摘要
摘要
我国为人口大国，占全球人口总量约五分之一，服装市场广阔。服装作为
人们生活的必需品、消耗品，改革开放以来居民收入水平稳步提高居，居民物
质消费能力显著提升，服装产业规模也进一步扩大。休闲服装品牌在经历了二
十世纪末二十一世纪初的野蛮生长之后，迎来新一轮的大洗牌。由于纺织服装
行业的进入门槛低，而退出成本高，更是加剧了该产业的竞争。目前，在高档
服饰品牌市场，能让大家耳熟能详的国产服装品牌近乎没有，国产高档服装品
牌匮乏。而在中档服饰市场，国产服饰品牌如雨后春笋般迅速发展，以东南沿
海服装企业为代表，有海澜之家、森马、特步、太平鸟等等。由于缺乏创新，
我国中档服饰品牌的产品趋同，进一步加剧服装产业竞争，不少中档品牌面临
经营困难。在低端服饰市场，各种不出名的服装公司数不胜数，企业间的竞争
局限于低成本的价格战。
本文以深圳证券交易所上市的服装公司--美邦服饰为研究对象，从财务报表
分析角度对美特斯邦威这一中档服装品牌的可持续发展问题。论文以战略分析
为起点，介绍了案例企业的成长历程、所处的宏微观经营环境，分析案例企业
的竞争战略和经营模式。论文对案例企业的 2015年至 2020年的财务报表进行
分析，计算公司偿债能力指标、运营能力指标、盈利能力指标，并将这些财务
比率与标杆企业做横向比较，指出案例企业与标杆企业相比存在的差距。分析
案例企业的现金流趋势，了解资金状况。
通过战略分析与财务分析，发现美邦服饰在可持续发展方面存在问题。美
邦服饰近年的亏损，已经严重影响到企业的可持续发展。对美邦服饰可持续发
展而言，首先是扭转亏损局面，然后再考虑可持续增长问题。美邦服饰近年来
核心竞争力减弱、现金紧张、存货积压、资产周转率低、期间费用高，这些因
素都对美邦服饰的可持续发展带来不利影响。针对这些问题，论文一一给出管
理建议，助力于美邦服饰可持续发展。
关键词：可持续发展；财务报表分析；现金流
I

Abstract
Research on Sustainable Development of
Metersbonwe——Based on the Perspective of
Financial Reporting
[Huijuan Wang]
[Master]
Directed by [Pengjie Na]
According to data from the National Bureau of Statistics, our country's population
exceeded 1.4 billion in 2019, accounting for about one-fifth of the world's total
population. So the clothing market is expanding day by day. Clothing is the
necessities and consumables of people's lives. With the reform and opening up, the
income level of residents has increased, so people spend more and more on clothing.
After experiencing the free development at the end of the 20th century and the
beginning of the 21st century, the clothing market ushered in a huge test. Due to the
low entry barrier and high exit cost of the textile and apparel industry, the competition
in the industry has been intensified. At present, in the high-end clothing brand market,
there are almost no domestic clothing brands familiar to everyone, and there is a
shortage of domestic high-end clothing brands. In the mid-range apparel market,
domestic apparel brands have sprung up like mushrooms after the rain. The southeast
coastal apparel companies are represented by Hailan House, Semir, Xtep, Peacebird
and so on. Due to the lack of innovation, the products of my country's mid-range
apparel brands are converging, further intensifying competition in the apparel industry,
and many mid-range brands are facing operating difficulties. In the low-end apparel
market, there are countless obscure apparel companies, and competition among
enterprises is limited to low-cost price wars.
This article takes Metersbonwe, a clothing company listed on the Shenzhen Stock
Exchange, as the research object, and analyzes the sustainable development of
Metersbonwe, a mid-range clothing brand, from the perspective of financial statement
II

Abstract
analysis. Starting from strategic analysis, the thesis introduces the growth process of
the case company, the macro and micro business environment in which it is located,
and analyzes the competition strategy and business model of the case company. The
paper analyzes the financial statements of the case company from 2015 to 2020,
calculates the company’ s solvency indicators, operating capacity indicators, and
profitability indicators, and compares these financial ratios with benchmark
companies horizontally, and points out that the case companies are comparable to
benchmark companies Than the gap that exists. Analyze the cash flow trend of the
case company and understand the capital status.
Through strategic analysis and financial analysis, it is found that Metersbonwe has
problems in sustainable development. Metersbonwe’s losses in recent years have
seriously affected the sustainable development of the company. For the sustainable
development of Metersbonwe, the first is to reverse the loss, and then consider the
issue of sustainable growth. In recent years, Metersbonwe has weakened its core
competitiveness, tight cash, overstocked inventory, low asset turnover, and high
interim expenses. These factors have adversely affected the sustainable development
of Smith Barney apparel. In response to these problems, the paper gives management
suggestions one by one to help the sustainable development of Metersbonwe.
Keywords: Sustainable Development；Financial Statement Analysis；Cash Flow
III
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