Research On The Optimization Of Capital Structure Of Jiangsu Yanghe Brewery Company

China is currently in the new economic normal period,the national income continues to rise,the consumption level is upgraded and the consumption structure will continue to upgrade.Before the year of 2013,the liquor industry has flourished in the golden decade of the liquor industry,but from 2013 to In the four years of 2016,the liquor industry entered a cold winter.With the recovery of the liquor industry in 2016,the overall development of the liquor industry is currently improving.Although the liquor industry is currently in a state of complete competition and the industry concentration is low,the current liquor consumption Mainly concentrated in the mainstream liquor brand,mainly related to the influence of the brand,the demand for medium and high-end liquor is getting stronger and stronger,as the liquor manufacturer in the traditional industry still has a large sustainable development space.At present,the liquor industry is in a recovery period.Yanghe Co.,Ltd.should seize this opportunity.It should not only focus on the market share of products,the growth rate of the turnover and the profit rate.It should also be based on the current economic new normal consumption upgrade.With corresponding countermeasures and adjustments,we should focus on improving corporate value,optimizing capital structure and creating greater benefits for shareholders.Only by paying attention to these three aspects can we ensure that enterprises will maintain sustainable and healthy development in future operations..Capital structure optimization is the focus of this,mainly focusing on the proportional relationship between liabilities and owner's equity.A good capital structure can maximize the value of the enterprise,improve the financing efficiency and capital use efficiency of the enterprise,and improve the corporate governance by optimizing the capital structure.The capital structure is related to the financing,investment and strategic decision of the company,so the capital Structural research is of great significance to the company's development.This article takes Jiangsu Yanghe Distillery Co.,Ltd.(hereinafter referred to as “Yanghe Co.,Ltd.”)as the research object of capital structure optimization,based on the financial statements of the 9 years from 2009 to 2017 published on Juchao Information Online.Firstly,through literature analysis,the relevant literatures on capital structure research at home and abroad are collated and analyzed,which provides a solid theoretical basis for the writing of the thesis.Secondly,using the proportional analysis method,the financial situation of Yanghe Co.,Ltd.was analyzed vertically.Finally,through comparative analysis,the financial status of Yanghe Co.,Ltd.in 2017 is compared with the financial status of the other nine listed companies.It is found that Yanghe Co.,Ltd.has a low asset-liability ratio and unreasonable debt structure in the capital structure.The four aspects of high concentration and financial leverage are too small.Then it analyzes the causes of the company's current capital structure problems from three aspects: corporate governance,financial status and self-management.Finally,based on the cause of the problem and the data of the financial report in the company's annual report,four methods are proposed to optimize the capital structure,namely,strengthen corporate governance,improve financial status,broaden financing channels and optimize debt structure.This paper mainly hopes to improve the value of the enterprise by researching the capital structure of Yanghe Co.,Ltd.,maximizing the value of the enterprise and improving the industry status of the enterprise.At the same time,it can help the common problems of liquor listed companies.