【摘要】 在速度变革、结构调整、动能转换的背景下,如何从高速增长转向高质量发展是新时代中国白酒产业健康持续发展的关键问题。要实现中国白酒企业转向高质量发展,需要在战略目标、发展路径等方面进行转变。从价值创造、价值管理和价值分配3个维度,构建了包括10个二级指标、25个三级指标的白酒上市公司发展质量评价指标体系。基于17家白酒上市公司近五年的年报数据,运用改进的熵值法对我国白酒上市公司发展质量进行综合评价。结果表明:2014—2018年我国白酒上市公司发展质量经历了先升后降的过程,其中贵州茅台、五粮液始终位居前列,金种子公司质量提升最大,维维股份公司质量下降幅度最大,其他上市公司具有不同程度变化;2018年,对白酒上市公司质量贡献度大小依次为价值创造能力、价值管理能力和价值分配能力。提高价值创造能力是提升白酒上市公司发展质量的关键,价值管理和价值分配能力是影响企业质量的重要因素。通过聚类分析得出贵州茅台、五粮液和泸州老窖处于我国白酒上市公司高质量水平;较高质量水平包括青青稞酒、洋河股份、古井贡酒和金种子;中等质量水平包括老白干、山西汾酒和伊力特;顺鑫农业、甘肃皇台、水井坊、今世缘、酒鬼酒和舍得酒业等处于较低质量水平;维维股份质量水平最低。基于前述质量评价指标体系及实证结果,提出我国白酒上市公司高质量发展的路径和建议:在企业层面,通过品牌建设、创新驱动、质量保障、公司治理提升上市公司质量;在产业生态系统层面,通过战略变革和责任重塑提升企业质量;在政策制度层面通过竞争机制设计、研发投入、金融法律支持等方面加强产业发展指引,从而加快白酒上市公司高质量发展进程。更多还原

【Abstract】 Under the background of speed change, structural adjustment and kinetic energy conversion,how to shift liquor enterprises from high-speed growth to high-quality development is a key issue for the healthy and sustainable development of China’s liquor industry in the new era. To achieve high-quality development of Chinese liquor companies, it is necessary to make changes in strategic goals and development paths. From the three dimensions of value creation, value management and value distribution, the development quality evaluation index system of liquor listed companies is set up, which includes 10 secondary indicators and 25 tertiary indicators. Based on the annual report data of 17 liquor listed companies in China in the past five years, the improved entropy method is used to comprehensively evaluate the quality of China’s liquor listed companies. The results show that the quality development of China’s liquor listed companies experienced a rise and then decline in 2014-2018. Among them, Moutai and Wuliangye are always in the top three, and the quality of Jinzhongzi increases the most. Weiwei Share has the largest decline in quality. The company has different degrees of change. In 2018, the contribution to the quality of liquor listed company is in the order of value creation ability, value management ability and value distribution ability. Improving the value creation ability is the key to promoting the development quality of liquor listed companies. Value management and value distribution are important factors affecting the quality of the enterprises. Through cluster analysis, it is concluded that Moutai, Wuliangye and Luzhou Laojiao are at the high quality level of China’s liquor listed companies; the higher quality levels include Qingqingkejiu, Yanghe, Gujing Gongjiu and Jinzhongzi; the medium quality level includes Laobaigan, Shanxi Fenjiu and Yilite; the development quality of Shunxin Nongye, Gansu Huangtai, Swellfun, Jinshiyuan and Shede liquor is lower; the lowest quality level is Weiwei Shares. Based on the above-mentioned quality evaluation index system and empirical results, we propose the high-quality development path and suggestion for China’s liquor listed companies: 1) the development quality of listed companies can be improved by brand building, innovation-driving, quality assurance and corporate governance at the enterprise’s level; 2) at the industrial ecosystem level, the development quality of listed companies can be improved through strategic change and responsibility reshaping; and 3) at the policy and system level, it is suggested to strengthen the industry development guidance through competition mechanism design, research and development investment, financial and legal support to speed up the high-quality development process of liquor listed companies.更多还原