【作者】 吴昊；

【导师】 姚靠华； 肖红英；

【作者基本信息】 湖南大学 ， MPAcc 会计硕士（专业学位）， 2020， 硕士

【摘要】 经济全球化的深入使中国迈入了经济发展的“高速轨道”,信息革命的开展更是为企业创造了旷古未有的发展机遇,但也使得企业间的角逐日益剧烈。随着竞争日渐白热化,当下企业间的角逐已经从单纯的产品市场份额的占据转化为商业模式之间的竞争,恰当的商业模式运用可以改善企业的经营业绩,提升公司的价值创造能力,“轻资产模式”应运而生,凭借其独特的优势吸引了学术界和实操界的大量目光。如何更好地利用轻资产运营模式,定位产业链的“高端”环节,牟取“微笑曲线”首尾两头的高额利润,实现企业的价值创造成了理论与实务界研究的重点。谭木匠集团作为家居零售行业高端木梳这一细分市场的佼佼者,一直以卓越的业绩、踏实的作风、高度的社会责任感备受公众的推崇。本文以谭木匠为研究对象,结合了多种研究方法,基于轻资产运营以及与价值创造相关理论,分析了集团在轻资产运营模式应用过程中表现出来的财务特征,并从盈利增长点、盈利措施、盈利屏障、盈利获得四个方面探讨了集团轻资产运营模式的构成要素。在此基础上,具体分析了谭木匠的轻资产运营模式是如何通过经营路径和财务路径共同驱动企业价值创造的。研究发现,谭木匠紧扣产业链的高附加值环节,在产品研发上不断突破创新,多样化的营销为企业知名度的提升立下了汗马功劳,合理的运营紧扣成本把控,丰裕的现金储备更是为企业的平稳运营构建了坚实的屏障。但谭木匠的轻资产运营模式也存在一些不足之处,存货管理低效、现金利用不足、产品结构单一、加盟管理失效等都对企业的价值创造产生了一定的影响。为改善公司的价值创造能力,实现企业的健康、可持续发展,以提升企业价值为目标,从财务维度、客户维度、内部流程维度以及学习与成长维度出发层层分解,细化了企业目标,构建了基于价值链的企业价值创造的具体优化路径。通过对谭木匠轻资产模式的价值创造进行深入的探讨与分析,理论上,期望引起理论界对轻资产运营模式的关注,推动对轻资产运营模式进一步的探讨与研究;实践上,试图以谭木匠为例,为尚在探索阶段的同行企业运用轻资产运营模式提供经验和参考,促进行业的健康发展。更多还原

【Abstract】 The deepening of economic globalization has brought China into the "high-speed track" of economic development.The development of the information revolution has created unprecedented development opportunities for enterprises,but it has also made the competition between enterprises increasingly fierce.With increasing competition,the current competition among enterprises has transformed from pure product market share to competition between business models.Appropriate business model application can improve business performance and enhance the company’s value creation ability.The "asset model" came into being and attracted a lot of attention from the academic and practical circles with its unique advantages.How to make better use of the asset-light operation model,locate the "high-end" link of the industrial chain,and capture the high profits of the "smile curve" at both ends,and realize the value creation of enterprises has become the focus of theoretical and practical research.Tan Carpenter Group,as a leader in the high-end wooden comb segment of the home retail industry,has been highly respected by the public for its excellent performance,down-to-earth style and high sense of social responsibility.This article takes Carpenter Tan as the research object,combines a variety of research methods,and analyzes the financial characteristics of the Group in the process of applying the asset-light operation model based on the asset-light operation and the theory related to value creation.From the perspective of profit growth points and profit measures,profit barriers,and profit gains discussed the elements of the Group’s asset-light operating model.On this basis,it specifically analyzes how Carpenter Tan’s asset-light operating model drives the creation of corporate value through the business path and financial path.The study found that Carpenter Tan closely linked the high value-added links of the industry chain and continuously made breakthroughs in innovation in product research and development.Diversified marketing contributed to the promotion of the company’s popularity.Reasonable operating costs were controlled,and abundant cash reserves It is to build a solid barrier for the smooth operation of the enterprise.However,Carpenter Tan’s asset-light operating model also has some shortcomings.Inefficient inventory management,insufficient cash utilization,single product structure,and invalid franchise management all have a certain impact on the company’s value creation.In order to improve the company’s ability to create value and realize the health and sustainable development of the company,with the goal of enhancing the value of the company,the company’s goals have been refined from the financial dimension,customer dimension,internal process dimension and learning and growth dimension.Constructed a specific optimization path for enterprise value creation based on value chain.Through in-depth discussion and analysis of the value creation of Carpenter Tan ’s light asset model,in theory,it is expected that the theoretical community will pay attention to the light asset operation model,and promote further discussion and research on the light asset operation model;For example,to provide experience and reference for peer companies in the exploration stage using the asset-light operation model to promote the healthy development of the industry.更多还原