附录B 外文原文
Analysis on the Investment Value of Chinarsquo;s Liquor Industry Listed Companies-from the Vision of Financial Competitiveness
Ye Zhang and Yuxiu Chen
School of Economics and Management, Xiamen University of Technology, Xiamen, Fujian, 361024 doi:10.26602/lnms.2018.94.364
Keywords: Analytic hierarchy process; Investment value; China liquor industry; Financial competitiveness.
Abstract. This article takes Wu liangye, Moutai and Yanghe shares as the research object, analyzes the internal and external factors affecting the Chinese liquor industry, and from the perspective of financial competitiveness, using the analytic hierarchy process to establish the financial competition model, Competitive ranking. The empirical results of this paper have some reference to explore the investment value of listed companies in Chinas liquor industry.
Introduction
Liquor is a traditional industry with Chinese characteristics. During the period from 2002 to 2012, due to the rapid economic development in China, the liquor industry was driven by the rapid economic development. The industry developed rapidly. The sales, sales revenue and sales of low, medium and high-end liquor Profit soared. According to statistics, in 2012, the total profits of the liquor industry in China amounted to 81.856 billion yuan. However, after 2013, the high-end consumption was greatly affected due to the implementation of the national macroeconomic downturn and the states restrictions on 'three public consumption' policies. The liquor industry started to enter a period of adjustment with a sharp decline in revenue and profits. Thankfully, during 2015, the liquor industry has improved its position as various liquor companies change their marketing strategies and marketing channels.
Liquor industry can emerge from the predicament it? Will there be more and more investors in the future to invest in it? In this paper, the three selected companies (respectively YibinWuliangye Co., Ltd., GuizhouMaotai Co., Ltd. and Jiangsu Yanghe Distillery Co., Ltd.), based on their financial indicators, combined with PEST analysis and analytic hierarchy process, research companiesrsquo; External factors on the impact of a business development, and then obtained by AHP financial competitiveness model of the selected three liquor business investment ranking.
Liquor industry investment value of external factors --- PEST analysis
PEST analysis refers to the macro environment analysis, P is politics, E economy, S society, T (technology).
Political environment
Liquor, as a necessity for social occasions of officials, is bound to be affected by the political environment in the industry to which it belongs. In 2013, due to the Chinese governments implementation of the new rules on the liquor industry, various activities such as dinners and banquets were drastically reduced, resulting in a sharp drop in the demand for liquors in the market. Taking Wu liangye as an example, its turnover for 2013 was RMB 24,717,000,000, a decrease of
9.13% over the previous year. Meanwhile, the net profit obtained during the year was only RMB7,973 million, representing a decrease of 19.75 over the previous year %, Enterprises are facing an unprecedented blow.
Economic environment
Under the influence of the sluggish international economic recovery and the continued general domestic policy of “one steady, one positive and one positive”, Chinas economy will not grow at a rapid pace but will be in a steady state of development. For the liquor industry, the long-term slowdown in Chinas economic growth will put the industry under unprecedented pressure as its development is closely linked to the economic environment.
Social environment
With changes in living standards and lifestyles, the attractiveness of liquor to young consumers is declining, and the consumption of young consumers is greatly reduced. At the same time, in the beverage market, a great variety of products, drinks market competition is more and more fierce. Furthermore, because of Chinas thorough investigation of the sanxiaong consumption and the promulgation of the Prohibition Decree, the former consumer groups in liquor enterprises reduced their purchases of liqueurs. All in all, the consumption of liquor enterprises by social groups shows a downward trend, and the fixed groups that they consume have been lost.
Technical environment
With the popularization and rapid development of Internet technology, more and more industries have actively or passively entered the Internet era. In liquor industry, some enterprises such as Moutai in Guizhou, Luzhou and other old cellars, one after another to create a new channel model, take the initiative to embrace the “Internet .” For example, Moutai, Guizhou, to adapt to todays big data environment, to achieve a major change in marketing model, implanted in the marketing model of the Internet. In 2014, Kweichow Moutai invested itself in setting up its own e-commerce company and formed a marketing network through the e-commerce company to create an online and offline interaction that enhances the supply capacity of the market and enhances the demand for consumers Protection.
