苏尔杜G
服装行业是与人民生活密切相关的传统行业，也是国民经济的重要组成部分, 服装业在繁荣市场、促进就业等方面为我国国民经济发展做出了重要贡献。1978 年改革开放之后，我国服装产业开始实施出口导向战略，服装企业依靠国内充足 的劳动力资源获得了快速发展，20世纪中期，发达国家的产业升级和经济结构 调整为我国服装行业发展提供了良好的机会，为了降低成本，发达国家将利润低 的纺织服装企业的生产加工环节从国内转向亚洲地区，充分利用了发展中国家充 足且廉价的劳动力，我国服装企业抓紧机遇，特别是江浙和广东地区，纺织服装 企业遍地开花，从最初的承接服装加工开始，逐步发展壮大，纺织服装业也开始 迅速发展，最终形成了从生产到销售完整的服装产业链.
从2007年开始，原材料和劳动力成本上升使服装行业总成本增加，同时服 装企业在国际贸易中被动实行出口配额，这些都迫使服装产业必须进行产业调整 以应对国内外的各种发展阻力。金融危机使全球市场的服装消费需求减少，服装 出口急剧下降，我国服装行业受到了重创，服装企业开始山外向型以出口为主转 向内销以开发国内市场为主。2009年我国将纺织服装业定为十大振兴产业 之一，同时将服装行业的出口退税上调至16%,这使我国服装行业继续复苏发展。 同时互联网和信息化的发展，使企业和消费者的选择更广泛，电子商务蓬勃发展 也带动了一批服装企业的发展壮大，服装企业的经营模式有了多样化。庞大的消 费群体和充足的劳动力使我国成为LI前世界上最大的服装生产和消费国，据统讣, 在欧美市场上，中国制造占欧美服装三分之一以上，据国家统计局数据显示,2012 年全年，我国规模以上的服装企业共完成服装产量267.28亿件。
经过长时间的积累和发展，我国的服装行业已经形成了完整的产业链，但是 与欧美发达国家相比，从整体上看，我国服装产品整体档次比较低，山于国内服 装行业标准与国际服装行业标准有差别，致使我国服装品牌产品出口相对比较少。 我国服装行业的设计、营销和分销环节比较弱，服装产品创新能力低，对市场时 尚潮流反应能力不够快，对市场潮流趋势的解读和应用能力比较低，国内服装产 业链整合不够，资源不能得到有效地利用，产业链上游和中游、中游和下游、设 计和生产、生产和销售环节信息交流效率不高，分工协作的效率有待提高。
服装产业链主要包括5个主要环节和9个辅助环节，主要环节密切联系，辅 助环节增加产品的附加值，完成了服装产品从生产到销售的整个过程，其中对于 采用轻资产运营的服装企业来说，企业主要从事服装设计和服装商贸（即服装销 售）环节，将生产加工环节外包，同时纺织技术开发和面辅料生产环节交山固定 的供应商完成。依据“微笑曲线”理论，服装产业链中附加值高的部分主要集中 于设讣研发和销售环节，
中间的生产制造环节附加值最低，通常加工环节的商业 价值都不超过品牌价值的20%,设计研发和销售环节各占40%左右的品牌价值, 这味我国的服装企业要想在激烈的市场竞争中获胜，就备要专注于产业链中高附 加值环节，必须加大研发投入、注重设计和销售、提高企业创新能力、树立品牌 意识、形成聚装企业自身的核心竞争力，才能在激烈的市场竞争中持续发展，提 高企业盈利能力。
目前国内服装行业的供应链运营模式主要分为两种，一种是进行全产业链生 产的运营模式，另-种就是采用轻资产运营的运营模式。对于釆用全产业链生产 的服装企业来说，从纺织技术研发、原料生产、产品设计、服装成品生产到服装 销售，都是由企业自己完成，在整个服装产业链中进行纵向扩展，企业涵盖了服 装产业链的5个主要环节和9个辅助环节，主要代表性服装企业有雅戈尔、杉杉、 九牧王、荣牌、劲霸等强调生产制造业务的企业，这类服装企业着眼于整个服装 供应链环节，重视原材料的生产和选择，有自己的加工工厂，其至还有自己的棉 花种植基地，他们拥有厂房、生产车间等大量的固定资产，企业固定资产在总资 产中的比例相对比较大，因此可以容易的与轻资产运营服装企业区别开来。
对于釆用轻资产运营的服装企业来说，他们主要是着眼于企业的供应链各个 环节的快速整合，注重产品设计研发和销售，生产环节实行外包的方式，充分发 挥自身的有限资源，借助原材料供应商和生产加工企业的合作，进行产品品牌推 广，促进销售，依据休闲服饰品牌更新速度快，产品紧跟时尚潮流的特点，快速 占领休闲时尚品牌市场，但是这些企业没有生产车间，没有大型的生产加工设备, 所以整个企业的固定资产在总资产中所占的比例比较小，企业的盈利主要来源于 服装品牌的销售与推广。
与传统的服装企业相比，轻资产类服装企业是在国内已经成熟的服装产业链 中发展起来的，釆用轻资产运营的服装企业抓住机遇，充分利用外部有利条件, 在较短的时间内获得了迅速发展。传统服装企业的发展过程通常是漫长的，他们 注重服装生产，购置厂房和设备，向纵向一体化方向发展，而采用轻资产运营的 服装企业与此不同，轻资产运营的服装企业主要负责产品的设计与研发，注重品 牌建设，重点关注微笑曲线的两端一研发设计和销售环节，这类服装企业主抓 产品中附加值高的部分，将附加值低的生产部分全部外包。其中美邦服饰作为轻 资产运营的典型代表，从1995年成立之后，在国内服装行业率先采用轻资产运 营模式，美邦服饰依幕研发设计、品牌销售、信息化和人才队伍建设形成了自己 的核心竞争力，在激烈的行业竞争中取得了成功，众多的服装企业开始争相效仿, 森马、凡客、中国动向、搜于特等国内服装企业都开始了轻资产运营之路。
1.概述
基于国家对纺织服装行业调整和振兴的精神，我国服装企业需要不断地调整 产业结构，进行产业升级，对于采用轻资产运营战略的服装企业来说，这是企业 发展战略调整和营销模式创新的时期，企业应该集中主要精力解决企业的库存问 题，提
高企业供应链管理水平，提高企业的周转率，从而提高企业盈利能力。本 文以美邦服饰、森马服饰和搜于特服饰为典型代表，对服装企业轻资产运营的盈 利能力进行分析，具有很大的现实意义。
2. 相关理论基础
“轻资产运营”首先由麦肯锡提出，作为一种经营理念推广开来。它强调以 轻资产模式扩张，是一种以价值为驱动的资本战略,也是一种财务投入“低”、资 产规模“小”、资产形态“轻”、投资效益“高”的企业发展模式。根据宏基集团 的创办人施振荣提出的“微笑曲线”理论，企业只有不断往附加值高的两端区域 移动，重点关注产业链中的研发和销售环节，才可以不断地提高企业价值，提高 企业盈利能力。轻资产运营模式，就是将产品制造和零售分销业务外包，自身则 集中于设计开发和市场推广等业务:市场推广主要采用产品明星代言和广告的方 式，采用轻资产运营的企业将自己的资源集中于创新、研发和销售等核心环节， 注重知识运用，将非核心领域外包或者与其他企业共享外部资源。
总之，从供应链角度分析，轻资产运营企业是区别于传统的全产业链生产企 业，注重研发创新和产品销售环节，企业也不应该单单作为一一个经营的个 体，应该是在轻资产运营的整个供应链中发挥统筹管理职能，加强供应链各个环 节的紧密联系，以客户为导向提高服务意识，协调供应链各个环节的运营效率， 提高企业的供应链管理水平是轻资产运营企业的关键。
3. 典型服装企业盈利能力研究
本文对服装企业轻资产运营的盈利能力进行研究，山于国内服装行业中大部 分都是中小企业，上市公司比较少，除去全产业链经营的服装企业之后，依据生 产外包的特征选取轻资产运营服装企业作为研究对象，最终选择了三家采用轻资 产运营的上市公司一美邦服饰、森马服饰和搜于特服饰，它们都属于深市A股， 这三家服装企业的固定资产比例相对比较低，依据三家企业的财务报表可以发现, 近五年来三家企业的固定资产比例均小于35%,其中美邦和森马是消费者所熟悉 的典型的轻资产运营企业，搜于特服饰是相对比较年轻的轻资产运营服装企业。 下文中用于分析的主要财务数据主要来源于:三家服装上市企业2008-2012年的 财务报告、新浪财经中三家服装上市企业的财务指标和2008-2012年中华工商上 市公司服装行业财务指标指数。
4. 轻资产运服装企业盈利能力的特点
