Studv On The Value Evaluation Of Chinese Liauor Enterprises

As one of the pillar industries of the national economy,the liquor industry is closely related to people's consumption and life,which has greatly affected China's economic growth.The history of liquor development has a long history.In the liquor market,there are many old brands with long-established brands,which occupy a certain market share and have their competitive advantages.With the gradual deepening of the tax system reform with the continuous development of the market economy,the market trading activities of liquor are more active.Liquor-based enterprises continue to adjust their market structure,change their business models and upgrade their industrial structure to gain greater market share and enhance their brand benefits.The normal development of such market activities depends on the accurate evaluation of the market value of the old liquor enterprises.However,the traditional enterprise value evaluation methods have not considered the industry characteristics of specific industries.The traditional enterprise value assessment method is used to evaluate the value of the old liquor enterprises.Fully targeted and scientific,this paper intends to further improve the traditional enterprise value assessment model through theoretical research and empirical analysis,and apply to the evaluation of the value of the old liquor brand.This paper starts with the literature analysis method and the quantitative analysis method.Firstly,it studies the relevant literatures on the influencing factors of the value of the old-name enterprises at home and abroad,and makes a reasonable classification of the factors affecting the value of the old-name enterprises,namely the craft technology,brand history and culture and brand reputation of the old-name enterprises.Secondly,theoretically looking for the mechanism of the influencing factors of the value of the old-fashioned enterprise,that is,based on the maximization of enterprise value,the core competence theory of enterprises,the theory of precipitation cost,the theory of relational capital and the theory of trust,provide theoretical basis for the construction and the model,and then Empirical analysis of the role of liquor brewing process,brand history and culture and brand reputation,paving the way for improving the traditional enterprise value assessment model.Finally,by expounding and comparing the existing enterprise value evaluation methods,combining the industry characteristics and value formation process of the liquor brand enterprises,the enterprise entity cash flow discount model is selected as the evaluation method of the liquor brand value,and the model is made based on the empirical analysis results.Amendment,so that the value of the enterprise value evaluation of liquor is more scientific and reasonable.Through empirical research on the degree of influence of the technology,brand history and culture and brand reputation of 11 listed liquor brands in 2008-2017,the research results show that the brewing process,brand history,consumer culture and brand reputation of the old liquor enterprises are The values all have significant positive effects,but the degree of influence is different.Among them,the brewing process and brand history of liquors are the most significant.Based on this,this paper incorporates the influencing factors into the discounted cash flow model of the enterprise entity,and further improves the forecasting link of the future cash flow of the enterprise,so as to make the enterprise value evaluation of the liquor brand more accurate.