Research On The Path Of Enterprise Value Creation Under The Light Asset Operation Mode

The biggest advantage of asset-light operation model is to reduce capital investment,it makes intellectual capital,customer relations,intellectual property,research and development capabilities,brand management and other light assets the focuses of management to obtain high return on capital.The final goal is to maximize the value of enterprises.Based on the researches of scholars’ about the asset-light operation mode,this paper makes a longitudinal study on the single case and it is based on the enterprise life cycle.The paper chooses Tencent as the object case,and made its start-up period,growth period and mature period as the time axis of the longitudinal study.The paper discusses Tencent’s value creation path from the three periods and uses the financial performance level of each stage to verify the effectiveness of the paths.It is found that the value creation paths of the object case in three periods have their own characteristics:the path of the start-up period is the reconstructed route based on the business path;the path of the growth period is the adjusted route based on the business and the finance path together;in the mature period,the path can be described as that value is oriented and the business and the finance path work together to create the value of the enterprises.This route is sophisticated.On the whole,the path of value creation has been reconstructed,adjusted,and gradually improved.Based on the study,we analyzes and extracts the key factors of value creation in three stages and through the study of the key factors’ value creation mechanism,we draws up the value creation path of the enterprises under the asset-light operation mode.