泸州老窖公司与山西汾酒公司财务对比分析研究
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摘要
中国的酿酒业已有数千年的发展历史,白酒作为我国特有的酒种,是世界六大蒸馏酒之一,在世界烈性酒类产品中独树一帜。早在上世纪60年代中期,我国就开始对白酒的香型分类进行了系统化的研究。1979年的第三届全国评酒会首次对白酒的香型进行了定义并分类：以茅台为代表的酱香型；以五粮液、泸州老窖、洋河为代表的浓香型；以山西汾酒为代表的清香型；以郎酒、口子窖为代表的兼香型及其他香型。
泸州老窖可以说是中国浓香型白酒的发源地,拥有我国建造最早、连续使用时间最长、保护最完整的1573国宝窖池群。公司作为浓香型白酒的代表,2006年入选首批“国家级非物质文化遗产名录”,是业内唯一拥有“双国宝”的企业。山西汾酒的酿酒历史可以追溯到5000多年前,所谓凡天下大事,“喝”酒比“汾”,“汾”酒比“喝”。山西汾酒作为清香型白酒的代表,曾一度成为中国白酒行业的领跑者。
本文以泸州老窖和山西汾酒这两家具有历史渊源和香型代表的企业为研究对象,以两家公司2007年-2011年年度报告中的相关财务数据为基础,以申银万国证券对白酒行业划分的13家上市公司为行业样本,构建了本文研究的基础数据库。在此基础上,首先分别从盈利能力、现金创造能力、价值创造能力、成长能力和风险控制能力五个方面,系统全面地对比分析了泸州老窖公司、山西汾酒公司及白酒行业的20项财务指标,深入剖析了某些重要财务指标结果蕴含的意义。其次,运用改进的杜邦分析法,分别研究了泸州老窖和山西汾酒的净资产收益率ROE在近5年中产生变化的原因。最后运用财务矩阵图理论方法,分别分析了两家公司在各年度所采用的财务战略及其战略发生变化的原因。
通过上述分析和对比,文章找出了两家公司在上述各方面存在的优劣势及其与行业平均水平的比较优势和劣势,希望能为泸州老窖和山西汾酒公司的管理层、利益相关方、报表使用者、投资者以及白酒行业的研究员提供有价值的参考,并希望能为其他公司的财务分析和传统财务分析方法的进一步改进提供有用的借鉴。
The wine-making industry in China has a history of several thousand years. White spirit, unique liquor produced in China and among the six world-renowned distilled liquors, is never a follower of others. Early in the mid-1960s, we started our history of systematic research on the flavor styles. In the third Liquor Tasting Conference in1979, the definition and classification of flavor styles were made for the first time:soy source flavor type (Maotai flavor) represented by Maotai; strong flavor type (Luzhou flavor) represented by Wuliangye, Luzhoulaojiao, and Yanghe; Fresh flavor (Fen flavor) represented by Shanxi Fen Wine; Maotai-luzhou flavor and other flavors.
Luzhoulaojiao is surely the birthplace of Chinese strong flavor liquor, and is home to the1573National Treasure Pits which is the longest in history and in use. Its integrity is also protected best during the years. As a representative of strong flavor white wine producer, the company was listed among the first batch of the National Non-material Cultural Legacy in2006and is the only company which possesses "Double National Treasures". The wine-making industry of Shanxi Fen Wine dates back to over5000years ago. There is a saying that the Fen Wine is a must when you choose which to drink. Typifying the fresh liquor in China, Fen Wine was once the leader of Chinese white liquor industry.
