I 摘要 资本结构是指企业资本总额中各种资本的构成及其比例关系。是企业关注的重点内 容，也真实的揭示了企业的财务状况，对企业的运营和管理 有重要指导意义，最终影响 企业的价值。合理的资本结构有利于企业快速发展，不断创造利润，为股东们带来收益。 不合理的资本结构则会阻碍企业的成长。所以在多变的市场 环境中，企业要根据自身发 展需要不断优化资本结构，最终实现企业价值最大化的目标。 白酒行业经过几年的深度调整，近几年开始持续复苏，国家相继出台了一系列利于 白酒 企业发展的政策法规，这为企业带来了巨大的机遇，但也使行业竞争越发激烈。在 国家积极推进改革的浪潮中，企业应该优化资本结构，完善管理，提高销量，控制成本， 顺势 而上，在激烈的市场竞争中脱颖而出。 本文以山西汾酒为研究对象，选取2013年-2018年的财务数据。首先对国内外资本 结构研究文献做了综述，并介绍了相关的资本结构理论。 然后运用比例分析法，分析了 山西汾酒的财务状况，接着从总体分析、负债结构分析、股权结构分析、财务杠杆分析、 融资结构分析这五个方面对山西汾酒的资本结构进行了纵 向研究，运用比较分析法，与 五家同行业的优秀企业做横向比较，发现山西汾酒的资本结构存在资产负债率略高、流 动负债率偏高、股权集中度高、债务融资方式单一、财务杠 杆利用不充分的问题。然后 从静态和动态两方面对资本结构进行优化，并确定了资本结构最优的区间。最后根据资 本结构存在的问题提出了相关建议，如：拓宽融资渠道、均衡 负债结构、调整股权结构、 增强盈利能力。 本文研究的成果希望对山西汾酒在资本结构优化方面有一定的帮助，同时实现企业 价值最大化，能够在激烈的市场竞争中快速良性的 发展。 关键词 资本结构 山西汾酒 动态优化 资产负债率 河北大学硕士学位论文 II Abstract Capital structure refers to the composition and proportion of all kinds of capital in the total capital of an enterprise. It is the key content that enterprises pay attention to, and also truly reveals the financial status of enterprises, which has important guiding significance for the operation and management of enterprises and ultimately affects the value of enterprises. Reasonable capital structure is conducive to the rapid development of enterprises, constantly create profits, and bring benefits to shareholders. Unreasonable capital structure will hinder the growth of enterprises. Therefore, in the changeable market environment, enterprises should constantly optimize the capital structure according to their own development needs, and finally realize the goal of maximizing enterprise value. After several years of deep adjustment, the liquor industry began to recover continuously in recent years, and the state introduced a series of policies and regulations in favor of the development of liquor enterprises, which brought huge opportunities for enterprises, but also made the industry more and more competitive. In the tide of the country's active promotion of reform, enterprises should optimize the capital structure, improve management, increase sales, control costs, follow the trend, stand out in the fierce market competition. This paper takes Shanxi Fenjiu as the research object and selects the financial data from 2013 to 2018. First of all, the literature on capital structure at home and abroad is reviewed, and the relevant capital structure theories are introduced. Then use ratio analysis method, analyzes the financial condition of shanxi fenjiu, then from the overall analysis, liabilities structure analysis, structure analysis, financial leverage, financing structure analysis the capital structure of the five aspects of shanxi fenjiu longitudinal study, comparison analysis method, and five horizontal comparison, the excellent enterprises in the same industry of shanxi fenjiu capital structure are found high asset-liability ratio slightly tall, flow asset-liability ratio, equity concentration is high, the debt financing a single, inadequate use of leverage. Then it optimizes the capital structure from static and dynamic aspects and Abstract III determines the optimal range of the capital structure. Finally, according to the existing problems of capital structure, some Suggestions are put forward, such as broadening financing channels, balancing debt structure, adjusting equity structure and enhancing profitability. The research results of this paper hope to help Shanxi Fenjiu in the capital structure optimization, at the same time to achieve enterprise value maximization, in the fierce market competition in the rapid and benign development. Keywords capital structure Shanxi Fenjiu dynamic optimization asset-liability ratio 河北大学硕士学位论文 IV 目 录 第一章 绪论 .............................................................. 1 1.1研究背景和意 义 ..................................................... 1 1.1.1 研究背景 ..................................................... 1 1.1.2 研究意义 ..................................................... 1 1.2 文献综述与理论研究 ................................................ 2 1.2.1文献综述 ..................................................... 2 1.2.2理论研究 ..................................................... 4 1.3 主要研究内容和方法 ................................................ 5 1.3.1 研究内容 ..................................................... 5 1.3.2 研究方法 ..................................................... 6 1.4 研究创新 .......................................................... 6 第二章 白酒行业及山西汾酒发 展现状分析 ..................................... 8 2.1山西汾酒公司简介 ................................................... 8 2.2 白酒行业简介 ...................................................... 8 2.3 山西汾酒财务状况分析 ............................................. 10 2.3.1偿债能力 .................................................... 11 2.3.2运营能力 .................................................... 12 2.3.3盈利能力 .................................................... 13 2.3.4发展能力 .................................................... 14 第三章 山西汾酒资本结构及问题分 析 ........................................ 15 3.1 山西汾酒资本结构纵向分析 ......................................... 15 3.1.1资本结构总体分析 ............................................ 15 3.1.2负债结构分析 ................................................ 16 3.1.3股权结构分析 ................................................ 17 3.1.4财务杠杆分析 ................................................ 19 3.1.5 融资结构分析 ................................................ 20 目 录 V 3.2山西汾酒资本结构横向分析 .......................................... 21 3.2.1资本结构总体分析 ............................................ 21 3.2.2 负债结构分析 ................................................ 23 3.2.3股权结构分析 ................................................ 23 3.2.4 财务杠杆分析 ................................................ 23 3.3 山西汾酒资本结构存在的问题 ....................................... 24 3.3.1 资产负债率略高 .............................................. 24 3.3.2 流动负债率偏高 .............................................. 24 3.3.3 股权集中度高 ................................................ 25 3.3.4 债务融资方式单一 ............................................ 25 3.3.5 财务杠杆利用不充分 .......................................... 25 第四章 山西汾酒资本结构优化 ............................................. 27 4.1山西汾酒资本结构优化的目标和方向 .................................. 27 4.2 山西汾酒资本结构静态优化 ......................................... 28 4.3 山西汾酒资本结构动态优化 ......................................... 29 4.3.1外部因素 .................................................... 29 4.3.2内部因素 .................................................... 32 4.3.3 资本结构调整区间的确定 ...................................... 33 4.4 山西汾酒资本结构优化建议 ......................................... 34 4.4.1拓宽融资渠道 ................................................ 35 4.4.2均衡负债结构 ................................................ 35 4.4.3调整股权结构 ..............................................