| ACKNOWLEDGEMENTS | 第4-5页 |
| ABSTRACT | 第5页 |
| 摘要 | 第6-7页 |
| LIST OF ABBREVIATIONS | 第7-16页 |
| 1. INTRODUCTION | 第16-20页 |
| 1.1 Research Background and Significance | 第16-17页 |
| 1.2 Research Methods | 第17页 |
| 1.3 Research Objectives | 第17-18页 |
| 1.4 Research Logical Structure | 第18-20页 |
| 2. LITERATURE REVIEW | 第20-40页 |
| 2.1 The Review of Asset-Light Mode of Operation | 第20-29页 |
| 2.1.1 Concept of the Asset-light Mode of Operation | 第20-21页 |
| 2.1.2 Characteristics of Asset-Light Operation Mode | 第21-22页 |
| 2.1.3 Existing Research by Domestic Scholars | 第22-26页 |
| 2.1.4 Existing Research by Foreign Scholars | 第26-29页 |
| 2.2 The Literature Review of Financial Strategy | 第29-35页 |
| 2.2.1 Concept of Financial Strategy | 第29页 |
| 2.2.2 Characteristics of Financial Strategy | 第29-31页 |
| 2.2.3 Types of Financial Strategy | 第31-33页 |
| 2.2.4 Existing Research by Scholars | 第33-35页 |
| 2.3 Financial Strategy under Asset-Light Mode of Operation | 第35-36页 |
| 2.4 Comments on Existing Research | 第36-39页 |
| 2.4.1 Comments on the Review of Asset-Light Operation Mode | 第36-38页 |
| 2.4.2 Comments on the Review of Financial Strategy | 第38-39页 |
| 2.5 Significance of the Thesis | 第39-40页 |
| 3. CASE DESCRIPTION | 第40-50页 |
| 3.1 Company Profile | 第40-42页 |
| 3.1.1 Company History | 第40页 |
| 3.1.2 Main Business of HL Co., Ltd | 第40页 |
| 3.1.3 Company Development | 第40-42页 |
| 3.2 Characteristics of HL Co., Ltd. under Asset-light Operation Mode | 第42-46页 |
| 3.3 Status Quo of HL’s Financial Strategy under Asset-Light Mode ofOperation | 第46-50页 |
| 3.3.1 Financing Strategy | 第46-47页 |
| 3.3.2 Investment Strategy | 第47-48页 |
| 3.3.3 Working Capital Management Strategy | 第48-50页 |
| 4. CASE ANALYSIS | 第50-64页 |
| 4.1 Porter’s Five Forces Analysis | 第50-52页 |
| 4.1.1 Threat of New Entrants | 第50-51页 |
| 4.1.2 Intensity of Rivalry Among Competitors | 第51-52页 |
| 4.1.3 Bargaining Power of Suppliers | 第52页 |
| 4.1.4 Bargaining Power of Buyers | 第52页 |
| 4.1.5 Threat of Substitute Products | 第52页 |
| 4.2 Financing Status Analysis of the HL Co., Ltd | 第52-60页 |
| 4.2.1 Solvency Analysis | 第52-56页 |
| 4.2.2 Investment Status Analysis | 第56页 |
| 4.2.3 Profit Distribution Status Analysis | 第56-57页 |
| 4.2.4 Analysis of Operation Financial Data | 第57-60页 |
| 4.3 Main Problems of HL Co., Ltd | 第60-62页 |
| 4.3.1 Hard to Financing | 第60页 |
| 4.3.2 Great Uncertainty on the Expected Return on Investment | 第60页 |
| 4.3.3 Large-scale Inventory and Low Inventory Turnover | 第60-61页 |
| 4.3.4 Low Utilization of Monetary Funds | 第61-62页 |
| 4.4 Causes of Problems | 第62-64页 |
| 4.4.1 Negative Influences of the Garment Industry | 第62页 |
| 4.4.2 Credit Sales and Franchising Policy | 第62-64页 |
| 5. SUGGESTIONS | 第64-70页 |
| 5.1 Broadening the Financing Channels | 第64-65页 |
| 5.2 Guaranteeing Return on Investment | 第65页 |
| 5.3 Strengthening The Management of Accounts Receivable | 第65-70页 |
| 5.3.1 Strengthening Enterprise Risk Awareness | 第65-66页 |
| 5.3.2 Developing More Reasonable Evaluation Incentives | 第66页 |
| 5.3.3 Improving Dealer Credit Evaluation System | 第66页 |
| 5.3.4 Automating and Integrating Receivables Management | 第66-68页 |
| 5.3.5 Strengthening Internal Control of Accounts Receivable | 第68页 |
| 5.3.6 Accounts Receivable Conversion | 第68-70页 |
| 6. CONCLUSION AND IMPLICATIONS | 第70-72页 |
| 6.1 Summary of the research | 第70页 |
| 6.2 Limitations of the research | 第70-71页 |
| 6.3 Implications of the research | 第71-72页 |
| REFERENCES | 第72-74页 |
