Research On The Financial Performance Evaluation Of Smith Barney Apparel Under The Light Asset Operation Mode

With the success of large-scale international enterprises through asset light operation mode,most of China’s clothing also choose this operation mode,that is to say,outsourcing the heavy assets and centralizing the core business of the enterprise.The core business mainly refers to design and development,brand promotion and other light assets projects that increase the value of the enterprise.They have opened a high-efficiency operation road by virtue of asset light mode.Under the light asset operation mode,the enterprise’s sales expenditure and R&D expenditure will be higher than other operation modes,and the proportion of fixed assets is small.The clothing industry can make full use of the light asset mode to create enterprise value.The light assets operation mode can indeed make the enterprise value-added,but in recent years,clothing enterprises generally have problems such as serious inventory overstock,insufficient sales ability and sales channel limitations,which seriously restrict the long-term development of clothing enterprises and affect the financial performance level of enterprises.These problems need to be solved urgently.As a group of garment enterprises that adopt the light asset operation mode earlier,Meibang clothing has obvious light asset characteristics,and its research has certain representativeness.Therefore,this study studies the financial performance level of Meibang clothing,understands the financial situation of Meibang clothing,finds out the causes that affect the poor financial performance of Meibang clothing,analyzes the causes and proposes countermeasures,which is conducive to improving the financial performance level of Meibang clothing,and provides reference for the evaluation of the financial performance level of clothing enterprises in the same industry.Based on the current research situation and related theories of light assets and financial performance at home and abroad,this study studies the financial performance evaluation of Meibang clothing with reference to indicators and sample selection principles,combined with the characteristics of light assets operation mode.This study focuses on the overall idea of putting forward,analyzing and solving problems,and through the ratio analysis,factor analysis and case analysis,in-depth study of the financial performance level of Meibang under the light asset operation mode.Vertically obtain the financial data of Meibang clothing from 2012 to 2018 through the annual report,and select 15 financial indicators combining the characteristics of light asset operation mode to analyze its financial situation from five aspects: solvency,profitability,operation ability,development ability and income quality.According to the data in the database and the annual report of the enterprise,the 2018 financial data were obtained.Through factoranalysis,Meibang clothing and 14 other clothing enterprises with light asset operation mode were selected.Ten financial indicators were selected to analyze the financial performance level based on the characteristics of light asset operation mode.Combining the horizontal and vertical aspects,this paper analyzes the causes of the performance level of Meibang clothing,and then obtains the counter measures to improve the financial performance level of Meibang clothing under the light asset operation mode.There are some deficiencies in this study.Due to the limited number of selected samples and incomplete financial data of enterprises,the vertical financial performance analysis of 15 enterprises can not be realized when using the factor analysis method.I hope that later scholars can enrich this part of content.At the same time,I hope that the relevant content of this study can provide reference for future scholars to study the financial performance level of clothing enterprises under the light asset operation mode.