The Impact Of The Eight Regulations On The Enterprise Value Assessment Of Listed White Spirit Companys

The Central Political Bureau promulgated the eight regulations policy aimed at strengthening the party's work style.It influenced the white spirit consumption market.Then the eight regulations policy would have an effect on the enterprise value assessment level of listed white spirit companys.The article first takes 2013 the year that the eight regulations policy began to implement as a node,then conducts the regression experiment between listed white spirit companies and other listed beverage companies.The result of the regression experiment is significantly different,confirming that the implementation of the eight regulations policy reduced the enterprise value assessment level.of listed white spirit companies.At the same time,we take 2011 the year that the policy taking drunk driving as crime began to implement as a node to do a regression experiment.There is no significant differences in the outcome of the regression experiment,excluding the interference of the policy taking drunk driving as crime.Moreover,when we select different control groups to do regression experiments,the conclusion that the implementation of the eight regulations policy reduced the enterprise value assessment level of listed white spirit companies is still robust.Meanwhile,the article also analyzes the mechanism of the impact of the eight regulations policy on the enterprise value of listed white spirit companys.On the one hand,through regression experiments,we find that the eight regulations made a difference on the enterprise value of listed white spirit companys,mainly through reducing the demand level of white spirit consumption by restricting the government consumption and political-merchant consuption.Then the eight regulations policy affected the income level and the cost level of these companies,and reduced the earnings level and assets return level of these companies,so as to reduce the the enterprise value assessment level of listed white spirit companies.It indicates that,through affecting consumers' consuming behavior,the implementation of the eight regulations policy reduced the earnings level and assets return level of listed white spirit companys,then reduced the enterprise value assessment level of listed white spirit companies.On the other hand,the article makes an experiment between the high-end listed white spirit companies and ordinary listed white spirit companies.We find that the implementation of the eight regulations policy,didn't make a significant difference on the financial fundamental between high-end listed white spirit companies and ordinary listed white spirit companies,when reducing the enterprise value assessment level of the high-end listed white spirit companies,compared with the ordinary listed white spirit companies.It indicates that,through affecting investors' investing behavior,the implementation of the eight regulations policy reduced the enterprise value assessment level of the high-end listed white spirit companies,compared with the ordinary listed white spirit companies.