Although academic research examining the effects of the asset-light business model continues to grow in the tourism and hospitality literature, the extant studies lack comprehensive theoretical foundations to develop and establish clear quantitative models of analysis. Inconsistent findings from these studies call into question the issue of their exploratory nature. Using the dynamic capabilities view, this study provides a solid conceptual framework that recognizes the asset-light business model as an industry-specific dynamic capability for lodging firms. Furthermore, this study extends recent theoretical accounts on the moderating role of environments in the dynamic capabilities-performance relationship by focusing on the service-oriented and cyclical nature of the tourism and hospitality industry. Incorporating industry-specific performance measures, the current study suggests an alternative approach to the analysis of performance of a lodging firm. The findings also provide important implications to help lodging owners, managers, and investors to strategically cope with complex and dynamic environments.

尽管在旅游和酒店业文献中对轻资产商业模式的影响进行研究的学术研究在不断增长，但现有研究缺乏全面的理论基础来开发和建立清晰的定量分析模型。这些研究的不一致结果质疑了其探索性质的问题。使用动态能力视图，本研究提供了一个坚实的概念框架，该框架将轻资产业务模型识别为住宿公司的行业特定动态能力。此外，本研究通过关注旅游业和酒店业的面向服务和周期性的性质，扩展了有关环境在动态能力与绩效关系中的调节作用的最新理论解释。本研究结合行业特定的绩效指标，提出了一种分析住宿公司绩效的替代方法。这些发现也为帮助业主，经理和投资者从战略上应对复杂而动态的环境提供了重要的启示。