作为世界上最大的服装出口国，我国服装产业的兴盛对于经济发展的推动作用不容小觑。随着经济一体化程度的不断加深以及互联网电子商务等新技术的应用，以及国外服装品牌在我国市场的迅猛发展，消费者越来越注重时尚、文化和品牌。国内服装企业的首要之务，便是紧密抓住消费市场持续增长态势所带来的发展机遇，并且须应对服装市场竞争加大、零售渠道转变等挑战。面对复杂的发展环境，我国服装企业亟需探索新的方向，由高速发展的外延式转型升级进入内生式的高质量发展阶段。在网络经济的影响下，轻资产运营作为行业垂直分工细化的产物，以较低的资金投入撬动高收益的经济杠杆作用为许多企业所选择。其中，在男装品牌BYLF企业的运营策略中，轻资产模式的特点表现得尤为突出。该企业充分发挥该模式的独特性和优势，有效推动了自身的持续发展与壮大，引起业内关注。因此，研究BYLF服装企业轻资产运营模式路径及绩效，具有一定的现实意义。

本文选取BYLF服装企业作为案例企业。首先，梳理了国内外关于轻资产及轻资产运营模式的文献资料，总结归纳与轻资产运营模式相关的概念以及理论。其次，介绍了服装行业背景以及BYLF服装企业概况，并总结分析该服装企业轻资产运营模式的实施动因及路径。最后，依据BYLF企业实施轻资产运营模式的表现，对其财务绩效和非财务绩效两部分进行分析，探究该企业轻资产运营的绩效情况，同时与实施轻资产程度较低的服装企业报喜鸟以及行业均值进行对比分析，并依据BYLF服装企业实施轻资产运营模式的经验，提出加强存货管理、重视人才储备、积极布局线上渠道、建立并完善考察评估体系、强化供应链管理等启示。研究表明，实施轻资产运营模式对增强BYLF企业的盈利能力、偿债能力及发展能力有益，企业具有较为良好的品牌价值、营销能力及研发能力，增强了核心竞争力，为股东创造出价值，然而在一定程度上损害了营运能力，并且在运营过程存在一些问题，亟需加速存货周转、优化供应商管理等措施来促使企业绩效提升。

As the largest exporter of clothing products in China,the prosperity of the clothing industry plays a very important role in economic development.With the deepening of economic integration and the application of new technologies such as Internet e-commerce,as well as the rapid development of foreign clothing brands in the Chinese market,the demand of clothing consumer groups has gradually shifted to pay more attention to fashion,culture and brand.On the one hand,domestic clothing enterprises should firmly grasp the development opportunities of sustained consumption growth.On the other hand,they must deal with the challenges of increased competition in the clothing market and the transformation of retail channels.In the face of the complex development environment,China's clothing enterprises need to explore new directions,from the extensional development stage of high-speed development,to the transformation and upgrading of endogenous high-quality development stage.Under the influence of the network economy,asset-light operation,as the product of vertical division of labor in the industry,is selected by many enterprises to leverage the economic leverage effect of high returns with lower capital investment.Among them,the asset-light operation mode of men's clothing brand BYLF is more significant,and the characteristics and advantages of this mode are constantly promoting the development and growth of the enterprise,which has attracted attention in the industry.Therefore,it has certain practical significance to study the path and performance of the asset-light operation mode of BYLF enterprise.

 This paper selects BYLF clothing company as the case company.Firstly,it collects and organizes domestic and foreign literature related to light assets and light asset operation mode,and summarizes and generalizes the concepts and theories related to light asset operation mode.Secondly,it introduces the background of the clothing industry and the overview of BYLF clothing company,and summarizes and analyzes the motivation and path of implementing light asset operation mode in this clothing company.Finally,based on the performance of BYLF company's implementation of light asset operation mode,it analyzes its financial performance and non-financial performance,investigates the performance of the company's light asset operation,and compares it with the lower implementation of light asset degree of clothing companies such as Birds and industry average.Based on the successful experience of BYLF clothing company's implementation of light asset operation mode,it proposes suggestions such as strengthening inventory management,attaching importance to talent reserves,actively deploying online channels,establishing and improving the evaluation system,and strengthening supply chain management.The study shows that the implementation of light asset operation mode is beneficial to enhancing BYLF's profitability,debt repayment ability and development ability.The company has a relatively good brand value,marketing ability and R&D ability,enhancing its core competitiveness and creating value for shareholders.However,to some extent,it has damaged the operational ability,and there are some problems in the operation process.It is urgent to take measures such as accelerating inventory turnover and optimizing supplier management to improve corporate performance.

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