白酒类上市企业财务特征与财务风险分析研究

Analysis and Research on Financial Characteristics and Financial Risks of Listed Liquor Enterprises

在我国白酒行业一直是高盈利的朝阳行业。2018年10月茅台的“天价酒”和以其为首的白酒企业股票集体大跌现象成为人们关注的焦点。选取19家白酒上市企业为研究对象,运用因子分析法计算2017年各公司因子得分,通过分析发现白酒行业是一个低营运能力行业。对因子得分进行聚类,将聚类结果分为成熟稳健型、低现金高负债型、高现金偿债型三大类,针对不同财务特征的白酒企业进行财务风险分析,为白酒企业的财务风险应对提出可行性建议。

Liquor industry in China has always been a promising industry with high profit.The exorbitant price of Maotai and the sharp drop in the stock of the liquor enterprises have become the focus of people's attention.19 listed liquor enterprises were selected as the research objects,and factor analysis method was used to calculate the factor scores of each company in 2017.Through analysis,it was found that liquor industry was an industry with low operating capacity.The factor scores were clustered,and the clustering results were classified into three types:mature and stable type,low-cash and high-debt type,and high-cash debt-paying type.The financial risks of liquor enterprises with different financial characteristics were analyzed,and feasible suggestions were put forward for liquor enterprises to cope with financial risks.