基于之前对美邦服饰、森马服饰和搜于特服饰采用轻资产运营的盈利能力分 析，同时与国内纺织服装行业近五年的平均值对比分析，我们可以发现，采用轻 资产运营的服装企业产品更新速度快，产品周期比较短，服装企业轻资产运营的 特点主要主要表现在财务指标、营销模式、研发支出等方面。
Research on Profitability of Clothing Enterprises in asset-light strategy
Surdu G
Clothing iiidustiy is a traditional iiidustiy closely related to peopled life and an important part of the national economy. Clothing iiidustiy has made important contributions to the development of our national economy in tenns of market prospenty and employment promotion・ After the refonn and opening-up in 197& China's gannent industiy began to implement an export-onented strategy. Gannent enteiprises have achieved rapid development relying on sufficient domestic labor resources. Ill the mid-20th century, industrial upgrading and economic restmctiiriiig in developed countries have provided good oppoitunities for the development of China's gannent iiidustiy. In order to reduce costs, developed countries hav亡 shifted the production and processing links of low・profit textile and gannent enterprises from domestic to Asian regions・ Taking fxill advantage of the sufficient and cheap labor force in developing countries, Chiliad gannent enteiprises seize the opportunity， especially in Jiangsu, Zhejiang and Guangdong provinces. Textile and gannent enteiprises have blossomed everywhere・ From the initial undeitakiiig of gannent processing, they have giadually developed and expanded・ The textile and gannent iiidustiy lias also begun to develop rapidly and finally fonned a complete gannent iiidustiy chain from production to sales・
Starting from 2007, the rising cost of raw materials and labor force has increased the total cost of the gannent industry, while gannent enteiprises have passively implemented export quotas in iiiteniational trade, wliich have forced the gannent iiidustiy to make industrial adjustments to cope with all kinds of de\\-elopment resistance at home and abroad・ As a result of the financial crisis, the demand for clothing consumption ill the global market has decreased and clothing exports have fallen shai-ply. China's clothing industiy lias been hit hard・ Gannent enteiprises have begun to sliift from export-oriented to domestic sales to develop the domestic market. Ill 2009, the Chinese government designated the textile and gannent industiy as one of the top ten industries to be revitalized, and at the same time raised the export tax rebate of the gannent industiy to 16%, which enabled the gannent industiy in China to continue to reco^-er and develop・ At the same time, with the development of Internet and iiifonnation technology、enteiprises and consumers have a wider choice. Tlie vigorous de\\*elopment of e-conunerce lias also led to the de\\-elopment and growth of a number of gamient enterprises
and diversified business models of gannent enteiprises・ A large consumer group and sufficient labor force have made China the worlcTs largest producer and consumer of gamients・ According to statistics, Chmese-made gamients account for more than one-thiid of European and Ainencan gamients in the European and American markets・ According to statistics from the National Bureau of Statistics, China's gamient enteiprises above designated size completed 26.728 billion gamients in 2012・
