Study On The Relationship Between The Management Characteristics And Financial Performance Of The Listed Liquor Companies In China

Liquor culture has a long history in our country,and it has several one thousand years of history.As a unique wine in China,the liquor which occupies an important position in the current domestic and foreign wine product market has a long history and cultural tradition.Liquor-making industry management and development in our country has its own particularity,and it has more differences from other industries.As the saying goes,"no wine no seats","friends to have good wine”,liquor is a product which combines Chinese traditional customs with culture,it belongs to the emotional kind of consumer goods that has a special meaning which is different from ordinary consumer,emotional communication is mainly to the liquor consumption value.Liquor as the primary part of wine industry in our country,to a certain extent,it also affects the continuous and stable development of food market economy in our country.Liquor-making industry healthy and sustainable development is not only our Chinese people’s responsibilities entrusted by the era,but also a natural carrier which alleviates the problem of "agriculture,rural areas and farmers" and spreads the excellent traditional culture.Obviously,by analyzing the management characteristics of liquor-making industry in China’s listed companies helps to deepen the understanding of the internal management structure of liquor-making industry,through the quantitative analysis of liquor enterprise financial condition could be used to understand the financial efficiency of the liquor enterprise,resource utilization,which in turn will help managers to make scientific and rational decisions.However,usually when people analyze the financial situation of liquor-making industry,they often only simply make comparison and data analysis for the relationship between the enterprise assets and profits,the relationship between sales and profits,paying little attention to the influence of the management characteristics to the enterprise financial performance,which neglects the importance of improving management comprehensive ability quality and optimizing the structure of the internal management to improve enterprise’s financial performance,this will not be conducive to enterprises to strengthen internal talent and compensation management,and it does not benefit the increasing of financial performance and market competitiveness.In this paper,we choose the 2012-2014 data of the 12 liquor listed companies in the A-share as sample to study the relationship between the management characteristics of liquor-making industry and corporate financial performance,trying to explore a more scientific and reasonable structure of management characteristics,miningthe inner motive power to improve enterprises’ financial performance,refining the correlation relationship between the management characteristic and corporate financial performance,and putting forward corresponding suggestions.This article firstly combs and evaluates the related literature at home and abroad,then introduces the theory of the management characteristics and relevant theories of the enterprise’s financial performance,then analyzes respectively the management characteristics of of liquor-making industry in China’s listed companies and the status of financial performance.Lastly,we choose the 2012-2014 data of the 12 liquor listed companies as sample,using principal component analysis method,constructing a comprehensive evaluation system for financial performance,from he six dimensions of management features:executive compensation,the chairman of the remuneration,the education level of management,the education of chairman,the board of directors meetings,management sex ratio to make a empirical studies of the relationship between the management characteristics of liquor listed enterprise and financial performance.Chairman of the remuneration and corporate financial performance is positively correlated;Executives at an average level of education is positively correlated with corporate financial performance;degree of board chairman and the enterprise financial performance was weak negative correlation;the board of directors meeting times and the enterprise financial performance was negative correlation;Female sex ratio was positively correlated with corporate financial performance management.According to the results of this study,this paper puts forward the following Suggestions to optimize the management structure and improve the financial performance of the liquor listed companies:(1)establishing scientific and reasonable salary system and performance management system to combine performance management with compensation,and strengthen the "people-oriented" management idea;(2)employing the higher education level of management,improving the comprehensive quality of the management and the overall professional degrees,and providing more and better training and promotion at the same time to achieve People and the enterprise retreat together;(3)Standardizing the meeting system of the company’s directors to ensure the independence of the board position;(4)Optimizing the gender structure of the management layer,and appropriately increase the proportion of female managers.