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中国经济发展进入新常态以来，传统行业之间的竞争愈加激烈，如何能够在同质化的市场竞争中打破发展困境，创造新的经济增长点，成为许多企业迫切需要解决的问题。在这样的背景下，越来越多的企业开始探索新的资金管理模式，试图通过对传统管理模式的变革改变企业的发展现状。由于具有利用较少资源投入实现较高价值的特点，轻资产运营模式开始受到各行业的关注。但在轻资产模式运行过程中，高现金流和高无息债务比例增加了企业的财务风险，这对企业的营运资金管理提出更高的要求，促使企业在运营过程中加强营运资金管理，科学监控风险水平，进而保障企业高效地渡过转型，保持轻资产模式的稳定发展。

为通过具体的实践案例对轻资产运营模式下企业的营运资金管理进行更加细致入微的探究，本文将海澜之家作为研究对象，运用案例研究的方法剖析其轻资产运营模式下的营运资金管理问题。选择海澜之家的原因主要有以下两点：其一，我国服装行业是运用轻资产模式较早的行业，如今已经发展到了比较成熟的阶段；其二，海澜之家是服装行业的龙头企业，且在成立初期就选择了轻资产运营模式，因此在该问题的研究中具有一定的代表性。基于此，本文在已有研究的基础上，首先分析了海澜之家轻资产运营模式对其营运资金管理的具体影响，之后在“行为-影响-效果”的逻辑框架下，选取海澜之家2014年至2021年的年报数据作为案例分析的主要依据，从流动性、盈利性以及风险性三个方面对其营运资金管理进行深入分析，然后依据分析结果指出海澜之家轻资产模式下营运资金管理中存在的问题，并针对相关问题给出了改进建议。

最后研究发现，海澜之家营运资金管理水平较高，在流动性、盈利性、风险性三个方面优势明显。但是，海澜之家发展进入成熟期后，过度占用供应商资金、存货流转速度慢、营销策略欠佳及应收账款管理不善的问题日益凸显，轻资产运营对海澜之家的营运资金管理提出了更高的要求。本文针对海澜之家在轻资产运营中的潜在问题，为企业提出适度让利供应商、加强存货管理、创新营销方式、管理客户优化回款等改进建议,进而为服装行业内同样采用轻资产模式的企业提供一些参考。

Since China's economic development has entered the new normal, the competition among traditional industries has become increasingly fierce. How to break the development dilemma and create new economic growth points in the homogenized market competition has become an urgent problem for many enterprises to solve. In this context, more and more enterprises begin to explore new fund management mode, trying to change the development status of enterprises through the reform of traditional management mode. Due to the characteristic of realizing higher value with less resource input, the asset-light operation mode has attracted the attention of various industries. However, in the operation process of the asset-light mode, high cash flow and high proportion of non-interest-bearing debt increase the financial risks of enterprises, which puts forward higher requirements for the working capital management of enterprises, and urges enterprises to strengthen the working capital management and scientifically monitor the risk level in the operation process, so as to ensure that enterprises can efficiently go through the transformation and maintain the stable development of the asset-light mode.

In order to make a more detailed exploration of the working capital management of enterprises under the asset-light operation mode through specific practical cases, this paper takes Heilan Home as a research sample and uses the case study method to analyze its working capital management under the asset-light operation mode. There are two main reasons for choosing Heilan Home: First, Chinese clothing industry is an industry that uses asset-light mode earlier, and has developed to a relatively mature stage now; Second, Heilan Home is a leading enterprise in the garment industry, and it chose the asset-light operation mode at the early stage of its establishment, so it is representative of the research on this issue. Based on this, on the basis of existing studies, this paper first analyzes the specific impact of the asset-light operation mode of Heilan Home on its working capital management, and then selects the annual report data of Heilan Home from 2014 to 2021 as the main basis for case analysis under the logical framework of "behaviors-impact-effects". This paper makes an in-depth analysis of its working capital management from three aspects of liquidity, profitability and risk, and then points out the problems existing in the working capital management under the asset-light model of Heilan Home based on the analysis results, and gives suggestions for improvement.

Finally, it is found that Heilan Home has a high level of working capital management, especially in the aspects of liquidity and profitability. However, after its mature development, Heilan Home has increasingly prominent problems such as excessive use of supplier funds, slow inventory flow, poor marketing strategy and poor management of accounts receivable. Asset-light operation has put forward higher requirements for the working capital management of Heilan Home. In view of the potential problems existing in the asset-light operation of Heilan Home, this paper puts forward some suggestions for the enterprise to appropriately yield profits to suppliers, strengthen inventory management, innovate marketing methods, manage customers and optimize payment collection, etc., and then provides some references for the enterprises in the clothing industry that also adopt the asset-light mode.