The Grey Relational Degree method was applied to evaluating the core competence of the ten listed liquor companies. The study found that: the most critical factor affecting the strength of the core competence of listed liquor companies is the technological innovation capability; in general, the core competence of the ten listed liquor companies is weak, with an average Grey Relational Degree of 0.752, indicating more potentials for improvement; in addition, with the exception of Kweichou Moutai, the other nine listed liquor companies are all in an uncoordinated state regarding the development of the six capabilities, and they usually have one or several capabilities lagged behind.
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