论文总字数：24899字

摘 要

随着互联网时代的到来，传统服装企业由于消费者从原有的店面购买转向网络订购以及对服装设计等要求的改变和提高的原因，由此导致了自身生产成本过高，销售能力不足，库存管理成本过高的问题，并且也开始面临着被新技术，新模式企业的冲击和威胁。这些以轻资产运营模式理论为基础，利用丰富的营销管理经验和稳定的品牌效应的新型企业，将企业中的大量资金投入于销售方式中，从而使企业减少库存成本，提高企业的财务效益。在21世纪初，服装行业整体低迷的情况下，海澜之家通过企业自身分析，结合理论，采取了轻资产运营模式，从而维持了企业较高的财务绩效，在同行业中处于领先地位。

本文以服装行业中典型的轻资产企业海澜之家为研究对象，运用案例研究对其轻资产运营下的企业运营特征和财务绩效进行研究。首先，本文会通过文献研究的方法，了解轻资产运营模式的理论基础和文献，借鉴国内外关于轻资产运营模式的理论成果和实践经验，梳理和介绍轻资产运营模式的理论，通过分析发现，海澜之家的运营模式与财务数据与轻资产战略模式下的运营特征及财务数据高度符合，是一种非常典型的轻资产运营模式的特征。接着结合企业绩效分析的方法和理论来对海澜之家在轻资产运营模式下运营结果和财务数据以及市场销售数据的来深入分析，总结发现海澜之家在创始初期运用轻资产模式快速占领了市场，然而随着规模不断扩大，出现了库存周转时间过长，主品牌盈利能力停滞增长，以及融资压力大的问题，并且由于非核心部分外包的原因造成了产品质量不过关，设计理念和技术被竞争对手了解的风险。接着通过进一步的分析探究形成问题的原因，主要包括了内部融资方式单一，门店规模扩张过快，内部虚拟经营过度等因素，以及外部外包商管理不到位，加盟商职责设定不合理，与供应商之间关系紧张等因素。在最后，针对不合理的因素，文章也提出了相对应的建议措施，即注重内部管理制度，加强供应链管理，稳定存货周转率，也要改善与外部合作企业的关系网。

轻资产模式是目前许多企业发展的首选模式，文章希望通过研究能够促进海澜之家集团未来更好的发展，并且给同行业的企业采用轻资产模式时提供参考。

关键词：轻资产；财务绩效；风险；海澜之家

Financial Performance Analysis of Light Assets Operating Mode:Taking Hailan House as an Example

Abstract

With the advent of the Internet era, traditional clothing enterprises have been faced with the problem of high production cost, insufficient sales capacity and high inventory management cost due to the change and improvement of consumers' purchase from their original stores to online ordering and clothing design requirements.These new enterprises based on the theory of light assets operation mode, using rich marketing management experience and stable brand effect, invest a large amount of funds in the enterprise into the sales mode, so that the enterprise can reduce the cost of inventory and improve the financial efficiency of the enterprise. In the early 21st century, the overall downturn in the clothing industry, Hailan House through the enterprise's own analysis, combined with the theory, adopted the light assets operation model, thus maintaining the higher financial performance of the enterprise, in the same industry in the leading position.

This paper takes Hailan House, a typical light assets enterprise in the clothing industry, as the research object, and uses case study to study the operating characteristics and financial performance of the enterprise under its light assets operation. First of all, through the method of literature research, this paper will understand the theoretical basis and literature of light assets operation mode, draw lessons from domestic and foreign theoretical achievements and practical experience on light assets operation mode, sort out and introduce the theory of light assets operation mode. Then combined with the method and theory of enterprise performance analysis to analyze the operating results and financial data and market sales data of Hailan House under the light assets operation mode, it is concluded that Hailan House used the light assets model to occupy the market quickly in the early days of its founding. However, with the increasing scale, the inventory turnover time, the main brand profitability stagnated, and the financing pressure, and because of the non-core part of outsourcing caused the product quality failure, design ideas and technology understand the risk. Then through further analysis to explore the causes of the problem, mainly including the single internal financing mode, the rapid expansion of store size, excessive internal virtual management and other factors, as well as external outsourcing management is not in place, franchisee responsibilities set unreasonable, tension with suppliers and other factors. In the end, in view of the unreasonable factors, the article also puts forward the corresponding suggested measures, that is, pay attention to the internal management system, strengthen the supply chain management, stabilize the inventory turnover rate, and also improve the network with the external cooperative enterprises.

Light assets model is the preferred model for many enterprises at present. The article hopes to promote the future development of Hailan House Group through research, and provide reference for enterprises in the same industry to adopt light assets model.

Keywords: Light assets; Financial Performance; Risk; Hailan House

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究的意义 1

1.3 研究内容与研究方法 2

1.4 论文框架 2

第二章 轻资产运营模式文献综述 4

2.1 理论基础 4

2.1.1 微笑曲线理论 4

2.1.2 财务绩效评价相关理论 4

2.1.3 财务风险相关理论 5

2.2 文献综述 5

2.2.1 轻资产运营模式的国内外相关实证研究 5

2.2.2 轻资产运营模式的对策及建议 6

2.2.3 文献评述 6

第三章 海澜之家轻资产运营模式 8

3.1 海澜之家概况 8

3.2 海澜之家轻资产运营模式的特征 8

3.2.1 注重产品设计与研发环节 8

3.2.2 外包生产加工环节 9

3.2.3 重点关注市场营销环节 9

第四章 海澜之家轻资产模式下财务绩效分析 11

4.1 盈利能力分析 11

4.1.1 盈利能力指标 11

4.1.2 盈利能力分析 11

4.2 偿债能力分析 12

4.2.1 偿债能力指标 12

4.2.2 偿债能力分析 13

4.3 营运能力分析 14

4.3.1 营运能力指标 14

4.3.2 营运能力分析 15

4.4 财务绩效风险分析及综合评价 16

第五章 海澜之家轻资产模式下财务绩效优化建议 18

5.1 优化融资方案 18

5.1.1 提高金融机构贷款 18

5.1.2 向内部员工融资 18

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