Research On Liquor Making Enterprise Debt Structure Alienation Problem

With the development of economy globalization and the environment of economic development, the Chinese enterprises in the high-speed development are also facing a series of problems. The problem of shortage of funds performance is particularly prominent, shortage of funds has seriously hindered the development of business advantage item, innovation activities of enterprises and expansion of the scale, etc. Therefore, enterprise financing issue not only is a top priority for enterprises concerned, but also is the extremely important academic research subject. The development of liquor-making industry has already been several thousand years in China traditional industry history. Since 2007, the development of the liquor industry has entered a period of rapid development. But good times don ’t last long, the eight-point guidelines issued by the CPC leadership in December 2012 have set strict limits on the " Consumption of public funds on three major private purposes—cars, banquets and oversea visits ". At the end of 2012, Central Military Commission of the P.R.C released the Central Military Commission to strengthen their own style of building ten provisions, strictly limiting the consumption of alcoholic beverages within the army. The act of drinking is not allowed in the reception of guests. At the same time, the liquor manufacturing company "Jiu Gui Jiu" have been exposed the event of the amount of DEHP used exceeds the prescribed standard. In recent years, the government has increased the punishment of the illegal behavior of "drunk driving". The development situation of liquor manufacturing like after a long winter after the series of events occurred. Under the impact of policies, regulations and other adverse factors, the size of the business began to decline. After the study of the listing Corporation in the liquor industry, we found that the debt structure of the liquor industry listing Corporation operating debt ratio is high and levels of the financial debt is close to zero. So we need to be further in-depth study of the phenomenon.In this paper, we use case analysis method to study. In the case of basic research under the premise of full liquor manufacturing, we choose the industry leading enterprise-KWEICHOW MOUTAI CO.LTD as a case study. First of all, through the study of corporate financial reporting, we analyze the situation of the liquor business, analyze of corporate debt structure, and find out the basic characteristics of the debt structure of the liquor industry listing Corporation. Through the study, we found a phenomenon in the liquor manufacturing enterprises in the debt structure is such a situation that the ratio of operating liabilities is extremely high, the ratio of financial debt is very low. Secondly, we choose KWEICHOW MOUTAI CO.LTD as a case study. In the case study, as the background, the government macro policy, laws and regulations and other policies are issued in 2012, but the policy is not conducive to the development of the liquor industry, to KWEICHOW MOUTAI CO.LTD 2013 financial statements were analyzed. It was found that the pre receivables increased in the second half of the decrease in the first half of the money, the study found that 2013 KWEICHOW MOUTAI CO.LTD in the first half of the year through the unplanned new incremental subscription open distribution rights, increases in July began to play money, get a huge amount of accounts receivable in advance the business in the second half, KWEICHOW MOUTAI CO.LTD operating income in 2013 is still showing a rising trend. Then, this is the starting point of the analysis of enterprise financial policy, business model, the financial situation of KWEICHOW MOUTAI CO.LTD, a good market acceptance of products is high, the upstream suppliers of raw materials has a strong bargaining power, the implementation of the characteristics of the enterprise after the first delivery to downstream distributors, to find the KWEICHOW MOUTAI CO.LTD there are a lot of business liabilities the reason, mainly in the following aspects: firstly, KWEICHOW MOUTAI CO.LTD enterprise strategic positioning in high grade and high brand line of business enterprises do not need high financial risk or aggressive financial policy blind expansion of enterprise scale; secondly, KWEICHOW MOUTAI CO.LTD operating ability and excellent financial strength; thirdly, KWEICHOW MOUTAI CO.LTD the buyer’s bargaining power is strong, accounts payable turnover rate is low; fourthly, KWEICHOW MOUTAI CO.LTD on the downstream distributors bargaining ability, large amount of accounts receivable in advance.In this paper, we study the structure of the debt KWEICHOW MOUTAI CO.LTD, and attempt to provide a new approach to the enterprise by analyzing the results, in terms of how to use the funds to expand the range. We analyzed the business of debt financing sources of funds during the time included debt financing. For enterprises to reduce the cost of capital in the course of business operations, we also have studied how to optimize the debt structure of the company, especially for some companies which are similar to the KWEICHOW MOUTAI CO.LTD. The features of these companies are that companies can produce good quality products, high level enterprise market recognized and have the strong ability in the aspect of bargaining. How will a business make full use of operating liabilities in the future course of business? This article provides some suggestions for research in the development of enterprises to create more economic aspect.