| With the deepening of economic globalization,China's economy has been developing at a high speed,and the competition among industries is also increasing.Many listed companies are difficult to cope with the changes in the industry environment,the performance is declining,and the company is in financial difficulties.Listed companies in liquor manufacturing industry are important participants in China's capital market.In recent years,with the introduction of policies to limit liquor consumption,there has been a structural imbalance between consumption demand and product supply.The market environment of liquor enterprises has been deteriorating,and many listed companies in liquor manufacturing industry are in financial difficulties.The sustained and healthy development of listed companies is the premise of the stability of the capital market.Therefore,it is necessary to study how the listed companies in the liquor manufacturing industry take off the stars and get out of the financial difficulties,hoping that the research can provide reference for other companies in trouble in the industry.This paper first summarizes the concept of financial distress,the means to get rid of it and the related research on financial distress of liquor manufacturing industry.Secondly,the paper analyzes the special treatment system and relevant theoretical basis,and on the basis of theoretical analysis,analyzes the plight status and the situation of extrication of the special treatment listed companies in the liquor manufacturing industry from 2010 to 2018.Then,taking the ~*ST Swell as an example,the paper studies its predicament situation,means and effect by using the method of financial index analysis.Due to the continuous introduction of the liquor restriction policy,the change of consumption demand,and the increasingly fierce competition in the liquor industry,~*ST Swell failed to adjust itself according to the changes in the industry environment,the company's strategic positioning deviation,the product system is thin,the sales channel is single and the management frequently changes,the company's awareness of risk control is weak,which makes the company fall into financial difficulties.The financial difficulties of ~*ST Swell are as follows: the profitability of main business is poor,cash flow cannot make ends meet,cost control is poor and asset use efficiency is low.In the face of difficulties,the company adopts the way of divestiture to sell non core businesses and strengthen its main business advantages.After the divestiture of assets,~*ST Swell paid attention to the long-term development of the company,constantly improved the corporate governance structure,innovated the main products and sales channels,and controlled the cost and expenses,and the company's performance improved and successfully got out of difficulties.Therefore,the enterprises with financial difficulties in alcohol manufacturing industry should solve the most fundamental problems,return to the main business,strengthen the advantages of the main business,constantly improve the corporate governance structure and increase the inspiration for product innovation.The innovation of this paper is that in the past,most of the research on the financial distress of liquor manufacturing industry is the pre-warning of financial risk,but the research on the method of getting rid of the difficulty in the event and the performance after getting rid of the difficulty is not enough.Based on the analysis of the current situation of the liquor manufacturing industry,taking the ~*ST Swell as an example,this paper analyzes the measures of SICHUAN SWELLFUN CO.,LTD to get rid of the difficulties in the process,and tests the effect of the measures.Through the analysis of the case,it is confirmed that under the current background,the method of getting rid of the difficulty of ~*ST Swell has certain applicability in the liquor manufacturing industry,providing reference for other companies in trouble in the industry. |
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