摘 要
随着经济全球化和产业结构调整的深入，企业运营模式逐渐向轻资产化方向转变，这一趋势对企业的财务绩效产生了深远影响。本研究旨在探讨轻资产运营模式对企业财务绩效的长期效应，以期为企业的战略决策提供理论支持与实践指导。研究选取了2010年至2022年间中国A股上市公司为样本，采用面板数据模型分析轻资产运营模式的关键指标（如固定资产占比、无形资产比重及外包程度）与企业财务绩效之间的关系，并引入中介变量和调节变量进一步揭示其作用机制。研究发现，轻资产运营模式能够显著提升企业的财务绩效，尤其是在提高资产周转率和降低经营风险方面表现突出；同时，这种效应在不同行业间存在异质性，技术密集型行业受益更为明显。此外，研究还发现创新能力在轻资产运营模式与财务绩效之间发挥了部分中介作用，而市场环境动态性则起到了正向调节作用。本研究的创新点在于首次系统地量化了轻资产运营模式的长期财务效应，并从行业差异和动态市场环境的角度深化了对其作用机制的理解。研究成果不仅丰富了轻资产运营模式的相关理论，也为企业在制定轻资产转型策略时提供了实证依据，具有重要的理论价值和实践意义。
关键词：轻资产运营模式；财务绩效；资产周转率；创新能力；市场环境动态性
Abstract
With the deepening of economic globalization and industrial structure adjustment, corporate operating models are gradually shifting towards asset-light directions, a trend that has profound implications for firms' financial performance. This study aims to explore the long-term effects of the asset-light operating model on corporate financial performance, providing theoretical support and practical guidance for strategic decision-making. By selecting Chinese A-share listed companies from 2010 to 2022 as samples, this research employs a panel data model to analyze the relationship between key indicators of the asset-light operating model (such as the proportion of fixed assets, the weight of intangible assets, and outsourcing levels) and corporate financial performance, while introducing mediating and moderating variables to further reveal the underlying mechanisms. The findings indicate that the asset-light operating model significantly enhances corporate financial performance, particularly in improving asset turnover rates and reducing operational risks. Moreover, this effect exhibits heterogeneity across industries, with technology-intensive industries benefiting more prominently. Additionally, it is found that innovation capability plays a partial mediating role between the asset-light operating model and financial performance, whereas market environmental dynamism exerts a positive moderating effect. The novelty of this study lies in its systematic quantification of the long-term financial effects of the asset-light operating model and its deepened understanding of the underlying mechanisms from the perspectives of industry differences and dynamic market environments. The research not only enriches the relevant theories of the asset-light operating model but also provides empirical evidence for enterprises when formulating asset-light transformation strategies, thereby possessing significant theoretical and practical implications.
Keywords: Light-Asset Operation Model; Financial Performance; Asset Turnover Ratio; Innovation Ability; Market Environment Dynamism
目 录
1绪论 1
1.1轻资产运营模式的研究背景 1
1.2研究轻资产运营模式的意义分析 1
1.3国内外研究现状综述 1
1.4本文研究方法与创新点 2
2轻资产运营模式的理论基础 2
2.1轻资产运营的核心概念界定 2
2.2轻资产运营模式的形成机制 3
2.3财务绩效评价体系的构建 3
2.4轻资产运营与传统模式的对比分析 4
2.5理论框架对研究的支持作用 4
3轻资产运营对企业财务绩效的影响路径 5
3.1资产结构优化对财务绩效的作用 5
3.2成本控制在轻资产模式中的体现 5
3.3收益增长的驱动因素分析 6
3.4风险管理对企业绩效的长期影响 6
3.5案例验证：典型企业的实践分析 7
4轻资产运营模式的长期效应评估 7
4.1长期财务绩效的动态监测方法 7
4.2轻资产模式下的可持续发展能力 8
4.3企业价值创造的长期表现 8
4.4不同行业轻资产模式的适应性分析 9
4.5政策环境对长期效应的调节作用 9
结论 11
参考文献 12
致 谢 13
