论文总字数：21802字

摘 要

近几年来，随着中国的快速发展，人们消费观念开始发生转变，对高端产品的需求量再不断增长，在白酒行业中，高端白酒的市场日益增长。贵州茅台是我国高端白酒行业的领军企业，近年来得到了快速的发展。而再全球疫情的大背景下，对中国的整个经济环境都产生了重大的冲击，贵州茅台如果想要在愈发激烈的市场竞争中获取更多收益，那么，提高公司的整体营运能力是迫在眉睫的。合理的经营模式，就必须要提升企业的经营效率，优化企业的资源配置，增强企业的核心竞争力。对贵州茅台的营运能力分析，可以评估一定时期公司整体的资产运转效率，有助于企业的决策者了解企业经营上的优势和不足。同时，营运能力分析是对盈利能力分析和偿债能力分析的补充，共同反映企业的风险防控能力、盈利能力、管理能力、成本控制能力。因此，营运能力分析的财务报告，在企业的日常经营管理运作中，有着非常重要的地位，对公司决策具有导向作用，帮助企业实现经济利益的最大化。

本文以贵州茅台作为现实案例与营运能力理论相结合，以分析贵州茅台的整体营运能力为目的，对贵州茅台在2015年-2020年的财务报表数据为参考，对贵州茅台的各项财务指标展开营运能力分析

。首先对相关的概念和理论进行阐述，介绍整个白酒行业的现状以及贵州茅台的基本状况，然后通过指标计算分析、行业对比分析对贵州茅台在2015年-2020年间的总资产、流动资产、存货资产的营运能力进行全面的分析和评价，同时横向上与五粮液对比。随后，得出贵州茅台公司运营存在的问题，在总资产方面，资产结构不平衡，总资产利用率低，在流动资产方面，应收账款回收缓慢，流动资产利用率不足，在存货方面，存货流转过快，导致库存不足。最后针对贵州茅台的问题提出提升营运能力的策略，在总资产上调整资产结构，进一步加强主营业务，在流动资产上构建新的营销模式和策略，运用互联网扩大营销范围，在存货上，合理控制库存。本文对贵州茅台营运能力的分析，希望可以对企业在市场上的竞争中提供帮助和借鉴。

关键词： 贵州茅台；营运能力；总资产周转率；流动资产周转率；存货周转率

Analysis on the Operating Capability of Kweichow Moutai Co., Ltd.

Abstract

China Baijiu has been changing rapidly in recent years. With the rapid development of China, the demand for high-end products is growing. In the Baijiu industry, the market of high-end liquor is growing. Guizhou Moutai is a leading enterprise in the high-end Baijiu industry in China. It has been developing rapidly in recent years. Under the background of the global epidemic, it has a significant impact on the entire economic environment of China. If Guizhou Moutaiwants to get more profits in the increasingly fierce market competition, it is urgent to improve the overall operating capacity of the company. Reasonable business model, it is necessary to improve the efficiency of the enterprise, optimize the allocation of resources, enhance the core competitiveness of enterprises. By analyzing the operation ability of Guizhou Maotai, we can evaluate the overall assets operation efficiency of the company in a certain period, and help the decision-makers to understand the advantages and disadvantages of the enterprise operation. At the same time, operational capability analysis is a supplement to profitability analysis and solvency analysis, reflecting the risk prevention and control ability, profitability, management ability and cost control ability of enterprises. Therefore, the financial report of operational capability analysis plays a very important role in the daily operation and management of the enterprise, which plays a guiding role in the company's decision-making and helps the enterprise to maximize its economic benefits.

In this paper, Guizhou Moutaias a real case, combined with the theory of operating capacity, in order to analyze the overall operating capacity of Guizhou Maotai, the financial statements data of Guizhou Moutaifrom 2015 to 2020 as a reference, to analyze the operating capacity of various financial indicators of Guizhou Maotai. First, explain the relevant concepts and theories, introduce the current status of the entire liquor industry and the basic situation of Kweichow Moutai, and then analyze the total assets, current assets and inventory assets of Kweichow Moutai from 2015 to 2020 through index calculation analysis and industry comparison analysis. Comprehensive analysis and evaluation of the operating capacity of the company, and horizontal comparison with Wuliangye. Subsequently, it was concluded that the problems in the operation of Kweichow Moutai Company were that in terms of total assets, the asset structure was unbalanced and the utilization rate of total assets was low. In terms of current assets, the recovery of accounts receivable was slow and the utilization rate of current assets was insufficient. In terms of inventory, The inventory flow is too fast, resulting in insufficient inventory. Finally, in response to the problem of Kweichow Moutai, a strategy to improve operational capabilities is proposed, the asset structure is adjusted in terms of total assets, the main business is further strengthened, new marketing models and strategies are built on current assets, and the Internet is used to expand the scope of marketing. Control inventory. This article's analysis of the operation capability of Kweichow Moutai hopes to provide help and reference for enterprises in the competition in the market.

Keywords: operating capability analysis; total asset turnover rate; current asset turnover rate

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1. 研究的背景 1

1.2. 研究目的及意义 1

1.3. 研究内容及方法 1

1.4. 论文框架 2

第二章 文献综述 4

2.1. 国外文献综述 4

2.2. 国内文献综述 4

第三章 贵州茅台简介及营运能力分析 6

3.1． 贵州茅台简介 6

3.1.1. 白酒行业现状简介 6

3.1.2. 贵州茅台酒现状分析 7

3.2． 贵州茅台营运能力分析 10

3.2.1. 总资产营运能力分析 10

3.2.2. 流动资产营运能力分析 11

3.2.3. 存货资产周转率分析 12

第四章 贵州茅台营运能力存在的问题和原因 15

4.1. 总资产存在的问题及原因 15

4.1.1. 资产结构比例失衡 15

4.1.2. 总资产利用率不足 15

4.2. 流动资产存在的问题及原因 15

4.2.1. 预收账款挂账太多 15

4.2.2. 流动资产利用率不足 15

4.3. 存货资产存在的问题和原因 16

4.3.1. 存货消耗过快 16

4.3.2. 假冒酒扰乱市场 16

第五章 提升贵州茅台的营运能力的对策 17

5.1. 总资产营运方面的策略 17

5.1.1. 调整资产结构 17

5.1.2. 加强主营业务 17

5.2. 流动资产营运方面的策略 17

5.2.1. 构建新的营销策略 17

5.2.2. 利用互联网营销 18

5.3. 存货资产营运方面的策略 18

5.3.1. 合理控制库存量 18

5.3.2. 加强知识产权 18

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