Research On Luzhou Laojiao Stock Company Valuation Based On Harvard Framework

Luzhou Laojiao Co.,Ltd.has a high brand status in liquor enterprises in China,and its business income is in the leading position in the industry.After the "eight regulations" limited the "three public" consumption,under the guidance of national policies,the liquor industry concentrated its advantageous resources,and gradually eliminated the backward production capacity.Liquor enterprises upgraded from the stage of winning high output to the stage of high quality management.Enterprise value evaluation is an important means to promote the centralization of industry advantageous resources,strengthen the influence of enterprises,realize the dynamic management of enterprises,and help enterprises make investment decisions.At present,the accounting index system of our country can not reflect the enterprise value comprehensively.It is particularly important to pay attention to the influence of non-financial factors such as enterprise strategy,enterprise accounting policy and enterprise resources on enterprise valuation.In this paper,Luzhou Laojiao is taken as an example to construct the enterprise valuation system under the Harvard analysis framework.The first chapter introduces the research background,content and method.The second chapter puts forward the basic analysis ideas,expounds the theory of Harvard Analysis Framework and the concept of enterprise value evaluation,and constructs the valuation system based on Harvard Analysis Framework and RIR model.The third chapter is based on the Harvard Analysis Framework of Luzhou Laojiao Co.,Ltd.,which consists of four parts: strategic analysis,accounting analysis,financial analysis and prospect analysis.In the fourth chapter,through the influence of different modules of Harvard Analysis Framework on the forecast and the changes of financial indicators of Luzhou Laojiao in recent years,the value of valuation parameters required by RIR model is determined.Finally,the stock price of the enterprise on the benchmark date is calculated,and the sensitivity analysis and comparison of the valuation results of the company are made.Through the case study of this paper,the following conclusions are drawn.In terms of the improvement of valuation methods,the introduction of Harvard analysis framework to study the financial situation of enterprises can comprehensively improve the prediction of RIR valuation ratio index and total operating income.The Harvard analysis framework makes objective analysis of valuation parameters in four modules of strategic analysis,accounting analysis,financial analysis and prospect analysis,which has stronger explanatory power for the results of enterprise valuation.In the research of Harvard analytical framework,this paper compares three liquor enterprises of different sizes,fully understands the financial situation of Luzhou Laojiao and puts forward the management countermeasures.From the valuation results,we find that the stock price per share is 59.49 yuan.The sensitivity analysis shows that the stock price of Luzhou Laojiao changes from the lowest 28.76 yuan per share to the highest 140.49 yuan per share.The change of net sales interest rate is the most sensitive to the impact of valuation results,which further confirms the improvement of valuation results by introducing Harvard analytical framework.A direct understanding of the long-term operation status and future development trend of enterprises will guide the flow of economic resources to the direction of value maximization,which will be conducive to the industrial structure adjustment and concentration trend of liquor industry.Through the application of valuation method of Luzhou Laojiao Co.,Ltd.,the Harvard analysis framework is introduced to combine non-financial factor analysis and financial analysis,and the prediction of financial indicators by the research method of RIR valuation model is improved,so as to adjust the impact on the valuation results.This is also a new perspective for the valuation of liquor listed enterprises.