【精品】财务分析--贵州茅台.doc

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1、贵州茅台财务分析%1.共同比分析（结构分析）首先，为了使得财务分析更加的真实可靠，我们根据会计分析的相关内容，调整了贵州茅台以及五粮液的资产负债表。调整的项目包括将英他应收款及长期待摊费用的剔除，以及对固定资产和无形资产部分的土地使用权重新估值。根据所杳资料,我们将固定资产以及无形资产的土地使用权的账而价值提1.6倍，虽然仍存在被低估的可能，但也相对■原报表更加可靠一些了。1.1资产负债表结构分析根据调整后的资产负债表，我们对贵州茅台和五粮液分别进行了结构的探索，见下农:调整后贵州茅台2008-2010资产负债

2、表结构变化表2008-12-312009-12-312010-12-31流动资产：货币资金46.94%44.66%45.55%应收票据0.99%1.75%0.72%应收账款0.20%0.10%0.00%预付款项4.30%5.51%5.41%应收利息0.02%0.01%0.15%存货18.06%19.22%19.70%一年内到期的非流动资产0.00%0.08%0.00%流动资产合计70.51%71.24%71.53%非流动资产：持有至到期投资0.24%0.05%0.21%长期股权投资0.02%0.02%0.01%

3、固定资产20.32%23.24%23.70%在建工程3.38%0.89%0.93%工程物资0.36%0.11%0.07%无形资产4.13%3.41%2.56%递延所得税资产1.02%1.03%0.98%非流动资产合计29.49%28.76%28.47%资产总计100.00%100.00%100.00%碱动负债：2008-12-312009-12-312010-12-31应付账款0.70%0.64%0.82%预收款项17.03%16.12%16.75%应付职工薪酬2.09%2.13%1.77%应交税费1.49%0

4、.64%1.48%应付股利0.00%0.63%1.13%其他应付款3.34%3.26%2.89%流动负债合计24.65%23.41%24.84%非SS动负债.专项应付款0.00%0.05%0.04%非流动负债合计0.00%0.05%0.04%负债合春24.65%23.46%24.87%所有者权益（或股东权益）实收资本（或股本）5.47%4.33%3.34%资本公积7.97%6.30%4.86%盈余公积5.81%7.27%7.69%未分配利润53.09%56.94%58.17%少数股东权益1.50%0.85%0.

5、53%归属母公司所有者枫益（或股东权益）73.85%75.69%74.59%所有者权益（或股东权益）合计75.35%76.54%75.13%负债和所有者（或股东权益）合计100.00%100.00%100.00%调整后血粮液2008-2010资产负债表结构变化表2008-12-312009-12-312010-12-31流动资产：货币资金36.79%30.10%43.40%交易性金融资产0.05%0.09%0.06%应收票据3.74%7.35%6.70%应收账款0.03%0.41%0.27%预付款项0.28%0

6、.78%1.01%应收刑息0.33%0.12%0.20%存货12.89%13,87%13.86%流动资产合计54.11%52.73%65.50%非流动资产’长期股权投资017%0.12%0.10%固定资产43.05%44.28%31.31%在建工程2.03%0.87%1.58%无形资产0.60%1.97%1.47%商誉0.00%0.01%0.00%递延所得税资产0.03%0.02%0.04%非流动资产合计45.89%47.27%34.50%资产总计100.00%100.00%100.00%涼动负债二2008-1

7、2-312009-12-312010-12-31应付票据0.00%0.00%0.17%应付账款0.24%0.95%0.48%预收款项6.54%17.46%21.82%应付职工薪酬0.23%0.17%1.07%应交税费5.14%4.17%4.86%应付股利0.00%0.88%1.07%其他应付款0.52%1.36%2.12%流动负债合计12.67%24.99%31.59%非涼动负债：长期应付款0.00%0.00%0.00%递延所得税负债0.00%0.02%0.01%其他非流动负债0.00%0.00%0.05%非流

8、动负债合计0.00%0.02%0.06%负债合计12.61%25.01%31.65%所有者权益（或股东权益八实收資本（或股本）23.57%15.15%11.66%資本公积5.92%3.80%2.93%盈余公积12.32%9.25%8.47%未分配利润44.58%44.34%43.67%少数股东权益0.47%1.22%0.81%归属母公司所有者权益（或股东权益）86.86%73.17%6