会计学院知识库

在经济全球化的趋势下，国内经济格局不断演化。国内服装企业在这种环境下面临着重大挑战，企业的平稳运营和持续发展变得愈发困难，倘若局面无法得到有效控制，企业将可能陷于财务困境。
拉夏贝尔曾是我国服装行业的代表，其鼎盛之时拥有近一万家线下实体店。但是，拉夏贝尔在上市之后的经营过程中却面临巨额亏损、背负大量债务，陷入了严重的财务困境，最终在2022年4月14日退市。本文以拉夏贝尔作为研究对象，通过Z值模型与F分数模型对财务困境进行定量判定，与海澜之家财务数据进行对比，找出拉夏贝尔财务困境具体表现，分析拉夏贝尔财务困境产生的内外部成因，最后通过总结成因，针对服装企业内外部得出启示与建议。研究结果表明：造成拉夏贝尔财务困境的内部成因包括主营业务盈利能力不足、品牌运营效率不佳造成耗用现金流、存货管理能力不足、风险管理缺失；外部成因包括宏观经济影响、电商盛行导致实体店客流量下滑、行业竞争加剧。结合拉夏贝尔财务困境内外部成因，本文针对服装企业提出建议。主要建议有：提高主营业务盈利能力、加强企业现金流管控能力、提高存货管理水平、建立有效的风险管理部门、时刻关注宏观经济变化、聚焦线上业务、积极建立品牌合作。

Under the trend of economic globalization, the domestic economic pattern is constantly evolving. Domestic enterprises face major challenges in this environment, the smooth operation and sustainable development of enterprises becomes more and more difficult, if the situation is not effectively controlled, enterprises may fall into financial difficulties. 
La Chapelle was once a representative of China's clothing industry, with nearly 10,000 offline physical stores at its peak. However, in the operation process after listing, La Chapelle faced huge losses, took on a lot of debt, fell into serious financial difficulties, and finally delisted on April 14, 2022. This paper takes La Chapelle as the research object, conducts quantitative judgment of financial distress through Z-value model and F-score model, compares with the financial data of Heilan Home, finds out the specific manifestations of La Chapelle's financial distress, analyzes the internal and external causes of La Chapelle's financial distress, and finally draws inspiration and suggestions for the internal and external aspects of garment enterprises by summarizing the causes. The results show that the internal causes of the financial difficulties of La Chapelle include the lack of profitability of the main business, the consumption of cash flow due to the poor efficiency of brand operation, the lack of inventory management ability and the lack of risk management. External factors include macroeconomic effects, the popularity of e-commerce leading to a decline in physical store traffic, and increased industry competition. According to the internal and external causes of La Chapelle's financial predicament, this paper puts forward some suggestions for garment enterprises. The main suggestions are: improve the profitability of the main business, strengthen the cash flow control ability of the enterprise, improve the inventory management level, establish an effective risk management department, always pay attention to macroeconomic changes, focus on online bus