepted by enterprises. The key to improve enterprise value is to adopt an appropriate operation pattern. Thanks to the “low” investment,“small” asset size, “light” asset form, “serious” knowledge application and “high” investment benefits, the asset-light strategy has been considerably favored by modern enterprises,especially Internet and other emerging industries. Then,what are the relationships between the asset-light strategy and enterprise value maximization? Which kind of asset-light strategy would help to realize the maximization of enterprise value? These problems have become the focuses of enterprises that plan to adopt asset-light strategy. However, the study about these problems is comparatively lagging behind in theoretical cycle. This paper, by the methods of theory deduction and case study, taking Tencent as an example, through the analysis of financial data of Tencent from 2010 to 2014, studies the realization way of enterprise value maximization under asset-light strategy to provide references for other Internet enterprises to select an appropriate operation strategy.The study found that the characteristics of Tencent’s asset-light strategy are as follows:(1) Tencent adheres to independent innovation, and implements the National Intellectual Property Strategy.(2) Tencent pays attention to develop new asset-light business, and the scope of business expands continuously.(3) Tencent pays much attention to customer management;it has provided a series of value-added services and develops its pervasive businesses to gradually occupy customer market.(4) Tencent carries out technological strategy alliance, and has obtained continuous competitive advantage. Through the above practices, Tencent has succeeded to realized the enterprise value maximization by applying the asset-light strategy, and been constantly enhancing their core competitiveness.The above analysis indicated that asset-light strategy is an efficiency-driven growth pattern, which can help to promote enterprises to realize value maximization. It is advised that the enterprisesshall select a suitable way of development based on their own advantages and characteristics,and explore the right striving direction to realize enterprise value maximization.Asset-light strategy model represents the development trend of enterprise growth mode and value creation, but previous scholars have not paid enough attention on the operating mode, especially the route issue to realize the enterprise value maximization under this kind of mode. This paper theoretically studies the relationship between asset-light strategy model and the enterprise value maximization, takes tencent company as the example and elaborates the route issue of enterprise value maximization in asset-light strategy model, which has certain innovative research content.