Liquor industry investment valuersquo; internal factors
There are many internal factors affecting an enterprise, which can be roughly divided into three levels: the first level is the surface level, the external performance of the enterprise profitability, which can be measured by financial indicators; the second level is the middle level, the main From the perspective of customers, the internal operation of enterprises and innovation and learning point of view, reflected as non-financial indicators; the third level is the core layer, known as the core business capabilities. This article mainly analyzes
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附录A 外文译文
从金融竞争力视角进行中国酒业上市公司投资价值分析
福建省厦门理工大学经济管理学院，邮编：361024doi：10.26602/lnms.2018.94.364
关键词：分析层次结构流程、投资价值、中国白酒业、金融竞争力。
摘要。本文以吴良叶、茅台、德阳市股份为研究对象，分析影响中国白酒业的内外因素，从金融竞争力的角度，运用分析层次流程建立金融竞争模式、竞争排名。本文的实证结果对探讨我国上市公司的投资价值有参考。
项目简介
白酒是一种具有中国特色的传统产业。在2002年至2012年期间，由于中国经济的快速发展，白酒业受到了经济快速发展的带动。这个行业发展迅速。销售、销售收入、低、中高端白酒利润飙升。据统计，2012年，我国白酒行业总利润为818.56亿元。然而，2013年后，由于国家宏观经济低迷的实施和国家对“三种公共消费”政策的限制，高端消费受到了巨大的影响。随着收入和利润的急剧下降，酒类行业开始进入一个调整时期。值得庆幸的是，2015年，随着各家酒类公司改变了营销策略和营销渠道，酒类行业提高了地位。
酒业可以摆脱困境吗？未来会有越来越多的投资者来投资吗？本文选取三家公司（分别为一品五粮液有限公司、茅台茅台有限公司、江苏和酒厂有限公司）根据财务指标，结合PEST分析层次流程，研究公司外部因素对业务发展的影响，然后采用AHP财务竞争力模型选取的三家白酒业务投资排名。
白酒行业外部因素的投资价值PEST分析
PEST分析是指宏观环境分析，P是政治、E经济、S社会、T（技术）。
政治环境
酒，作为官员在社交场合的必需品，必然会受到其所属行业的政治环境的影响。2013年，由于中国政府实施了有关酒类行业的新规定，晚宴和宴会等各种活动大幅减少，导致市场上酒类需求大幅下降。以吴良玉为例，其2013年的营业额为2471.7亿元，下降了
9.比前一年增长了13%。同时，本年度净利润仅为79.73亿元，较上年下降19.75%，企业面临前所未有的打击。
经济环境
在国际经济复苏缓慢和“一稳定、一积极、一积极”的国内总体政策持续影响下，中国经济不会快速发展，而是处于稳定发展状态。对于白酒业来说，中国经济增长的长期放缓将使该业面临前所未有的压力，因为其发展与经济环境密切相关。
社会环境
随着生活水平和生活方式的变化，酒类对年轻消费者的吸引力正在下降，年轻消费者的消费也大大下降。同时，在饮料市场上，产品种类繁多，饮料市场竞争越来越激烈。此外，由于中国对三孝翁消费的彻底调查和颁布的禁止令，白酒企业的前消费群体减少了对利口酒的购买。总之，社会群体对酒类企业的消费趋势呈下降趋势，其消费的固定群体已经消失。
技术环境
随着互联网技术的普及和快速发展，越来越多的行业积极或被动地进入互联网时代。在白酒行业，贵州茅台、泸州等老窖相继打造新渠道模式，主动采用“互联网 ”模式，如贵州茅台，适应当今的大数据环境，实现营销模式的重大变革，植入互联网营销模式。2014年，贵州茅台投资成立了自己的电子商务公司，通过电子商务公司建立了营销网络，创建在线和线下互动，提高市场的供应能力，提高对消费者保护的需求。
白酒行业投资价值的内在因素
影响企业的内部因素很多，大致可分为三个层次：第一层面是表面层面、企业盈利能力的外部绩效，可用财务指标衡量；第二层面是中间层次，主要从客户层面、企业内部经营和创新学习角度，反映为非财务指标；第三层是核心层，称为核心业务能力。本文主要从财务角度分析了影响酒类行业投资价值的内部因素。
