Research On The Optimization Of Capital Structure Of Kweichow Moutai Co., Ltd

The economy of our country is during “the three period of superposition”, The decline of GDP growth rate over the past three years were 7.7%, 7.7%, 7.4%. Into medium growth by high-speed growth of Chinese economy, Chinese central committee promulgated to implement the economic transition, industrial structure optimization strategy, the third industry and consumer demand gradually become the main subject; transform the factors of production drive investment drive into innovation drive. Liquor-making industry is the traditional manufacturing industry in our country, which is closely connected with the economic development of our country since reform and opening up. It promote the regional economic development, tax revenue, the employment, stable security and has a great influence on economy, society, citizens. After rapid development over the past decades of years, Liquor-making industry is into the same dilemma, which has become a red sea industry. Its production capacity is greater than the market demand, competition is intense, and regional competition.Kweichow Moutai face to the enormous changes in the macro environment, modern enterprises after realized economic is in the new normal, they have better adapt to the new normal and develop better. Kweichow Moutai not only pay attention to the market share rate, the sales amount and growth rate of the index, but from the corporate value, capital structure, the stakeholders’ rights and interests of such indicators to measure whether an enterprise is health. The enterprise’s capital structure is important to show the proportional relation between debt and equity. Capital structure realize the enterprise value maximization, improve the efficiency of the financing, the paper about capital structure help enterprises to design equity structure, through the capital structure of corporate governance and guide corporate governance. Therefore, the capital structure is a key indicator to measure the healthy development of enterprises, which is of great significance to the optimization of the capital structure, to help the liquor business to achieve sustainable development.This thesis takes Kweichow Moutai as example,with the company issued in the official website of Shanghai stock exchange 2001-2014 annual financial report as the basis to ensure that the financial data source is true. First adopted the method of literature review, this paper states the capital structure research literature both domestic and overseas, then introduces several important capital structure theories, such as the MM theory and Pecking Order Theory. Secondly it uses ratio analysis in vertical comparison, which analyzes the present situation of the capital structure from the debt ratio, debt structure, capital structure and financial leverage in four aspects. Using the lateral comparison analysis method, the thesis compare its capital structure with nine outstanding enterprises in the same industry to found that the capital structure of Kweichow Moutai, uch as: high debt ratio, unreasonable debt structure, the equity structure of the single and low financial leverage. The thesis analyze reasons through the macro, industry and business three levels,through the monetary policy, taxation, industry cycle, asset specificity, corporate governance and management behavior and so on. Finally, combining the causes of the problems of capital structure with financial report, the pater puts forward some optimization measures to solve the existing problems of the capital structure, Improve capital structure optimization management capabilities, improve corporate governance, broaden the financing channels and strengthen internal control, hoping to make the capital structure of Kweichow Moutai optimal.The purpose of this paper is to hope that the research on the capital structure of Kweichow Moutai can enable enterprises to maximize the value on the basis of revelation theory, improve their competitiveness and achieve sustainable development. At the same time, it can give the peer companies, State-Owned Company and listed company under the new economic normal circumstances to inspire, so that they stimulate the vitality of enterprises to achieve their own rapid and healthy development.