金种子酒业基于零杠杆策略选择动因研究

Research on the Selection Motivation of Golden Seed Wine Based on Zero Leverage Strategy

为了更好地分析零杠杆策略下上市公司的选择动因情况,本文借助案例研究方法,以白酒制造公司安徽金种子酒业股份有限公司(下文简称“金种子酒”)为研究对象,从现金流、债务担保能力、盈利能力、营运能力探讨公司选择零杠杆的动机,对于这种现象展开深入研究,得出金种子酒在2010年是主动选择零杠杆的结论,但就近几年其公司经营状况而言,其选择零杠杆策略的动机是具有被动性的。在现阶段国家推行去杠杆的政策背景下,本文的研究具有一定的理论与实践意义,为公司合理安排资本结构提供了借鉴与参考。

In order to better analyze the motivation of listed companies’ selection under the zero-leverage strategy, this paper takes Anhui Golden Seed Wine Co., Ltd. (hereinafter referred to as “Golden Seed Wine”), a liquor manufacturing company, as the research object with the help of case study method, and discusses the motivation of the company’s selection of zero-leverage from the perspective of cash flow, debt guarantee ability, profitability and operating ability. Through in-depth research on this phenomenon, it is concluded that Golden Seed Wine actively chooses zero leverage in 2010, but in terms of the company’s operating conditions in recent years, its motivation to choose zero leverage strategy is passive. Under the background of the current national deleveraging policy, the research of this paper has certain theoretical and practical significance, and provides a reference for companies to reasonably arrange the capital structure.