会计学院知识库

白酒行业作为中国传统经济发展的一个重要行业，行业龙头国资控股特点显
著，通过近年来的深层次调控，市场热议程度进一步加深，其运营情况不断复苏，我国又陆续颁布了许多促进酒类企业发展的法规，这给酒类产业提供了全新的机会和挑战。本文试图以企业价值最大化为终极目标，用案例研究、比较研究和理论与实证相结合的方法，选取泸州老窖这一具有显著国资控股特点的白酒行业头部企业进行研究，探索在大数据时代，传统行业中国有上市公司通过优化资本结构稳步推进公司重大战略落地，实现企业价值最大化的可行性方案。
本文对泸州老窖 2013 年-2020 年的财务数据进行纵向分析，同时利用比较分
析法，选择茅台、五粮液和洋河股份三家公司进行横向对比，发现泸州老窖资本
结构存在资产负债率略高、负债结构不合理、股权集中度高、融资渠道单一、财
务杠杆利用不充分等国有上市公司资本结构方面存在的明显问题，进而展开问题
及成因分析。针对上述问题，在实现企业价值最大化目标的企业静态管理优化目
标基础上，将综合考虑内部和外部影响因素及其变化的可能性，确定最优资本结
构范围。在静态模型最优的基础上，加入财务弹性考量，确定最优资本结构水平
范围的下限，即为 15%的静态最优资产负债率，为了确定更加符合现实的最优资
本结构范围上限，本文结合影响泸州老窖资本结构内外部因素进行动态优化分
析，采用熵权法确定相应权重，以行业前三企业财务数据为参考，加入对公司发
展战略的考量，确定泸州老窖最优资本结构浮动区间为[15%，28.7%]。
根据所剖析出来的还有待改进发展的地方，提出适合我国国情的泸州老窖资
本结构优化建议，如：优化企业组织和人才结构、拓展融资方式、优化负债结构、调整股权结构、增强风险控制能力等。期望通过对泸州老窖资本结构优化的研究，对其实现企业价值最大化有一定借鉴意义。

Liquor-making industry as an important industry of Chinese
traditional economic development, industry leading state-owned asset
holding characteristics significantly, through deep level control in recent
years, the market hot degree deepens, the operation recovery, China has
enacted many laws and regulations, to promote the development of liquor enterprise that provides new opportunities and challenges to wine
industry. This article attempts take the enterprise value maximization as
the ultimate goal, with a case study, comparative study, and the
combination of theory and empirical methods, selection of luzhou laojiao
(a kind of daqu liquor), a significant assets holding the characteristics of
the head of liquor-making industry enterprises to carry out research and
exploration in the era of big data, traditional industry by optimizing the
capital structure of listed companies in China steadily push forward the
company major strategic ground, The feasibility plan of realizing
enterprise value maximization.
This paper conducts longitudinal analysis on the financial data of
Luzhou Laojiao From 2013 to 2020. Meanwhile, comparative analysis is
used to select Maotai, Wuliangye and Yanghe For horizontal comparison. It is found that the capital structure of Luzhou Laojiao has some obvious problems in the capital structure of state-owned listed companies, such as slightly higher asset-liability ratio, unreasonable debt structure, high degree of ownership concentration, single financing method and insufficient financial leverage. Meanwhile, the causes of the problems are analyzed.In view of the above problems, on the basis of the enterprise static management optimization goal of maximizing enterprise value, the internal and external influencing factors and the possibility of change will be comprehensively considered to determine the optimal capital structure range. When calculating the static model of optimal capital structure, on the basis of join financial flexibility, determine the lower limit of the optimal capital structure level, namely static optimal asset-liability ratio is 15%, in order to determine the optimal capital structure more in line with the reality of upper limit, based on both internal and external factors influence the luzhou laojiao (a kind of daqu liquor) capital structure dynamic optimization analysis, The entropy weight method was adopted to determine the corresponding weight, the financial data of the top three enterprises in the industry was taken as reference, and the consideration of the company's development strategy was added to determine the optimal floating range of the capital structure of Luzhou Laojiao as [15%, 28.7%].
According to the analyzed areas that still need to be improved and
developed, suggestions for optimizing the capital structure of Luzhou
Laojiao are put forward that are suitable for China's national conditions,
such as optimizing the enterprise organization and talent structure,
expanding financing methods, optimizing the debt structure, adjusting the equity structure and enhancing the risk control ability. It is expected that the study on capital structure optimization of Luzhou Laojiao Will have certain reference significance for its realization of enterprise value
maximization.