After a long period of accumulation and de\\-elopment, China's clothing industiy has fonned a complete mdustrial chain・ Howevei; compared with developed countries ill Europe and the United States, the overall giade of Chiliad clothing products is relatively low. Due to the difference bet^reen the domestic and international standards of the clotliing industry, Cliina's clotliing brand products are relatively less exported・ Tlie design, marketing and distribution links of China's clothing industiy are relatively weak, the innovation ability of clothing products is low, the ability to respond to market trends is not fast enough, the ability to inteipret and apply market trends is relath-ely low, the domestic clothing industiy consolidation is insufficient, resources camiot be effectively utilized, the efficiency of iiifomiation exchange in the upstream and middle reaches, middle reaches and downstream of the industrial chain, design and production, production and sales links is not high, and the efficiency of division of labor and cooperation needs to be improved・
Tlie gamient industiy chain mainly includes fiv亡 main links and nine auxiliaiy links. Tlie main links are closely linked・ The auxiliaiy links increase the added value of the products and complete the whole process of gamient products from production to sales. For gannent enteiprises adopting asset-light strategy, the enteiprises are mainly engaged in gannent design and gannent trade (ie gannent sales) and outsource the production and processing links. At the same time, the textile teclmology development and dough accessories production links are completed byfixed suppliers・ According to the H sniile cuiveM tlieoiy the liigh value-added part of the clothing industiy chain is mainly concentrated in the design, research and development and sales links, with the lowest value-added ill the iiitennediate production and manufacturing links. Generally, the commercial value of the processing links does not exceed 20% of the brand value, and the design, research and development and sales links each account for about 40% of the brand value・ Tliis means that if China's clothing enteiprises want to will in the fierce market competition, they have to focus oil the high value-added links in the industiy chain. It is gannent industry, China's gannent enteiprises need to continuously adjust their industrial stmcture and upgrade tliek industries. For gannent
enteiprises adopting the asset-light strategy strategy, this is a penod of sti'ategic adjustment of enteiprise development and innovation of marketing mode・ Enterprises should concentrate on solving the inventory problem of enteiprises, improving the management level of enteiprise supply chain, increasing the turnover rate of enterprises, and thus improving the profitability of enterprises. Tliis paper, taking the Ainencan clothing, Sanmia clothing and Souyut© clothing as typical representath-es, analyzes the profitability of the clothing enteiprise asset-light strategy, which lias gieat practical significance ・
2. Relevant theoretical basis
M
asset-light strategy11 was first proposed by McKinsey and promoted as a business