偿付能力
企业的偿付能力包括短期偿付能力和长期偿付能力。本文主要选择当前比率和快速比率来分析公司的短期偿付能力，并选择衡量该指标的企业资产负债比的长期偿付能力进行分析。
运行能力
企业的经营能力主要是指企业经营资产的效率和有效性。研究一个公司的经营能力，主要是研究其资产的周转程度。分析公司的经营能力，主要是代表资产周转速度分析各种指标，评估公司的效率
企业的经营性资产。本文主要分析了资产总周转率、应收账款周转率和存货周转率，从而反映了企业的经营能力。
盈利能力
盈利能力是指该公司的盈利能力。本文对这些指标的每股收益、主要业务利润、净利润率、净资产回报率进行了分析。
开发能力
为了进一步研究选定上市公司的发展能力，本文主要分析了主要业务收入增长、净利润增长率、总资产增长率等主要业务增长的指标。
白酒业财务竞争力分析
对企业财务竞争力的分析主要分析其盈利能力、发展能力、经营能力和偿付能力四个方面。本文选择的财务指标如下：首先，从偿付能力方面选择三个财务指标：流动比率、快速比率、资产负债比；其次，在分析公司经营能力时，选择这三个指标的应收账款周转、存货周转、总资产周转；盈利能力，本文选择每股收益、主要业务利润率、净销售额、净利润和净资产收益率；最后，能力的发展，对反映公司增长主要业务收入增长、净利润增长和总资产周转能力的财务指标进行分析。
AHP简介
分析层次结构过程(AHP)，由Satty于1970年提出，是一种可以解决多准则问题的方法。
白酒业财务竞争力分析
-
-
- 建立一个层次化的模型
-
结构图包括目标层、指导层和决策层，如图1所示。
图中示。1层次结构
-
-
- 构造为一个比较矩阵
-
在建立了层次模型后，可以构造一个矩阵，其中矩阵的值可以通过1-9的尺度得到。本文的重要性主要来自于参考文献。
比例1-9的含义如下图所示
该选项卡。11-9个比例尺的含义
比例尺 其含义
1 表示这两个要素也同样重要
3 表示在两个元素方面，一个元素比另一个元素稍微重要一点
5 表示两个元素，一个元素比另一个元素重要得多
7 一个元素比另一个更重要
9 表示两个元素，一个元素比另一个元素更重要
-
-
- 计算单级权值向量，并进行一致性检验
-
对于每个成对比较矩阵，计算了最大特征值及其相应的特征向量，并利用一致性指数、随机一致性指数和一致性比进行了一致性检验。具体的计算步骤包括用平方根法求出权值，求出最大的特征值，并判断矩阵的一致性检验。当一致性比C.Rlt;0.1时，一般认为判断矩阵的一致性可接受。否则，应适当修改判断矩阵。通过计算和试验，可以得到表2-5中的四个能力层的判断矩阵数据。
该选项卡。2、偿付能力层（B1）判断矩阵
|
B1 |
C1 |
C2 |
C3 |
Wi |
|||
|
C1 |
1 |
3 |
1/3 |
0.2684 |
|||
|
C2 |
1/3 |
1 |
1/4 |
0.1172 |
|||
|
C3 |
lambda;max=3.0735 |
3 |
4 |
1 cr=0.0707 |
0.6144 |
||
|
该选项卡。3操作能力（B2）判断矩阵 |
|||||||
|
A |
C4 |
C5 |
C6 |
Wi |
|||
|
C4 |
1 |
1/5 |
1/3 |
0.1140 |
|||
|
C5 |
5 |
1 |
1 |
0.4806 |
|||
|
C6 |
lambda;max=3.0291 |
3 |
1 |
1 cr=0.0279 |
0.4054 |
||
|
该选项卡。4盈利能力层（B3）判断矩阵 |
|||||||
|
A |
C7 |
C8 |
C9 |
C10 |
Wi |
||
|
C7 |
1 |
1/3 |
1/3 |
1 |
0.125 |
||
|
C8 |
3 |
1 |
1 |
3 |
0.375 |
||
|
C9 |
3 |
1 |
1 |
3 |
0.375 |
||
|
C10 |
1 lambda;max=4 |
1/3 |
1/3 |
1 cr=0 |
0.125 |
||
|
该选项卡。5开发能力层（B4）判断矩阵 |
|||||||
|
A |
C11 |
C12 |
C13 |
Wi |
|||
|
C11 |
1 |
1/5 |
1/3 |
0.114 |
|||
|
C12 |
5 |
1 |
1 |
0.4806 |
|||
|
C13 |
lambda;max=3.0291 |
3 |
1 |
1 cr=0.0279 |
0.4054 |
||
-
-
- 计算总重量向量，并测试一致性。计算结果详见表7。
-
该选项卡。6指导方针层(A)判断矩阵
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|
A |
B1 |
B2 |
B3 |
B4 |
Wi |
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