Optimization Research On Zero Leverage Management Of Shanxi Fen Wine

Modern capital structure theory supports enterprises to enhance their own value through debt financing,but in reality more and more liquor companies choose zero-leverage operations.Zero-leverage operation is a financing structure in which enterprises adopt non-debt financing capital structure.This financial policy of actively abandoning the gain effect of tax shield and financial leverage is inconsistent with the modern capital structure theory.The existing research results show that the company's choice of zero-leverage operation will have an impact on its operating performance,financial strategy and cash flow.This paper takes zero-leverage management as the starting point of research,selects Shanxi Fen Wine as the case company,first compares the company's financial indicators,analyzes the basic business status of the company under the zero-leverage operation of Shanxi Fen Wine;secondly,adopts the analysis method of financial strategy matrix,evaluation The impact of the company's zero-leverage operation on the company's financial strategy;finally,from the perspective of project investment and dividend distribution,the company's cash flow under zero-leverage management was analyzed.The research results show that Shanxi Fen Wine only relies on zeroleverage to operate a capital structure that is difficult to meet the business investment situation in different periods.The company has many problems such as inflexible capital structure selection,need to improve capital utilization efficiency and unscientific performance evaluation indicators.Therefore,this paper suggests that Shanxi Fen Wine optimizes the existing performance appraisal indicators,enhances the company's capital use efficiency,and attaches importance to the choice of corporate capital structure.