泸州老窖公司与山西汾酒公司财务对比分析研究

发布时间：2019-03-03 18:58

【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。
[Abstract]:China's winemaking industry has a history of thousands of years. Liquor, as a unique liquor in China, is one of the six largest distilled wines in the world, and it is unique among the world's strong liquor products. As early as the mid-1960s, China began to systematize the classification of liquor flavor types. In 1979, the third National Liquor Review Conference for the first time defined and classified the flavor types of spirits: Maotai as the representative of the Maotai flavor type; With Wuliangye, Luzhou Laojiao, Yanghe as the representative of the Luzhou flavor type; Shanxi Fenjiu as the representative of the fragrance type; Lang wine, mouth cellar as the representative of the facultative flavor type and other flavor types. Luzhou Laojiao can be said to be the birthplace of Luzhou-flavor liquor in China. It has the earliest built in China, the longest continuous use time and the most complete protection of 1573 national treasure pits. As the representative of Luzhou-flavor liquor, the company was selected as the first batch of national intangible cultural heritage list in 2006, and it is the only enterprise in the industry with "double national treasure". Shanxi Fenjiu wine-making history can be traced back to more than 5000 years ago, the so-called world events, "drink" wine than "fen", "fen" wine than "drink". Shanxi Fenjiu, as the representative of pure flavor liquor, once became the leader of Chinese liquor industry. This paper takes Luzhou Laojiao and Shanxi Fenjiao as the research objects, which have historical origin and aromatic representative, and based on the relevant financial data in the 2007-2011 annual reports of the two companies. Taking 13 listed companies divided into liquor industry by Shenyin Wanguo Securities as industry samples, the basic database of this paper is constructed. On this basis, first of all, from the profitability, cash creation ability, value creation ability, growth ability and risk control ability, this paper systematically and comprehensively analyzes Luzhou Lao Jiao Company, which includes the profit ability, the cash creation ability, the value creation ability, the growth ability and the risk control ability. In this paper, 20 financial indexes of Shanxi Fenjiu Company and liquor industry are analyzed, and the significance of the results of some important financial indexes is deeply analyzed. Secondly, by using the improved DuPont analysis method, the reasons why the ROE of Luzhou Laojiao and Shanxi Fenjiao have changed in the last five years have been studied respectively. Finally, using the theory of financial matrix diagram, this paper analyzes the financial strategy adopted by the two companies in each year and the reasons for the change of the strategy. Through the above-mentioned analysis and comparison, the paper finds out the advantages and disadvantages of the two companies in the above aspects and their comparative advantages and disadvantages with the average level of the industry, hoping to be the management and stakeholders of Luzhou Laojiao and Shanxi Fenjiao Company. Report users, investors and researchers in the liquor industry provide valuable references, and hope to provide useful references for other companies' financial analysis and further improvement of traditional financial analysis methods.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.82

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