西南交通大学硕士研究生学位论文
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摘要

中国的酿酒业已有数千年的发展历史,白酒作为我国特有的酒种,是世界六大蒸

馏酒之一,在世界烈性酒类产品中独树一帜。早在上世纪60年代中期,我国就开始对

白酒的香型分类进行了系统化的研究。1979年的第三届全国评酒会首次对白酒的香型

进行了定义并分类.?以茅台为代表的酱香型;以五粮液、泸州老窖、洋河为代表的浓

香型;以山西汾酒为代表的清香型;以郎酒、口子窖为代表的兼香型及其他香型。

泸州老窖可以说是中国浓香型白酒的发源地,拥有我国建造最早、连续使用时间

最长、保护最完整的1573国宝窖池群。公司作为浓香型白酒的代表,2006年入选首批

"国家级非物质文化遗产名录”,是业内唯一拥有“双国宝”的企业。山西汾酒的酿酒

历史可以追溯到5000多年前,所谓凡天下大事,"喝”酒比“汾”,“汾”酒比“喝”。

山西汾酒作为清香型白酒的代表,曾一度成为中国白酒行业的领跑者。

本文以泸州老窖和山西汾酒这两家具有历史渊源和香型代表的企业为研究对象,

以两家公司2007年-2011年年度报告中的相关财务数据为基础,以申银万国证券对白

酒行业划分的13家上市公司为行业样本,构建了本文研究的基础数据库。在此基础上,

首先分别从盈利能力、现金创造能力、价值创造能力、成长能力和风险控制能力五个

方面,系统全面地对比分析了泸州老窖公司、山西汾酒公司及白酒行业的20项财务指

标,深入剖析了某些重要财务指标结果蕴含的意义。其次,运用改进的杜邦分析法,

分别研究了泸州老窖和山西汾酒的净资产收益率ROE在近5年中产生变化的原因。最

后运用财务矩阵图理论方法,分别分析了两家公司在各年度所采用的财务战略及其战

略发生变化的原因。

通过上述分析和对比,文章找出了两家公司在上述各方面存在的优劣势及其与行

业平均水平的比较优势和劣势,希望能为泸州老窖和山西汾酒公司的管理层、利益相

关方、报表使用者、投资者以及白酒行业的研究员提供有价值的参考,并希望能为其

他公司的财务分析和传统财务分析方法的进一步改进提供有用的借鉴。

关键词:泸州老窖;山西汾酒;财务对比;改进后的杜邦分析;财务战略矩阵

西南交通大学硕士研究生学位论文
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Abstract

The wine-making industry in China has a history of several thousand years. White spirit,

unique liquor produced in China and among the six world-renowned distilled liquors, is

never a follower of others. Early in the mid-1960s, we started our history of systematic

research on the flavor styles. In the third Liquor Tasting Conference in 1979, the definition

and classification of flavor styles were made for the first time: soy source flavor type

(Maotai flavor) represented by Maotai; strong flavor type (Luzhou flavor) represented by

Wuliangye, Luzhoulaojiao, and Yanghe; Fresh flavor (Fen flavor) represented by Shanxi Fen

Wine; Maotai-luzhou flavor and other flavors.

Luzhoulaojiao is surely the birthplace of Chinese strong flavor liquor, and is home to

the 1573 National Treasure Pits which is the longest in history and in use. Its integrity is also

protected best during the years. As a representative of strong flavor white wine producer,the

company was listed among the first batch of the National Non-material Cultural Legacy in

2006 and is the only company which possesses ''Double National Treasures'*. The

wine-making industry of Shanxi Fen Wine dates back to over 5000 years ago. There is a

saying that the Fen Wine is a must when you choose which to drink. Typifying the fresh

liquor in China, Fen Wine was once the leader of Chinese white liquor industry.

This paper takes Luzhoulaojiao and Shanxi Fen Wine as the research targets. Because

the two companies both have long histories and are representatives in different flavor styles.

This paper builds a basic data base which is based upon relevant financial figures of the two

companies from their respective 2007 to 2011 annual reports. The samples of the industry

come from the 13 listed white spirit companies classified by Shenyin Wanguo Securities. An

overall comparative and systematic analysis is made on 20 financial indexes in the Chinese

white spirit industry and Luzhoulaojiao Co Ltd and Shanxi Fen Wine Co Ltd in terms of the

following five abilities: profitability, cash-making ability, value-making ability, growth

capacity and risk management capacity. Besides,a deep analysis is conducted on the

significance of certain critical financial index figures. Improved DuPont Analysis is applied

to figure out the reasons for the changes of the respective ROE of Luzhoulaojiao and Shanxi

Fen Wine within 5 years. In addition, the annual financial strategies adopted by the two