会计学院知识库

中国服装产业在国民经济中占据重要地位，然而受制于人工及原材料成本的攀升、消费者需求的升级与电商模式的迅速崛起，使企业面临着前所未有的挑战。针对此种困境，国务院印发的《中国制造2025》中提到要进一步引导纺织业等产业向价值链高端发展，而轻资产商业模式的运用可以发挥关键作用。该模式可以使企业借助外包减轻负担，优化资源配置，从而获得竞争优势。鉴于森马服饰运用了轻资产商业模式并取得显著成果，故选择其进行深入研究。

本文在研究方法上综合运用了文献研究、案例研究和比较分析法，并以森马服饰作为研究对象。首先，论述了服装企业轻资产商业模式的实施背景、森马服饰的概况以及其轻资产商业模式的财务特征。其次，借助波特价值链分析模型，从内、外两方面对企业价值创造的路径进行分析。在内部价值链方面，加大研发设计投入、采取生产外包策略、推行品牌营销战略、布局全渠道营销网络、建设物流运输体系以及加强人力资源管理；在外部价值链方面，进一步强化与优质供应商合作并开拓新的客户群体。最后，从财务绩效和经济增加值两方面来分析和评价企业价值创造效应，并总结出启示供相关企业参考借鉴。

通过本文研究发现：轻资产商业模式通过影响企业内、外部价值链各环节的决策，从而形成能为企业创造超额收益的核心轻资产，并影响了企业价值驱动因素指标的数值，最终创造企业价值；轻资产商业模式有助于企业实现价值创造；轻资产商业模式的不同路径产生的价值创造效果不同。

China's garment industry occupies an important position in the national economy, but constrained by the escalating costs of labor and raw materials, the increasing consumer sophistication and the prevalence of e-commerce platforms, companies are facing unprecedented challenges. In response to this dilemma, the "Made in China 2025" issued by the State Council mentioned that it is necessary to further guide the textile industry and other industries to develop to the high-end of the value chain, and the use of asset-light business models can play a key role. This model allows enterprises to reduce the burden and optimize resource allocation with the help of outsourcing, so as to gain a competitive advantage. In view of the successful use of the asset-light business model and the remarkable results, Semir was selected for in-depth research and analysis.

In terms of research methodology, this paper comprehensively uses literature research, case study and comparative analysis methods, and takes Semir clothing as the research object. Firstly, the implementation background of the asset-light business model in the apparel industry, the general situation of Semir Apparel and the financial characteristics of its asset-light business model are discussed. Secondly, with the help of Porter's value chain analysis model, the path of enterprise value creation is analyzed from both internal and external aspects, and the internal value chain should increase investment in R&D and design, adopt production outsourcing strategy, implement brand marketing strategy, lay out omni-channel marketing network, build logistics and transportation system and strengthen human resource management, and further strengthen cooperation with high-quality suppliers and develop new customer groups in the external value chain. Finally, the enterprise value creation effect is analysed and evaluated in terms of both financial performance and economic value added, and insights are summarised for reference by relevant enterprises.

Through this paper, it is found that: the asset-light business model influences the decision-making of each link in the internal and external value chain of the enterprise, thus forming the core light assets that can create excess returns for the enterprise and influencing the value of the enterprise value driver indicators, which ultimately creates the value of the enterprise; the asset-light business model contributes to the creation of the value of the enterprise; and the different paths of the asset-light business model have different effects on the creation of the value of the enterprise.