Research On Optimization Of Shanxi Fenjiu Capital Structure

Capital structure refers to the composition and proportion of all kinds of capital in the total capital of an enterprise.It is the key content that enterprises pay attention to,and also truly reveals the financial status of enterprises,which has important guiding significance for the operation and management of enterprises and ultimately affects the value of enterprises.Reasonable capital structure is conducive to the rapid development of enterprises,constantly create profits,and bring benefits to shareholders.Unreasonable capital structure will hinder the growth of enterprises.Therefore,in the changeable market environment,enterprises should constantly optimize the capital structure according to their own development needs,and finally realize the goal of maximizing enterprise value.After several years of deep adjustment,the liquor industry began to recover continuously in recent years,and the state introduced a series of policies and regulations in favor of the development of liquor enterprises,which brought huge opportunities for enterprises,but also made the industry more and more competitive.In the tide of the country's active promotion of reform,enterprises should optimize the capital structure,improve management,increase sales,control costs,follow the trend,stand out in the fierce market competition.This paper takes Shanxi Fenjiu as the research object and selects the financial data from 2013 to 2018.First of all,the literature on capital structure at home and abroad is reviewed,and the relevant capital structure theories are introduced.Then use ratio analysis method,analyzes the financial condition of shanxi fenjiu,then from the overall analysis,liabilities structure analysis,structure analysis,financial leverage,financing structure analysis the capital structure of the five aspects of shanxi fenjiu longitudinal study,comparison analysis method,and five horizontal comparison,the excellent enterprises in the same industry of shanxi fenjiu capital structure are found high asset-liability ratio slightly tall,flow asset-liability ratio,equity concentration is high,the debt financing a single,inadequate use of leverage.Then it optimizes the capital structure from static and dynamic aspects and determines the optimal range of the capital structure.Finally,according to the existing problems of capital structure,some Suggestions are put forward,such as broadening financing channels,balancing debt structure,adjusting equity structure and enhancing profitability.The research results of this paper hope to help Shanxi Fenjiu in the capital structure optimization,at the same time to achieve enterprise value maximization,in the fierce market competition in the rapid and benign development.