Research On The Influence Factors Of Light-Asset Enterprise Value Based On The Panel Data Model

With the further advancement of structural reforms on the supply side in China,the pace of optimization and upgrading of industrial structures has accelerated,and competition among production factors such as markets,resources,human resources,capital,and technology has become more intense.Innovation has become a magic weapon for enterprise development.As an innovation of the business model,the light asset operating model has been adopted by more and more companies with its “light” development framework.Among light asset enterprises,talent,technology,capital,and other production factors are the key elements that drive the development of the enterprise.Measuring and judging the contribution of these factors will determine the accuracy of the final valuation.This paper adopts theoretical research and empirical analysis methods to explore the influencing factors of asset-light enterprise value,which will be conducive to the supplementation of relevant theories and the implementation of practices.This article begins with an explanation of the research background,significance,methods,and content.After reviewing a large number of literatures on the concept of light assets and the influencing factors of enterprise value,the paper clarifies the definition and characteristics of light-asset and light-asset companies,and summarizes the value-driven factors of light-asset enterprises.Secondly,proposes the research hypothesis of this article and selects variables,established a value measurement system including financial factors and non-financial factors,and constructed a panel regression model.Finally,samples 62 typical light-asset companies in various industries,which based on the relevant data in 2014-2016.Conduct empirical research to explore the internal relationships between various factors in the system and the value of lightasset companies.The results of the study show that the proportion of intangible assets,return on equity,employees with bachelor degree or above,proportion of shares held by the second to tenth shareholders are the most positive for the value of light asset companies.Based on empirical results,the paper presents corresponding recommendations.For light asset enterprises,they should pay more attention to the improvement of intangible assets,R&D and manpower,and internal governance so as to reasonably measure the asset value of light assets in practice.