Capital Operation Survey On Yanjing Beer

Since "Baoyan" Event in 1993, Chinese enterprises have got ten years' experience in capital operation. With the fast development of the capital market, Chinese theoretical circle has achieved great results in this field. Capital operation has become a key issue focused by Chinese enterprises, particularly by those on-the-market ones. Whereas, there is little systematic research on this topic, therefore, the systematic research on capital operation and summary of the Chinese enterprises' gains and losses in this respect has realistic significance for other corporations. Beijing Yanjing Beer Co., Ltd (000729 SZ) (hereinafter named Yanjing Beer), as one of the national beer brands, has found its own way in this tense market competition,which deserves great attention. This article will take Yanjing Beer as an example to analyze and study its capital operation practice with Kos Theorem, Cooperation Theory, Information Hypothesis and etc.. After that, it comes out several capital operation approaches like IPO, Financing by share-rationing, Bond Financing, Holding on-the-market companies and broadening financing channel. At the same time, the article also analyzes the internal and external factors in Yanjing Beer's capital operation. It elicits its capital operation characteristics after the comparison with Huarun Beer and Qingdao Beer (these two are also on-the-market beer corporations). What's more, it analyzes the problems existing in the fast expansion of the capital operation and the acquisition timing and puts forward the corresponsive solutions. After analysis, it is considered that capital operation plays a vital role in the development period of Yanjing Beer.The article provides the relationship between Yanjing Beer's core competitiveness and profit-making mode and capital operation, together with capital operation evaluation form, all those may have a certain reference value for other corporations, particularly for those on-the-market ones.