philosophy. It emphasizes the expansion with light asset model, wliich is a value-dm-en capital stiategy and an enterprise development model with H low” financial investment,” small\" asset scale, H light11 asset fonn and M high\" investment benefit. According to the H smile curve” theoiy put fbrward by Shi Zhemong, founder of Acer Group、enterprises can continuously improve thek value and profitability only by continuously moving to the two end regions with high added value and focusing on the R & D and sales links in the industrial chain・ The asset-light strategy model is to outsource the manufacturing and retail distribution of products while focusing on the design, dex'elopment and marketing of products. Marketing mainly adopts the way of celebrity endorsement and advertising of products・ Enteiprises in asset-light strategy focus thek resources on the core links of innovation, research and development and sales, pay attention to the application of knowledge, outsource non-core areas or share external resources with other enteiprises ・
Ill short, from the perspective of the supply chain, asset-light stiategy enteiprises are different from the traditional production enteiprises in the whole iiidustiial chain, focusing on R & D innovation and product sales・ Enteiprises should not only be an independent individual, but also play the o\\*erall management fxmction in the entire supply chain in asset-light strategy, strengthen the close coimection of all links in the supply chain, improve service awareness with customei' orientation, coordinate the operation efficiency of all links in the supply chain, and improve the supply chain management level of enteiprises are the key to asset-light strategy enteiprises ・
3. Research on Profitability of Typical Clothing Enterprises
Tliis paper studies the profitability of asset-light strategy, a clothing enterprise. As most of the domestic clotliing iiidustiy are small and medium-sized entei'prises and there are
relatively few listed companies, after excluding the clotliing enterprises operating ill the whole industrial chain, asset-light sti'ategy clothing entei'prises are selected as the research object according to the characteristics of production oiitsourcing・ Finally, tluee listed companies in asset-light strategy-Meibang Clothing, Seiima Clotliing and Souyut© Clotliing are selected, all of wliicli belong to Shenzhen A shares. The proportion of fixed assets of the thi'ee gannent enterprises is relatively low. According to the financial statements of the tliiee entei'prises, the proportion of fixed assets of the three enterprises is less than 35% in the past five years・ Among them, US and Senina are typical asset-light strategy enteiprises familiar to consumers, and Souyut© Gannents is a relatively young asset-light strategy ganiieiit enterprise. Tlie main financial data used for analysis in the following paragraphs are mainly from the financial reports of the tluee listed gamient enteiprises in 2008-2012, the financial indicators of the tluee listed gannent enteiprises in Siiia Finance and Economics and the financial indicators of the gannent industiy of the listed Chinese industrial and conmiercial companies in 2008-2012・
4. The characteristics of profitability of light asset transportation garment enterprises
Based on the analysis of the profitability of asset-light strategy used in US, Seiima and Souyute gannents and the comparative analysis with the average valu己 of the domestic textile and gannent industiy in the past fiv亡 years, we can find that the gannent enteiprises using asset-light strategy have fast product renewal speed and relath-ely short product cycle・ Tlie characteristics of the gannent enterprise asset-light strategy are mainly manifested in financial indicators, marketing modes, research aiid development expenditures, etc.
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