A Study On The Valuation Of Listed Companies Of Liquor

Assets appraisal generates from modern economy. Mergers and acquisitions business of company, different types of transactions make enterprise value assessment playing an important role in the market. In this article, we mainly study and evaluate wine industry, in which we choose Guizhou Maotai as the case.Guizhou Maotai is the representative in the liquor industry. Discounted cash flow models as the most widely used model in the investment field and corporate finance, can perfectly and reasonably evaluate the value of the firm in the angle of the earnings. Meanwhile, the cash flow of wine industry is plus, the increase is steady, the fluctuation is small, so the Discounted cash flow models suits well. Because of the industrial characteristics, basic assets model cannot take customer resources, technology, human resources into account. According to the future profits and discounting of the risk, discounted cash flow models can evaluate the profits made by the real assets logically and comprehensively. So in this paper we mainly use Discounted cash flow models to evaluate the Guizhou Maotai.Though discounted cash flow models can forecast the price of an enterprise in a sense, it is slothfully to short-tern value activity. On the basis of the shortcoming of discounted cash flow models, we use PB (price/book value ration) and PS (Price-to-sales) ratio to supplement the paper in the end and to give a comparison.At last, the paper find that the phase 2 of the discounted cash flow models is more practical, and the result of discounted cash flow models is more stable because of the large number of parameters and long time span. PB ration and PS ratio change from the market, only considering the increase of short-time quantum leads to the imprecise conclusion. So in the end discounted cash flow models is more reliable.