Research On Profitability Of Liquor Listed Companies Under The New Normal

With the gradual slowing down of economic growth and the continuous progress of government streamlining administration and delegating power,China's economy has entered the "new normal" stage of development featuring diversified driving forces and optimized and upgraded structure.China's traditional liquor industry also faces the dual pressure of transformation and upgrading and industrial adjustment.The profitability of enterprises not only reflects the ability of enterprises to obtain profits and increase capital value,but also is the core performance of financial performance.Therefore,the accurate measurement of the comprehensive profitability of enterprises is conducive to finding the insufficiency of corporate profits and improving them,and is an effective measure to deal with the structural transformation and upgrading of the current liquor industry.This paper takes 13 listed liquor enterprises as samples and conducts factor analysis based on the financial data of 11 original profit indexes.First of all,the three public factors that have great influence on the comprehensive profit are extracted and named as investment profit factor,cost benefit factor and cost control factor successively.Then,based on the score of comprehensive profitability,the profitability of baijiu listed companies in recent years was evaluated.Finally,shanxi fenjiu was selected as a case enterprise to analyze the change trend of its comprehensive profitability,and to analyze the reasons for the low cost profitability factor in 2016.Under the background of the new normal,comprehensive profit of shanxi fenjiu shows an upward trend,which indicates that a series of reform measures taken by shanxi fenjiu in response to environmental change have achieved a beneficial effect,which is worth learning from other enterprises.However,the cost benefit factor and cost control factor are lower than the average level of the industry,indicating that shanxi fenjiu is deficient in these two aspects.Through further analysis of the original profit indicators,it is found that the total operating cost rate and management expense ratio in the last two years are both the highest in 10 years,indicating that fenjiu in shanxi needs to be strengthened in the control of operating costs.Under the background of the new normal,shanxi fenjiu should give full play to their own advantages,at the same time of transformation and upgrading of industrialization and sustainable development,strengthen their innovation ability,and enhance comprehensive profit ability.By strengthening the internal management system reform,perfecting system,innovative marketing mode,optimize the product structure and other effective measures,overcome earnings,endeavor to realize the transformation and upgrading of industry,the brand glow the new vitality.