Research On The Value Evaluation Of Chinese Liquor Listed Companies

Under the background of the development of China's new economy,a mature,efficient and well-functioning capital market is the key to promoting China's economic transformation and enhancing economic vitality.Listed companies are the foundation of sound development of the capital market.Accurate evaluation of the listed company's corporate value can not only provide investors with considerable decision-making basis,but also can provide suggestions for the company's relevant business activities through the analysis of the influencing factors of the company's value.As an industry with unique attributes in China's fast-moving consumer goods market,the liquor sector remained strong under the overall poor performance of China's A-share market in 2017.The stock price increase ranked first in the food and beverage sector and was greatly influenced by investors' attention.Under such circumstances,how to accurately evaluate the value of liquor enterprises,help investors to take a rational look at the liquor stock market,and provide relevant decision-making basis for the future development of liquor companies,all have important theoretical and practical significance.Currently,several methods used in enterprise valuation,such as cost method,income method,market method,and options method,are based on the evaluation of the company's intrinsic value based on the financial aspects of the company.However,with the development of the enterprise,the value of the enterprise includes not only the value of all assets that can be quantified in the company's balance sheet,but also the value of assets that are difficult to quantify,such as corporate reputation,corporate culture,and brand value,outside of the balance sheet.This article comprehensively considers the financial and non-financial factors of the enterprise,and constructs a comprehensive evaluation system of corporate value combining a set of financial indicators with non-financial indicators.The methods used are mainly qualitative analysis combined with quantitative analysis.Non-financial factors mainly choose the two indicators of enterprise equity structure and brand value to describe qualitatively.The financial factors mainly use factor analysis method for the company's Profitability and Solvency,Operational Capability and Growth Capability An overall financial capability analysis was conducted to determine the future development pattern of liquor companies.On this basis,this paper constructed a regression model to analyze the impact of the company's shareholding structure,brand value,and corporate financial capabilities on corporate value.The conclusion that corporate profitability and brand value have the greatest impact on corporate value.This article suggests that liquor companies must maximize their corporate value through measures such as increasing brand value and implementing innovation-driven development strategies,while also focusing on the development of national “One Belt and One Road” Strategy to promote the international development of liquor.