Research On Performance Of Asset-Light Operation Of Maple Leaf Educational Systems

According to the theory of financial management,the goal of the enterprise is to maximize the value of the enterprise.This means that all the strategic implementation of the enterprise is centered on how to maximize the financial value of the enterprise.The ultimate indicator for evaluating an enterprise's profit model is the value of the enterprise.Since the 1980 s,especially with the advent of the era of knowledge economy,an asset-light business model had been highly respected by more and more enterprises.Based on the theory of value chain and smile curve theory,the goal of this model is to stimulate the value of the enterprise by means of focusing its capital on high value-added segment and the leverage effect of longterm accumulation of light assets.That is to say,after undergoing some business process,asset-light strategy ultimately shows value growth.Therefore,assessing the performance of the enterprise in the asset-light strategy is assessing the value of the company.As the currently highly valued evaluation index,EVA is the best choice to measure the value of enterprises in asset-light strategy on account of considering the cost of equity capital,which accounts for the largest proportion of asset-light operation,and adjusting related accounting items.And the value driving factors of EVA indicate the direction for the source and way of value growth.With the rapid expansion of the private international educational market,the educational group has been preparing for listing in the past five years,and the enthusiasm of assets-light strategy has not decreased,but the rapid expansion may cover the truth of quality.In order to find out whether the enterprises in asset-light business have achieved value growth,and provide suggestions on how to optimize the light asset-light strategy of EVA-optimized enterprises,this paper takes case analysis as the research method,selects the Maple Leaf Educational Systems,the leading enterprise in asset-light strategy which expands rapidly and has a considerable profit,and analyzes the asset-light business condition of the enterprise,EVA comprehensive results and EVA value driving factors.Firstly,this paper describes and summarizes the company's basic situation and asset-light expansion by studying the company's financial statements,research reports and news reports.Secondly,based on the characteristics of the asset-light strategy of Maple Leaf Educational Systems,this paper selects the appropriate EVA adjustment items,calculates the comprehensive performance of EVA,and analyzes whether the enterprises in asset-light strategy have achieved value growth.Then,on the basis of comprehensive performance,this paper reverses the reasons from the results,decomposes and explores which value driving factors play an influencing and promoting role in the growth EVA of Maple Leaf Educational Systems,and makes a specific analysis of each factor through the comparison of the same industry.In the process of EVA decomposing,this paper takes into account both the financial driving factors that reflect the key performance indicators and the non-financial driving factors that reflect the enterprise's value creation ability.In the analysis and exploration of the overall value of Maple Leaf Educational Systems,this paper based on the following line of thinking: from results to reasons,from the final results of enterprise value to the source of enterprise value,from comprehensive indicators to decomposition indicators,from lagging indicators to prospective,controllable indicators,we find the shortcomings of Maple Leaf Educational Systems in the implementation of EVA growth in asset-light strategy consequently,and from the point of the light asset operation strategy of Maple Leaf Educational Systems,this paper also put forward some suggestions on how to optimize enterprise performance based on value driving factors.