沱牌舍得信托案例分析

发布时间：2018-05-28 01:19

本文选题：沱牌舍得 + 酒类信托　；参考：《辽宁大学》2014年硕士论文

【摘要】：在国内通货膨胀压力居高不下，股票、基金投资者接连受挫，而此前升幅较大的房地产和黄金也开始出现动荡的一系列背景下，传统投资渠道变窄，流动性资金投资需求得不到有效满足，作为“另类投资品”的白酒信托开始在金融市场当中崭露头角。而白酒生产企业也因此寻找到了除银行贷款、股票和债券等常规方式之外的融资渠道。然而由于我国白酒信托处于起步阶段，迄今为止发行数量，规模和客户群较小，且远未形成成熟的运作模式和行业规范，，白酒信托也远未达到白酒企业的融资需求和投资者的投资需求。因此，有必要对现有的白酒信托项目进行深入的分析，对比国外酒类信托模式并结合国内实际背景，对现有模式进行修改和完善，并为之创造良好的运作环境，以期发挥出白酒信托应有的作用。本论文以四川省沱牌曲酒股份有限公司二零一一年四月发行的名为“高净值客户专属--期酒收益权信托理财产品”为例。第一章简要概述了白酒信托的定义及特点，然后介绍了沱牌舍得信托发行及运行概况；第二章对本案例进行了分析和评价，主要从沱牌舍得企业和白酒信托行业两个角度进行并分别分析了优势和不足，并重点分析了沱牌舍得发行该信托产品的融资需求；第三章在案例分析的基础上对企业和白酒信托行业提出了可行性建议，包括标的酒储存模式，定价模式，行业规范以及产品分级机制等，并倡导融资方式多元化。在此之前，国内知名白酒品牌中已有贵州茅台、泸州老窖和洋河股份等已推出过白酒信托项目，但茅台等几家白酒企业均有不错的利润及现金流财务数据，所以他们涉足信托主要是为了理财或新产品营销。而当期年报显示沱牌舍得存在现金流紧张的问题，因此，沱牌舍得是国内首家为缓解资金紧张而发行信托产品的企业，选择沱牌舍得作为案例增加了企业融资的角度，可以更全面的分析白酒信托，通过对此案例的分析与评价，结合我国现状，为白酒信托的发展提出相关建议。
[Abstract]:In the domestic inflation pressure, stock and fund investors have been frustrated, and the traditional investment channels are narrowed and the liquidity demand for liquidity is not effectively satisfied. The liquor trust, as "alternative investment", begins in the financial market. Among them, liquor making enterprises also found financing channels besides bank loans, stocks and bonds.
However, because the liquor trust in China is in the initial stage, so far the quantity, the size and the customer group are small, and the mature operation mode and industry standard are far from forming. The liquor trust is far from reaching the financing needs of liquor enterprises and the investment demand of the investors. Therefore, it is necessary to make a thorough division of the existing liquor trust projects. In comparison with the foreign wine trust model and the domestic actual background, the existing models are modified and perfected, and a good operating environment is created for the purpose of playing the role of the liquor trust.
This paper takes Sichuan province Tuo arch wine Limited by Share Ltd in April 2011 as an example of "high net worth customer exclusive trust financial management product". The first chapter briefly outlines the definition and characteristics of liquor trust, and then introduces the distribution and operation of Tuo brand trust, and the second chapter is carried out in this case. Analysis and evaluation, mainly from the two angles of the Tuo brand and the liquor trust industry and analyzed the advantages and disadvantages respectively, and focused on the analysis of the financing requirements of the trust products issued by the Tuo brand. The third chapter put forward feasible suggestions on the enterprise and liquor trust industry on the basis of case analysis, including the standard liquor storage. Mode, pricing mode, industry standard and product grading mechanism, etc., and advocate diversification of financing methods.
Prior to this, Guizhou Moutai, Luzhou Laojiao and the Yanghe River shares have already introduced liquor trust projects in well-known domestic liquor brands, but some Moutai and other liquor companies have good profit and cash flow financial data, so they are involved in the trust mainly for financial management or new product marketing. The current annual report shows that the Tuo cards are present. The problem of cash flow is tight, so the Tuo card is the first enterprise in China to release trust products to relieve the shortage of funds. The choice of Tuo card is a case of increasing the enterprise financing. It can be more comprehensive analysis of liquor trust, through the analysis and evaluation of this case, combined with the status of our country, for the development of liquor trust to put forward a phase. Make a suggestion.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.49

【参考文献】