会计学院知识库

  资本结构在企业中扮演着极为重要的角色。一般情况下合理的资本结构对企业价值会产生正面的影响。饮料行业由于处于不断地扩张和特殊的市场环境中，一些企业的资本结构并未与其发展速度达到协调，威胁着企业的生存和长远发展。

 本文以资本结构相关理论为基础，香飘飘食品股份公司（简称香飘飘）为例，通过分析香飘飘2015-2019年的财务和非财务数据，发现香飘飘的资本结构存在一定的问题，根据最优资本结构理论提出了解决方案和优化措施。首先，分析了饮料行业现状和香飘飘的概况。其次，以理论分析为基础，对香飘飘的资本结构现状展开研究和分析。主要从两方面分析：一方面将香飘飘2015-2019年的资产结构、负债结构、股权结构、产权比率与饮料行业资产、负债结构、股权结构、产权比率均值进行对比分析；另一方面运用EVA理论和EVA计算公式计算、分析香飘飘2015-2019年税后净营业利润、总投入资本、加权资本平均成本率，推出香飘飘2015-2019年的EVA，将其变动幅度与同行业EVA均值的变动幅度进行比较。结合财务指标和经济增加值指标，发现香飘飘各负债之间的占比和股权架构存在问题，主要表现为资产负债率与同行业均值相比偏低、负债结构中长短期贷款和应付款项等占比不合理以及股权结构中公司创始人、家族人员持股过高等问题。

  为解决以上问题，根据最优资本结构模型计算得出了香飘飘的最优资产负债率。主要综合饮料行业相关平均值对比分析、公司财务状况分析及最优资本结构模型计算结果三方面，对香飘飘资本结构进行动态优化调整，确定最优资本结构合理区间为（40%，50%）。最后，通过优化负债结构、优化股权结构、改进财务状况和提高公司对资本结构的检测能力来保障香飘飘最优资本结构在公司得到贯彻和落实。

  Capital structure plays an extremely important role in enterprises. Generally, a reasonable capital structure will have a positive impact on the enterprise value. Because the beverage industry is in the continuous expansion and special market environment, the capital structure of some enterprises is not coordinated with its development speed, threatening the survival and long-term development of enterprises.

   Based on the theory of capital structure，taking Xiangpiaopiao Food Co., Ltd. as an example, the financial and non-financial data of Xiangpiaopiao Food Co., Ltd. from 2015 to 2019 are analyzed, it is found that there are certain problems in the capital structure of Xiangpiaopiao Food Co., Ltd. solutions and optimization measures are proposed according to the optimal capital structure theory. First, the status quo of the beverage industry and the general situation of Xiangpiaopiao Food Co., Ltd. is analyzed; second, a research of the current capital structure of Xiangpiaopiao Co., Ltd. is conducted based on theoretical analysis. The analysis and research are conducted mainly from two aspects: On the other hand, using EVA theory and EVA calculation formula, Xiangpiaopiao's net operating profit, total invested capital, and weighted average cost of capital during 2015- 2019 after tax are calculated and analyzed to obtain the EVA of Xiangpiaopiao Food Co., Ltd. during 2015- 2019, comparing the change range with that of the average EVA in the same industry. Through financial analysis and economic value added analysis, it is comprehensively concluded that the existing problems in the capital structure of Xiangpiaopiao Co., Ltd. are mainly manifested in the low asset-liability ratio compared with the average value of the same industry, unreasonable ratio between the long-term and short-term loans and payables in the debt structure, and excessive shareholding of company founders and family members in the shareholding structure.

  In order to solve the above problems, the optimal ratio of asset-liability of Xiangpiaopiao Co., Ltd. is calculated in accordance with the optimal capital structure model. Mainly the relevant average value of the beverage industry, the company's financial status and the calculation results of the optimal capital structure model are comprehensive analyzed, thus the dynamic optimization and adjustment of the capital structure of Xiangpiaopiao Co., Ltd is confirmed(40%, 50%). Finally, the implementation of the optimal capital structure of Xiangpiaopiao Co., Ltd. may be guaranteed by optimizing its liability structure, optimizing its ownership structure, improving its financial status and improving its ability to detect capital structure.