Discussion On Maximizing The Enterprise Value In Asset-light Operation Model

2013,Suning Group officially changed its name to Suning Yun Business,meant the coming of the asset-light operation model.After using this model,Suning Yun Business took a series of measures to realize the enterprise value maximization.Between those measures,innovative management of enterprise assets is the most representative.This way to a certain extent promotes a diversified development of the asset-light operation model.Meanwhile,for realizing enterprise value maximization,based on three basic approaches: weighted average cost of capital minimization,free cash flow maximization,sustainable development time maximization,Suning Yun appropriate operates their light assets,which enriches the realization way of value maximization in the model of light assets.This paper,by the methods of normative research and case analysis,taking enterprise value as starting point,combines the normal way of realization of enterprise value maximization with the unique resources of light assets to further deduce main way of realization of enterprise value maximization in the mode of light assets.Based on those theories,this paper analyses the structure characteristics of Suning Yun's light assets,the intention of taking this model,the way of realization of enterprise value maximization in this model to further explain the theory with the method of case study.At last,using the method of comparative analysis,this paper compares the effect of Suning Yun with a competitor Gome or the median in retailing respectively from three dimensions: financial,market response and social response,which prove this mode has a promoting effect on the enterprise value.Through the research,it is found that because of the population of Internet,high operating expenses,fierce competition,as well as heavy financial pressure,Suning Yun decided taking this model.After using this model,the structure characteristics of Suning Yun's light assets is quite up to the structure of light assets model,which is high proportion of cash flow assets and current debt ratio,as well as low proportion of accounts receivable and fixed assets.However,no matter choose which mode,enterprise value maximization is the ultimate aim of all enterprises.In the light asset mode,company achieves to a sublimation of brand value and the relationship with their customers,a raise of technical competence and supply chain management capability,innovative management of enterprise assets,as well as proper alliances with other companies.Through the comparative analysis from three dimensions,thatlight asset model does enhance the value of Suning Yun and make it to maximization.Drawing a conclusion from the above analysis,Suning Yun improves the cash flow,extends sustainable development time and reduce the weighted average cost of capital.Hope that the analysis of this paper,it is possible to promote asset-light operation model in the domestic application,and to the retail enterprises in our country to provide some reference experience.China's study on asset-light operation model started relatively late,the theoretical research lacks depth,and the study on the realization way of value maximization in the model of light assets is relatively scarce.This paper uses the method of theory deduction to deduce the general realization way of value maximization in the model of light assets,provides a theoretical guidance for other companies to achieve asset-light operation model,with a certain extent of theoretical innovation.