This paper takes Luzhoulaojiao and Shanxi Fen Wine as the research targets. Because the two companies both have long histories and are representatives in different flavor styles. This paper builds a basic data base which is based upon relevant financial figures of the two companies from their respective2007to2011annual reports. The samples of the industry come from the13listed white spirit companies classified by Shenyin Wanguo Securities. An overall comparative and systematic analysis is made on20financial indexes in the Chinese white spirit industry and Luzhoulaojiao Co Ltd and Shanxi Fen Wine Co Ltd in terms of the following five abilities:profitability, cash-making ability, value-making ability, growth capacity and risk management capacity. Besides, a deep analysis is conducted on the significance of certain critical financial index figures. Improved DuPont Analysis is applied to figure out the reasons for the changes of the respective ROE of Luzhoulaojiao and Shanxi Fen Wine within5years. In addition, the annual financial strategies adopted by the two companies as well as the reasons for their strategic changes are analyzed by applying the financial matrix theory.
This paper finds out, through relevant comparison and analyses, the respective advantages and disadvantages of the two companies in the above-mentioned aspects as well as their respective strong points and week points compared to the average in the white spirit industry, with a purpose of providing useful references to the managerial personnel, stakeholders, report consumers, investors, as well as researchers in the industry. Other liquor-making companies can find this paper useful in their financial analysis and further improvement of traditional analytical methods.
泸州老窖可以说是中国浓香型白酒的发源地,拥有我国建造最早、连续使用时间最长、保护最完整的1573国宝窖池群。公司作为浓香型白酒的代表,2006年入选首批“国家级非物质文化遗产名录”,是业内唯一拥有“双国宝”的企业。山西汾酒的酿酒历史可以追溯到5000多年前,所谓凡天下大事,“喝”酒比“汾”,“汾”酒比“喝”。山西汾酒作为清香型白酒的代表,曾一度成为中国白酒行业的领跑者。
本文以泸州老窖和山西汾酒这两家具有历史渊源和香型代表的企业为研究对象,以两家公司2007年-2011年年度报告中的相关财务数据为基础,以申银万国证券对白酒行业划分的13家上市公司为行业样本,构建了本文研究的基础数据库。在此基础上,首先分别从盈利能力、现金创造能力、价值创造能力、成长能力和风险控制能力五个方面,系统全面地对比分析了泸州老窖公司、山西汾酒公司及白酒行业的20项财务指标,深入剖析了某些重要财务指标结果蕴含的意义。其次,运用改进的杜邦分析法,分别研究了泸州老窖和山西汾酒的净资产收益率ROE在近5年中产生变化的原因。最后运用财务矩阵图理论方法,分别分析了两家公司在各年度所采用的财务战略及其战略发生变化的原因。
通过上述分析和对比,文章找出了两家公司在上述各方面存在的优劣势及其与行业平均水平的比较优势和劣势,希望能为泸州老窖和山西汾酒公司的管理层、利益相关方、报表使用者、投资者以及白酒行业的研究员提供有价值的参考,并希望能为其他公司的财务分析和传统财务分析方法的进一步改进提供有用的借鉴。
The wine-making industry in China has a history of several thousand years. White spirit, unique liquor produced in China and among the six world-renowned distilled liquors, is never a follower of others. Early in the mid-1960s, we started our history of systematic research on the flavor styles. In the third Liquor Tasting Conference in1979, the definition and classification of flavor styles were made for the first time:soy source flavor type (Maotai flavor) represented by Maotai; strong flavor type (Luzhou flavor) represented by Wuliangye, Luzhoulaojiao, and Yanghe; Fresh flavor (Fen flavor) represented by Shanxi Fen Wine; Maotai-luzhou flavor and other flavors.
Luzhoulaojiao is surely the birthplace of Chinese strong flavor liquor, and is home to the1573National Treasure Pits which is the longest in history and in use. Its integrity is also protected best during the years. As a representative of strong flavor white wine producer, the company was listed among the first batch of the National Non-material Cultural Legacy in2006and is the only company which possesses "Double National Treasures". The wine-making industry of Shanxi Fen Wine dates back to over5000years ago. There is a saying that the Fen Wine is a must when you choose which to drink. Typifying the fresh liquor in China, Fen Wine was once the leader of Chinese white liquor industry.
