The Problems And Countermeasures Of The Capital Structure Of Wuliangye

With the growth of China's economy slowing down,the economic transformation is imperative.In this way,the industrial structure needs to be adjusted to make it more perfect.With this change,our market will no longer be the original factor drive,but become the innovation drive.In the near future,the third industry will become the mainstream and consumer demand will become more and more important.Baijiu has a long history and culture in China,and the liquor industry belongs to the traditional manufacturing industry,which is closely related to the people's life.On the one hand,it meets the needs of people.On the other hand,it provides a large number of jobs,contributes to China's GDP growth,and makes international trade closer.After more than a dozen rapid development,the liquor industry has entered the cold wave of the market.Wuliangye has a certain position in the liquor industry,facing the great changes of macro environment,it is necessary to actively change itself to cope with the market changes.This paper takes Wuliangye Yibin Co.,Ltd as the main body,and conducts case study on it.In order to ensure that the data used in the analysis can be accurate and true,the data involved in this paper are from the annual report of wuliangye from 2007 to 2016.This paper firstly studies the theory of capital structure in China and abroad,and introduces the present situation in literature review.Secondly discussed the content of the related theory and the development process,mainly involves the optimal sequence financing theory,enterprise life cycle theory,principal-agent theory,balance theory of the four related to capital structure theory,and applied to the analysis of wu liang ye capital structure.Then the paper analyzes the present situation of the capital structure of wuliangye and finds out the problems of its capital structure.Then,the basic factors of the problems of capital structure are explored in the aspects of macro,industry and self.Finally,combining the cause of the capital structure with the financial report,the paper puts forward the specific optimization measures,hoping to optimize the capital structure of wuliangliang.In this paper,we hope to explore the capital structure of wuliangye,to help its enterprise value reach the maximum,strengthen its market competitiveness,so that the enterprise can continue to develop well.At the same time,can some inspirations for companies with similar situation,can make them good use capital structure theory to solve problems of its own capital structure,to inspire potential energy enterprises.