【摘要】：中國(guó)的釀酒業(yè)已有數(shù)千年的發(fā)展歷史,白酒作為我國(guó)特有的酒種,是世界六大蒸餾酒之一,在世界烈性酒類(lèi)產(chǎn)品中獨(dú)樹(shù)一幟。早在上世紀(jì)60年代中期,我國(guó)就開(kāi)始對(duì)白酒的香型分類(lèi)進(jìn)行了系統(tǒng)化的研究。1979年的第三屆全國(guó)評(píng)酒會(huì)首次對(duì)白酒的香型進(jìn)行了定義并分類(lèi)：以茅臺(tái)為代表的醬香型；以五糧液、瀘州老窖、洋河為代表的濃香型；以山西汾酒為代表的清香型；以郎酒、口子窖為代表的兼香型及其他香型。 瀘州老窖可以說(shuō)是中國(guó)濃香型白酒的發(fā)源地,擁有我國(guó)建造最早、連續(xù)使用時(shí)間最長(zhǎng)、保護(hù)最完整的1573國(guó)寶窖池群。公司作為濃香型白酒的代表,2006年入選首批“國(guó)家級(jí)非物質(zhì)文化遺產(chǎn)名錄”,是業(yè)內(nèi)唯一擁有“雙國(guó)寶”的企業(yè)。山西汾酒的釀酒歷史可以追溯到5000多年前,所謂凡天下大事,“喝”酒比“汾”,“汾”酒比“喝”。山西汾酒作為清香型白酒的代表,曾一度成為中國(guó)白酒行業(yè)的領(lǐng)跑者。 本文以瀘州老窖和山西汾酒這兩家具有歷史淵源和香型代表的企業(yè)為研究對(duì)象,以兩家公司2007年-2011年年度報(bào)告中的相關(guān)財(cái)務(wù)數(shù)據(jù)為基礎(chǔ),以申銀萬(wàn)國(guó)證券對(duì)白酒行業(yè)劃分的13家上市公司為行業(yè)樣本,構(gòu)建了本文研究的基礎(chǔ)數(shù)據(jù)庫(kù)。在此基礎(chǔ)上,首先分別從盈利能力、現(xiàn)金創(chuàng)造能力、價(jià)值創(chuàng)造能力、成長(zhǎng)能力和風(fēng)險(xiǎn)控制能力五個(gè)方面,系統(tǒng)全面地對(duì)比分析了瀘州老窖公司、山西汾酒公司及白酒行業(yè)的20項(xiàng)財(cái)務(wù)指標(biāo),深入剖析了某些重要財(cái)務(wù)指標(biāo)結(jié)果蘊(yùn)含的意義。其次,運(yùn)用改進(jìn)的杜邦分析法,分別研究了瀘州老窖和山西汾酒的凈資產(chǎn)收益率ROE在近5年中產(chǎn)生變化的原因。最后運(yùn)用財(cái)務(wù)矩陣圖理論方法,分別分析了兩家公司在各年度所采用的財(cái)務(wù)戰(zhàn)略及其戰(zhàn)略發(fā)生變化的原因。 通過(guò)上述分析和對(duì)比,文章找出了兩家公司在上述各方面存在的優(yōu)劣勢(shì)及其與行業(yè)平均水平的比較優(yōu)勢(shì)和劣勢(shì),希望能為瀘州老窖和山西汾酒公司的管理層、利益相關(guān)方、報(bào)表使用者、投資者以及白酒行業(yè)的研究員提供有價(jià)值的參考,并希望能為其他公司的財(cái)務(wù)分析和傳統(tǒng)財(cái)務(wù)分析方法的進(jìn)一步改進(jìn)提供有用的借鑒。
[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.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F426.82

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 陳瑜,王棟;試論財(cái)務(wù)報(bào)表分析視角[J];財(cái)經(jīng)問(wèn)題研究;2003年04期

2 李心合;蔡蕾;;公司財(cái)務(wù)分析:框架與超越[J];財(cái)經(jīng)問(wèn)題研究;2006年10期

3 晏靜;改進(jìn)我國(guó)上市公司財(cái)務(wù)分析指標(biāo)體系的思考[J];財(cái)會(huì)通訊;2001年11期

4 王湛,趙琳;經(jīng)營(yíng)業(yè)績(jī)財(cái)務(wù)評(píng)價(jià)指標(biāo)的比較與選擇[J];財(cái)會(huì)月刊;2001年10期

5 楊忠蓮;財(cái)務(wù)報(bào)表分析應(yīng)注意的問(wèn)題[J];財(cái)會(huì)月刊;2002年12期

6 李延波;張曉峰;;如何提升企業(yè)財(cái)務(wù)戰(zhàn)略執(zhí)行力[J];財(cái)會(huì)月刊;2006年08期

7 鄧明輝;;淺談財(cái)務(wù)風(fēng)險(xiǎn)的形成與防范[J];財(cái)經(jīng)界(學(xué)術(shù)版);2012年10期

8 王華兵;;《財(cái)務(wù)管理》課程中運(yùn)用微積分講解杠桿原理[J];財(cái)會(huì)月刊;2012年30期

9 張西克;財(cái)務(wù)分析的五大局限性[J];海南金融;2003年04期

10 劉安;成長(zhǎng)型企業(yè)財(cái)務(wù)戰(zhàn)略[J];經(jīng)濟(jì)與管理;2004年11期

相關(guān)碩士學(xué)位論文 前6條

1 司鋒;瀘州老窖股份有限公司財(cái)務(wù)報(bào)表分析[D];大連海事大學(xué);2011年

2 李杏菊;財(cái)務(wù)報(bào)表分析的作用及局限性[D];對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);2006年

3 黃妍妍;我國(guó)上市公司財(cái)務(wù)報(bào)表分析研究[D];哈爾濱工程大學(xué);2006年

4 彭穎;上市公司財(cái)務(wù)報(bào)表分析與案例[D];西南交通大學(xué);2007年

5 張思菊;上市公司財(cái)務(wù)報(bào)表分析研究[D];西華大學(xué);2009年

6 齊艷坤;吉林省醫(yī)藥上市公司的財(cái)務(wù)報(bào)表分析[D];吉林大學(xué);2010年

，

本文編號(hào)：2434006