This paper takes Luzhoulaojiao and Shanxi Fen Wine as the research targets. Because the two companies both have long histories and are representatives in different flavor styles. This paper builds a basic data base which is based upon relevant financial figures of the two companies from their respective2007to2011annual reports. The samples of the industry come from the13listed white spirit companies classified by Shenyin Wanguo Securities. An overall comparative and systematic analysis is made on20financial indexes in the Chinese white spirit industry and Luzhoulaojiao Co Ltd and Shanxi Fen Wine Co Ltd in terms of the following five abilities:profitability, cash-making ability, value-making ability, growth capacity and risk management capacity. Besides, a deep analysis is conducted on the significance of certain critical financial index figures. Improved DuPont Analysis is applied to figure out the reasons for the changes of the respective ROE of Luzhoulaojiao and Shanxi Fen Wine within5years. In addition, the annual financial strategies adopted by the two companies as well as the reasons for their strategic changes are analyzed by applying the financial matrix theory.
This paper finds out, through relevant comparison and analyses, the respective advantages and disadvantages of the two companies in the above-mentioned aspects as well as their respective strong points and week points compared to the average in the white spirit industry, with a purpose of providing useful references to the managerial personnel, stakeholders, report consumers, investors, as well as researchers in the industry. Other liquor-making companies can find this paper useful in their financial analysis and further improvement of traditional analytical methods.
引文
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[41]王敏.企业集团财务控制问题与对策研究[J].中国外资.2012(20)
[42]王湛,赵琳.经营业绩财务评价指标的比较与选择[J].财会月刊.2001(10)
[43]闻新燕.构建基于企业发展战略的财务报表分析框架[J].会计之友(中旬刊).2008(11)
[44]肖时庆.上市公司财务报告粉饰防范体系研究[J].会计研究.2000(12)
[45]闫华.基于企业核心竞争力的财务报表分析指标研究[D].沈阳大学2011
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[54]赵帼立.刍议财务报表分析[J].税收科技.2002(01)
[2]Barney J.Firm Resources and Sustained Competitive Advantage[J]. Journal of Management, Val.1991
[3]Chandler,A. D. Strategy and Structure:Chapters in the History of the Industrial Enterprise. 1962
[4]Clyare.P.Stickney.Financial Statement[J].Analysis and Valucation:A Strategic Perspective. 1996
[5]Collis D J,Cynthis M.Competing on resource strategy in the 1990s[J]. Harvard Business. 1995
[6]Dess Gregory G,Davis Peter S.Porter's (1980) generic strategies as determinants of strategic group membership and organizational performance[J]. The Academy of Management Journal.1984
[7]Dyer J H,Kale P,S ingh H.How toM ake Strategic A lli-ancesW ork[J]. Sloan M anagem ent Review.2001
