会计学院知识库

白酒行业作为我国的传统行业已经有几千年的历史，自国家积极推进“互联网+”行动以来，行业发展势头良好，市值波动幅度较大，市值管理的作用越来越重要。本文的案例企业青青稞酒，在近几年的发展过程中不断扩大经营领域，但其经营成效不佳，市场价值整体呈下降趋势，市值管理效果不明显。

资本结构反映的是企业债务与股权的比例关系，是企业财务状况的一项重要指标，与公司市场价值密切相关, 也是影响市值管理的重要因素之一。而青青稞酒在不断发展壮大的过程，却一直没有引入债务资本，尤其是长期债务资本，资本结构明显不合理。对资本结构进行规范化管理，能有效约束企业的经营行为，对于市值管理意义重大，因此，本文基于市值管理视角，研究青青稞酒的资本结构优化问题。

本文采用案例研究的方法，首先，梳理了资本结构和市值管理的相关概念及理论，阐述了资本结构与市值管理的影响机理。其次，分析案例企业青青稞酒的经营状况和资本结构现状，采用横向与纵向相结合的方式，将经营状况和资本结构的相关指标与标杆企业指标值、行业均值作对比，找出资本结构存在的问题、成因以及资本结构对市值管理的影响。最后，在市值管理的视角下提出了优化资本结构的相关建议，希望案例企业能改善资本结构，实现企业价值最大化，以期对其市值管理起到积极作用。

Liquor industry is a traditional industry for thousands years in China. Since the “Internet +” operation was launched, the industry has developed well, the market value fluctuates greatly and the role of market value management is becoming more and more important. In recent years, the case enterprise QQKJ continues to expand the business field in the process of development, but its business effect is not good and the market value is declining, and market value management effect is not obvious.

 The Capital Structure reflects the relationship between debt and equity, and is an important indicator of the financial situation for an enterprise, and it is also one of the important factors that affect the market value management, which closely related to the market value of a company. However, the QQKJ has not introduced debt capital, especially long-term debt in the process of development and growth, the capital structure is obviously unreasonable. Therefore, standardized management of capital structure can restrain the operation of enterprises effectively, which is of great significance to market value management. Therefore, this paper studies the capital structure optimization of QQKJ from the perspective of market value management. 

The paper adopts the method of case study. Firstly, it combs the related concepts and theories of capital structure and market value management, and expounds the influence mechanism of capital structure and market value management. Secondly, it analyzes the operation and capital structure status of the case enterprise QQKJ, and compares the relevant indicators of operation status and capital structure with the benchmark enterprise and industry average datas. Finally, this paper puts forward some suggestions to optimize the capital structure from the perspective of market value management, and hopes the case enterprise can optimize the capital structure and maximize the market value, and play a positive role in the market value management.