| Luzhou Laojiao Co.,Ltd(hereinafter referred to as "Luzhou Laojiao")and other liquor companies are facing an environment in which the industry’s competition is fierce,national policies are regulated and Chinese macroeconomic growth is declining.How to achieve its self-sustainable development through financial view,comparing with liquor benchmark enterprises,improving financial performance,formulating matched financial policies and financial strategy is a serious issue that every white wine companies need to think of.In this article,Jiangsu Yanghe Brewery Joint-Stock Co.,Ltd.(hereinafter referred to as "Yanghe Stock")is selected as the benchmark for comparison purpose for Luzhou Laojiao,it focuses on analyzing the financial statements,financial indicators and business model of Luzhou Laojiao and Yanghe Stock from 2012 to 2016,compare their financial performance,financial policies and financial strategies,systematically interpret and diagnose the financial situation of two companies,try to offer suggestions for the future sustainable development of Luzhou Laojiao.This article is divided into six chapters,it includes:the first chapter is an overview of the study.This chapter summarizes the development situation of Chinese liquor industry,briefly introduces the basic situation of Luzhou Laojiao and Yanghe Stock,as well as the main issues and significance of this study,the basic ideas and framework of the study.The second chapter is the three-dimensional analysis of financial statements.This chapter focuses on analyzing the structure and trend of the balance sheets,income statements,and cash flow statements of the two companies.The third chapter is the analysis of the financial index system.This chapter mainly compares and analyzes the two companies’profitability,asset efficiency,liquidity,solvency,cash creation ability,growth ability and capital market performance.The fourth chapter is the financial evaluation of business model.This chapter mainly analyzes the influencing factors of the financial indicators such as equity capital profitability,cash generating rate,risk,EVA,and self-sustainable growth rate of the two companies.The fifth chapter is an analysis of financial policy and financial strategy.This chapter mainly analyzes the operating capital management policy,debt policy,dividend policy,investment policy and the position of the two companies in the financial strategy matrix of the two companies.The sixth chapter is conclusions and recommendations.Through comparative analysis,the conclusions are got as follow:from the perspectives of profitability,value creation ability,risk control ability and growth ability,Luzhou Laojiao’s financial performance is weaker than Yanghe Stock;From working capital management policy,debt policy,dividend policy and investment policy,Luzhou Laojiao’s financial policy efficienct or effective is weaker than Yanhe Stock;From the view of value creation and cash status,both companies are value-creating enterprises,however,Luzhou Laojiao’s value-creation ability is weaker than Yanghe Stock,meanwhile,it has a shortage of funds.This article recommends that Luzhou Laojiao optimizes its development strategy,improves its management level,adhere to scientific national decision-making,optimizes its channel structure,expands channel network coverage and follow trends to create new products.In addition,Luzhou Laojiao should increase the proportion of retained earnings to optimize the dividend policy and increase investment in fixed assets and inventory to optimize investment policy. |
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