会计学院知识库

Abstract

The 14th Five-Year Plan deliberately emphasizes that the medical device industry should establish the concept of whole-life health management services and act to dare to innovate independently and seize development opportunities. According to data from the China Pharmaceutical Regulatory Commission, in 2021, the growth rate of home medical devices is higher than that of overall medical devices, and the proportion is increasing. However, due to the continuous impact of public health emergencies and the limited domestic key technologies, the market competition among enterprises has become more intense and the enterprise value has become particularly important. Therefore, companies should be bold enough to innovate, especially the innovation of profit models can not be delayed. It is necessary to explore how the use of asset-light model will affect the enterprise value creation and whether it can help enterprises achieve the ultimate goal of value creation.

The article selects Yuyue Medical as a case company, firstly, introduces the basic situation of Yuyue Medical and analyzes the motivation of Yuyue Medical to use this model from the strategic level, business level and financial level, and highlights the necessity of Yuyue Medical to adopt the asset-light operation model. Secondly, we explore the specific process of value creation from the perspective of enterprise value chain, and use the methods of financial index, economic value added and enterprise value multiplier to comprehensively analyze the effect of value creation realized by the enterprise, which is mainly reflected in the financial level and market level. Finally, conclusions and insights are drawn to show that the asset-light operating model plays an important role in the value management of enterprises.

The study shows that the asset-light operating model has generally helped the company achieve value creation. Finally, we hope to provide relevant insights to enterprises in the same industry that try to achieve value creation by using the asset-light model: optimizing the capital structure appropriately, further broadening the value chain space and focusing on digitalization, so as to realize the enterprise's value enhancement.

Keywords: Asset-light operation model; Value creation; Economic value added; Yuyue Medical