贵州茅台公司与五粮液公司财务对比分析-研究

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1、西南交通大学硕士研究生学位论文第1I页现出良好的发展势头；另外，需要特别说明的是，五粮液公司2009年通过对关联交易的治理，其盈利能力和现金创造能力得到了大幅提升。而从所整理的白酒行业上市公司的财务数据和指标来看，该行业在盈利能力、现金创造能力、股利支付能力等方面表现强劲，行业资金量充裕，总体资本结构稳健，财务风险较小，但是其市场价值估值普遍偏高，后续成长能力不足也有待进一步提升。关键词：盈利能力；现金创造能力：价值创造能力；成长能力；风险控制能力西南交通大学硕士研究生学位论文第1II页AbstractIntherecentyears，therisingofChinese

2、liquorpricehasbeentakingalotofconcernaboutthealreadytensepriceinthesociety,whichhasmadepeoplemoreworryingaboutthecommodityprice．KweichowMao·taiCo．，Ltd．andWuliangyeGroup，asthetwoleadingenterprisesinliquo卜processingindustries，havebeenpushedtoohardbythesituationofpncensmg·KweichowMao—taiCo．，

3、Ltd．andWuliangyeGroup，astheoutstandingrepresentativesof‘Sauce-fragranced’and‘Aroma’liquor,wellknownbothathomeandaboard，havedevelopeddramaticallyandbeenthelargeenterprises．Now,theirvaluesofstocksareoverRMB100billion，takinguphalfmarketsshareofdomestichi．gh—classliquor,whicharealsoexpectedto

4、increaseoverwhelminglyinretailpriceinthecomingyears．EverysingleactivityofthetwoenterpriseshasaprofoundimpactonChineseliquorbrewingindustriesandbeverage—manufacturingindustries．Inordertogetthetwoenterprisesresearchedaccurately,thispapercollectstheirfinancialreportsfrom2006to2010，aswellasth

5、efinancialdataofother10listedcompaniesengagedinliquorbusinessandliquo卜processingincludingLuzhouLaojiaoCo．Ltd．andYangheCo．Ltd．from2006to2010andestablishedbasicfinancialdatabaseofliquorindustry．First，byusingrelatedtheoriesandchartsoffinancialanalysis，thispapercomparesandanalysesthecapacitie

6、sofprofitability,cash—creative，value—creativeanddevelopment，andthecapacityofriskcontr01．Thenthispaperdissectsthechangesoftwoenterprises’ROEbyusingthetheoryofDuPongAnalysisSysteminthecomparativeyear．Finally,byusingthematrixpictureoffinancialstrategy,thispaperlocatestheirparticularfinancial

7、strategicpositionsinthematrixpictureinthecomparingannualyears．Bycomparingandanalyzing，itishopedtofindtheadvantagesanddisadvantagesinthefinancialratiosoftwoenterprises，andtheaveragelevelofthisindustry．Alloftheabove，thepurposeofthisresearchistooffervaluablesuggestions