Research On Financial Benchmarking Of Xtep International Holdings Limited

With the increasing sense of identity to the Olympic Games,the Asian Games,the World Cup football match and other major events,a growing number of people are taking part in various sports with greater enthusiasm,which directly leads to a continuously increasing demand for sports clothing and a greater pace of development of sportswear industry.Xtep International Holdings Limited(hereinafter referred to as Xtep)is one of the five leading enterprises on the domestic sportswear market.And its market share is on the rise,and is keeping a momentum of sound development in recent years.However,there is still a gap compared with the top-ranked Anta sports Products Ltd.(hereinafter referred to as Anta),especially in financial management.Financial benchmarking analysis is an advanced management method recognized at home and abroad.It is necessary to make financial comparison between Xtep and Anta and industry average,so as to enhance Xtep's competitiveness by utilizing its strengths and avoiding weaknesses.The subject of this study is Xtep.Using literature research method,theoretical research method,comparative analysis method,quantitative analysis method and other research methods,we make financial comparison between Xtep and Anta and industry average,which will help with analyzing and narrowing the gap between Xtep,benchmark enterprises and industry average in operation,investment and financing,so as to strengthen the enterprise's competition advantage.The paper consists of five parts.First,the background,objective,significance,methods and contents of the research was elaborated,and the research results of professional scholars at home and abroad was summarized.Secondly,the financial benchmarking is elaborated in detail from the perspective of the meaning,classification and function of benchmarking management,of the meaning,function,methods and steps of financial benchmarking and of the construction of financial benchmarking system.Third,we comprehensively analyzed the financial status quo of Xtep,the necessity and feasibility for Xtep to implement financial benchmarking and the construction process of financial benchmarking system,and then explore the reason for choosing Anta as its benchmark enterprise and comprehensively analyzed the financial status quo of Anta.Fourth,after searching and sorting out data for the selected financial indicators,and performing the financial benchmarking analysis of Xtep,Anta and industry average from debt paying ability,profitability,operation ability and development ability,we find some problems in Xtep,such as weak inventory management ability,poor receivables recovery ability,over-reliance on main brands in sales performance,and poor profitability.And finally,according to the these shortcomings,we put forward some improvement measures,such as improving inventory management system,strengthening receivables recovery,improving sales performance by multi-directional layout,improving operating profit by optimizing user experience.