A Study On The Financial Risk Of Asset-light Model Based On Entropy-Improved TOPSIS

As the integration of the world economic market becomes more and more intense,the competition between domestic and foreign enterprises also intensifies day by day.In this context,the Internet enterprises represented by information technology have gradually started to adopt the light asset model,in addition,more and more traditional enterprises have also joined the ranks of light asset transformation.The light asset business model is an enterprise relying on its own light asset resources,which mainly covers customer resources,R&D capability,industrial chain,marketing network,operation capability,brand value,intellectual property with core competitiveness It is the integration of internal and external resources with minimum investment in fixed assets or capital,which brings unique competitive advantages and maximizes the value of the company.The company is gradually being focused on all walks of life.However,the benefits are often accompanied by risks,and there are potential problems of financing,investment and operation for enterprises under the asset-light operation model.The study of HALA,an early domestic apparel company that adopts the asset-light business model,has deep theoretical and practical significance,and can also provide a reference for more companies in the asset-light operation model.After a large amount of literature review,this paper sorts out,summarizes,and analyzes the theoretical experience and practical results on the correlation between the development of asset-light business model and financial risks of enterprises.In accordance with the research idea of "sorting out the theoretical basisproposing research hypothesis-case study-empirical test-countermeasure inspiration",the theoretical argumentation,case study and statistical analysis methods are combined.The study combines theoretical argumentation,case study and statistical analysis methods.The financial data of Hyland Home from 2017 to 2021 are selected as the research samples,and the financial indicators of Hyland Home are analyzed.The main findings include The main findings include:(1)In terms of financing,banks or financial institutions are more willing to grant loans to companies that have more fixed assets or heavy assets as collateral in order to reduce the risk of generating non-performing loans,thus making it more difficult for companies with asset-light business models to obtain consistent and stable exogenous financing(bank loans or equity financing).This leads to the need to raise the cost of capital of other financing channels for exogenous financing,which also raises the financing risk of enterprises accordingly.(2)In terms of investment,due to the specificity of the asset-light model,companies that operate with light assets have a large amount of working capital at their disposal.At the same time,these companies pay more attention to the cultivation of "light asset" resources,and these funds are often invested in R&D innovation,product design,brand building,service optimization,etc.This poses a significant challenge to the allocation of funds for companies operating with light assets,especially in dealing with the balance between short-term operation and longterm investment.In addition to internal investment activities,light-asset operating companies will increase the number and frequency of external investments in order to improve the efficiency of their own capital use,which also increases the investment risk of enterprises accordingly.(3)In terms of operation,the outsourcing of production by enterprises under the asset-light business model will reduce their control over the quality of products under the brand,and once the quality of products is difficult to control,resulting in variable product quality and quality control problems,the losses caused to the brand will be difficult to recover,followed by the lack of rationality in asset structure allocation,low efficiency in information transmission and weak supply chain management leading to inventory backlog.(4)The financial risk control strategies under the light-asset operation mode are proposed according to the financing risk control,investment risk control and operation risk control,which specifically include enhancing the core competitiveness of the enterprise,creating diversified financing methods,improving the efficiency of the use of corporate capital,scientifically making corporate investment decisions,strengthening supply chain management,improving information transfer efficiency and strengthening inventory management.