[8]Dynamics Competence-based Competition:Theory and Practice in the the New Strategic Management [M].1996
[9]Hansen Eric, Dibrell Clay, Down Jon.Market Orientation,Strategy, and Performance in therimary Forest Industry[M].2006
[10]Helms Marilyn M,Dibrell Clay,Wright Peter.Competitive strategies and business performance: evidence from the adhesives and sealants industry[M].1997
[11]Kumar Kamalesh, Subramanian Ram,Strandholm Karen.Market Orientation and Performance:does Organizational Strategy Matter[M].2002
[12]Leopold A Bernstein,John J Wild.Financial Statement Analysis:Theory, Application and Interpreation[M].1999
[13]Mario Binder,and Ben Clegg.Enterprise management:new frontier for organisations[J]. International Journal of Production Economics.2007
[14]Miller D.Relating Porter's business strategies to environment and structure:Analysis and performance implications[J]. The Academy of Management Journal.1988
[15]Olleros F Xavier.The Power of Non Contractual Innovation[J]. International Journal ofInnovation Management.2007
[16]SPANOS Y E,ZARALIS G,LIOUKAS S.Strategyand Industry Effects on Profitability: Evidence FromGreece[J]. Strategic Management Journal.2004
[17]Teece D J,Pisno G,Shuen A.Dynamic capa-bilities and strategic management[J]. Strategic Management Journel.1997
[18]W.R.Scott.Financial Accounting Theory..1997
[19]陈瑜,王栋.试论财务报表分析视角[J].财经问题研究.2003(04)
[20]储一昀,王安武.上市公司盈利质量分析[J].会计研究.2000(09)
[21]邓明辉.浅谈财务风险的形成与防范[J].财经界(学术版).2012(10)
[22]黄妍妍.我国上市公司财务报表分析研究[D].哈尔滨工程大学2006
[23]蒋素霞.打造现代电信企业经营战略[J].中国电信业.2006(09)
[24]李捷.从战略管理的视角看企业财务分析[J].煤炭经济研究.2006(11)
[25]李心合,蔡蕾.公司财务分析：框架与超越[J].财经问题研究.2006(10)
[26]李杏菊.财务报表分析的作用及局限性[D].对外经济贸易大学2006
[27]李延波,张晓峰.如何提升企业财务战略执行力[J].财会月刊.2006(08)
[28]刘安.成长型企业财务战略[J].经济与管理.2004(11)
[29]刘秋生,钟洪磊.零售业上市公司的收益质量评价[J].商业会计.2012(19)
[30]刘新华. 企业财务分析指标体系的缺陷及对策[J].财会研究.2001(08)
[31]吕茗.企业财务报表分析的局限性及改进策略[J].时代经贸(中旬刊).2008(S9)
[32]彭颖.上市公司财务报表分析与案例[D].西南交通大学2007
[33]齐艳坤.吉林省医药上市公司的财务报表分析[D].吉林大学2010
[34]乔旭东,李忠林,李婉丽.会计披露变迁的一般分析[J].会计研究.2001(06)
[35]司锋.泸州老窖股份有限公司财务报表分析[D].大连海事大学2011
[36]苏武俊. 改进企业偿债能力财务分析指标体系的思考[J].四川会计.2002(07)
[37]涂荣华,何斌,郑仕川. 探析财务管理在企业管理中的核心地位[J].商场现代化.2012(30)
[38]万兴贵.2008白酒行业回顾[J].中国酒.2009(02)
[39]王洪洲.生产型企业财务预算指标体系的探讨[J].生产力研究.2012(10)
[40]王华兵.《财务管理》课程中运用微积分讲解杠杆原理[J].财会月刊.2012(30)
[41]王敏.企业集团财务控制问题与对策研究[J].中国外资.2012(20)
[42]王湛,赵琳.经营业绩财务评价指标的比较与选择[J].财会月刊.2001(10)
[43]闻新燕.构建基于企业发展战略的财务报表分析框架[J].会计之友(中旬刊).2008(11)
[44]肖时庆.上市公司财务报告粉饰防范体系研究[J].会计研究.2000(12)
[45]闫华.基于企业核心竞争力的财务报表分析指标研究[D].沈阳大学2011
[46]晏静.改进我国上市公司财务分析指标体系的思考[J].财会通讯.2001(11)
[47]杨忠莲.财务报表分析应注意的问题[J].财会月刊.2002(12)
[48]袁春丽.财务杠杆与财务风险防范[J].企业管理.2012(11)
[49]苑晓波.浅谈企业负债经营的风险防范[J].今日中国论坛.2012(10)
[50]张思菊.上市公司财务报表分析研究[D].西华大学2009
[51]张西克.财务分析的五大局限性[J].海南金融.2003(04)
[52]张艳红,王莉莉.我国上市公司资本结构存在的问题与对策[J].商业文化(下半月).2012(10)
[53]张玉亚,沈黎明.论企业财务报表分析[J].南都学坛.2000(05)
[54]赵帼立.刍议财务报表分析[J].税收科技.2002(01)