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1、FinancialstatementanalysisofliquorcompaniesAbstractKeyWords:LiquorSimplefinancialstatementanalysisanddescriptionsaboutsituationsofoperatingbusinessareprcscntcd・TwocompaniesinLiquorindustry,MoutaiandWuliangycCoiporation,arctheobjectiveswediscussthistime,basedonthefinancialratiosi
2、nEssentialsofCorporateFinance,SixEdition.ThebenchmarksintheessayareTime-trendAnalysisandPeergroupAnalysis.companies,financialratios,financialstatementanalysis1・IntroductiontothecompanyThecompanywasformerlynamedKweichowMoutaiWineryestablishedin1951・MoutaiWinerywasgraduallydevelop
3、edbasedontheoriginalthreeprivatedistilleriesafterfoundingofthePeople'sRepublicofChina.In1997,itwasnamedasChinaKweichowMoutaiWineryCo.,Ltd.throughsuccessfulsystemtransformation.In1999,ChinaKweichowMoutaiWineryCo.,Ltd.,togetherwithChinaNationalResearchInstituteofFood&Fermentationa
4、ndother7unitsestablishedKweichowMoutaiCo.,Ltd.InAugust2001,KweichowMoutaistockwaslistedinShanghaiStockExchange;inDecember2011,thecompanywasrenamedasChinaKweichowWinery(Group)Co.,Ltd.Uptonow,Moutaihasbeeninnationalizedoperationforover60years2.ExplanationonthefinancialratiosFivedi
5、fferenttypesoffinancialratioswillbeappliedtoanalyzetheirabilitiestofarerespectively.Short-termSolvency,whichisalsoknownasliquiditynmeasures,revealsthecompany'sabilitytocoveritsliabilityintheshortrun.Inaddition,thistypeofratiosfocusesoncuixentliabilitiesandcuixentassets.Similarly
6、,theratiosthatarerelevanttothefirm'sabilitytodealwithitslongrundebtandcalledLong-termSolvency(leverageratios)arcalsopartsofthetotalconsidcration.Generallyspeaking,thosetwogenresofratiosstronglyaffectthewillingnessofcreditor.Ononehand,towhatdegreeacompanycanpayitsmoneybacktoitscr
7、editoriscrucial.Onetheotherhand,thecapabilityofgainingprofitsisalsoimportant・Anotherthreetypesofrationsareneeded.Assetutilization『ationsareagroupofratiosthatismadetolellhowefficientlyorpreciselyafirmusesitsassettocreatesales・Likewise,Profitabilitymeasurescantellpeoplehowgoodacom
8、panycangenerateprofitsbythemanagementofoperatio
