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在国家经济转型和深化医疗改革的大背景下，医药工业企业该如何应对机遇和挑战对自身进行转变，采用何种运营方式来发展壮大公司，从而实现价值创造是个值得探讨的问题。作为A股医药之王的恒瑞医药经过多年的不断发展，转型采用轻资产运营模式，一跃成为市值最高的医药股。本文以恒瑞医药作为案例研究对象，来探寻其实施轻资产运营模式后实现价值创造的路径及效果。

本文以价值创造相关理论为基础，以恒瑞医药为例，通过分析行业现状、经营情况、轻资产运营模式的财务特征与动因，结合动因推导出价值创造的路径。其次，选取恒瑞医药2015-2019年相关数据，从企业现金流、财务绩效和经济增加值三方面的财务指标，分析和评价企业创造的价值，以企业价值创造的效果来印证恒瑞医药轻资产运营模式下企业价值创造的路径，总结经验启示以供相关企业借鉴。

通过本文研究发现：第一，通过企业运营模式的转变，恒瑞医药加大研发创新投入，其对于企业发展具有积极推动作用；第二，恒瑞通过对产品质量的不懈追求，对专业化的严格要求，将其转化为企业持续竞争力，使得企业价值持续提升；第三，通过现金流、财务绩效以及EVA分析，得知恒瑞在实施该模式后现金流充裕，发展可观，实现了价值创造。最后提出案例启示以供试图变革运营模式的医药企业借鉴。

Under the background of national economic transformation and deepening medical reformation, it is worth discussing how to deal with the opportunities and challenges of pharmaceutical enterprises to change themselves and how to develop the company by some operating modes to realize value creation. After years of continuous development, Hengrui Medicine, the biggest medicine company of A-share market, has adopted the asset-light operation mode. It has become the highest valued pharmaceutical company. This paper takes Hengrui Medicine as the researching object to explore the path and effect of realizing value creation after implementing the asset-light operation mode.

Based on the theory of value creation, taking Hengrui Medicine as an example, this paper analyzes the current situation of the industry, the operation situation, the financial characteristics and motivation of the asset-light operation mode, and deduces the path of value creation by combining the motivation. Secondly, this paper selects the relevant data of Hengrui Medicine in 2015-2019 to analyze and evaluate the value created by enterprises from the three aspects of financial indicators, namely, cash flow, financial performance and economic value added of enterprises. Then it evaluates the value created by enterprises in the asset-light operation mode of Hengrui based on the effect of enterprise value creation, and summarizes the experience for relevant enterprises to learn from.

Through the research of this paper, it is found that: Firstly, through the transformation of enterprise operation mode, Hengrui Medicine has increased the investment in research and innovation, which has a positive role in promoting the development of enterprises. Secondly, Hengrui pursues the product quality and strictly demands specialization, and transforms it into the sustainable competitiveness of the enterprise, which makes the enterprise value continuously improve. Thirdly, through the analysis of cash flow, financial performance and EVA, it is found that Hengrui has abundant cash flow, considerable development and realized value creation after the implementation of this mode. Finally, the case enlightenment is proposed for reference for pharmaceutical enterprises that try to reform.