Financial Analysis
（一）阿里巴巴的横向分析:
A 、 alibaba's horizontal analysis
横向分析是对相邻两期财务报表间相同项目的变化进行比较，利用“绝对金额增减”或“百分率增减”的结果展现公司各项数据的动态发展状况。
Horizontal analysis is adjacent to two period between the financial statements of the same project change, use "absolute compared the amount" or "percentage increase or decrease of the results show the company" increase or decrease the data of the dynamic development situation.
企业的营业收入直接体现了企业的市场占有情况，也表明企业经营和竞争能力的强弱。对企业营业收入情况的分析，可以从营业收入的构成及其变动以及营业收入的增长情况及各方面进行。Of the business income directly manifested the enterprise market, also have a case that the enterprise management and competition ability strong and the weak. To the enterprise operating income situation analysis, can the structure and operating income from the business income of the change and growth of all.
场营业收占总收入约60%，同时，我们也可以看出国际交易市场的份额略有下降，中国市场份额维持在35%左右，变动不大，而其他收入的份额由08年的0.87%升为了7.66%。其营业收入的增长主要是因为国内外两个交易市场的付费会员的增加导致的。From the above terms of the structure of business income, ali's revenue from international trade market, the main business of the international market the total income about 60%, at the same time, we can also see that the international trading market share drop slightly, China's market share to maintain at 35%, and little change, and other income in the share of 0.87% by up to 7.66%. Its operating income growth mainly because both domestic and overseas market payment member of the increased.
巴巴的收入增长势头良好，首先是国际市场方面由来自于向中国Gold Supplier会员销售会籍及增值服务的收入增加，加上合并了Vendio 及Auctiva 所带来的营业收入。中国的Gold Supplier 会员由09年的96110名增长到121274名，增长率为26.2%。其次是由于在2010年年初所推出的多项新战略举措所产生的正面效果，导致其付费会员基础强劲上升及增值服务如网销费和黄金展位的营业收入增加。在2010年中国市场增加了176338个付费会员，使年底付费会员由09年的501316人上升为677654人，上升了35.2%。最后是其他营业收入的增长，主要是因为阿里巴巴在2009年12月收购中国万网后首次合并所带来的全年影响。
Operating income in 2009 and 2010, the growth rate of 28.98%, 43.43% and, respectively, it can be seen that the alibaba's income growth is good, first is the international market by the Gold Supplier to China from members of the membership and value-added services of sales income increase, plus combined Vendio and Auctiva brought about by the business income. China's Gold Supplier member of the by 96110 to 121274, the growth rate of 26.2%. Second was because in early 2010 launch by a number of new strategic measures produced beneficial effect, lead to its members pay rise and value-added services based strong as nets pin fee and gold of the business income increase. Booth In 2010 China market increased by 176338 members at the end of the year, to pay pay by the members of the 501316 people rise to 677654 people, up 35.2%. Finally the other business income growth, mainly because the alibaba in December 2009, nets of China for the first time after merger acquisition brought by the influence throughout the year.
营业成本的增长幅度更为明显，相对于09年增长率为74.20%，其主要是因为中国万网业务为客户购买域名的成本增加了，收入及客户数目的增加所导致的营业税及相关附加费和认证及核实费用的增加，网站使用量的增加致使宽带及设备代管费用、折旧费等费用的增加，以及为了日后扩充业务做准备而增加了员工成本。
Operating costs increase is more apparent, relative to the growth rate of 74.20%, its main because nets of Chinese business for customers buy the cost of domain name increased, and income
and customer Numbers increased as a result of business tax and related surcharge and authentication and verify the rising costs of website, the increase of the use of the broadband and equipment, such as depreciation cost hosting the cost, and the increase in order to prepare future business expansion and more staff costs.
毛利润由09年的33亿增加38.51%至2010年的近46亿元，而毛利率则由09年的86.21%降至2010年的83.25%，主要是由与合并万网及Vendio 的财务业绩是的营业成本较高所致。
By the's 3.3 billion gross profit increased 38.51% to 2010 of the nearly 4.6 billion yuan, and profit margins by is the 86.21% to 83.25% in 2010, mainly by and mergers and Vendio nets of financial performance yes business with high cost be caused by.
成本增长32.30%至将近32亿元。从运营成本构成看，销售及市场推广费用所占比重最大，行政费用比重每年较稳定，而产品研发费用的比重则增长迅速，2010年增至18.14%，经分析认为开发新的产品和服务将成为阿里巴巴公司持续成长的动力，也将带动国内B2B 电子商务行业的进一步发展。
By the table above knowable, with the company business continues to expand, operation cost is also rising, 2010 years operation cost growth 32.30% to nearly 3.2 billion yuan. From operation cost structure, see sales and marketing expenses accounts for the largest, administrative costs each year, and the proportion of a stable product research and development costs are growing rapidly, the proportion of 2010 to 18.14%, by analyzing the development of new products and services that will be continued growth of alibaba's momentum, it will drive the domestic B2B the further development of the industry.
，净收益达到14.7亿元。这主要是相对于09年而言，2010年度付费会员数目的强劲增长和付费会员平均付费金额的上升带动了收入增长，加强了新市场开拓，并且为客户开发及提供更多的增值服务，同时更加着重于提升客户服务质量以及收购万网首次合并所带来的收益增加。但相对于2008年的净利润，2010仍是负增长，这主要是因为2009年12月收购的万网所带来的成效并未完全发挥，相信在2010年，阿里巴巴将继续计划投资于拓展海外市场、开发新产品、完善客户服务，也会重点投资于员工发展，藉此来实现强劲及长远的业务增长。
By the table above knowable, by-09 alibaba negative to positive growth, the growth rate of
9.72%, and net income up to 1.47 billion yuan. This is mainly relative to the in 2010, the annual pay membership number of strong growth and paid members pay rising average amount spurs the income growth, strengthen the new market development, and for customer development and provide more value-added services, and more emphasis on improving customer service quality, nets of acquisition first merger of the benefits of increase. But compared to the 2008 of the net profit, 2010 is still negative growth, mainly because the purchase of the December 2009 nets of brought about by the results did not play, believe in 2010, alibaba will continue to plans to invest develop market abroad, develop new products, improve customer service, will also focus on investing in staff development, through which to achieve strong and long-term business growth.
（二）阿里巴巴的纵向分析:
B 、alibaba's longitudinal analyses
纵向分析又称结构百分比分析，是指对同一期间财务报表中不同项目间的比较与分析。
Longitudinal analyses and structure analysis, is called the percentage refers to the same period in the financial statements between different comparison and analysis of the project.
强，企业的抗风险能力和应变能力较强，但缺乏雄厚的固定资产作后盾，可能稳定性会略差，但对于成长型企业，出现这种情况是正常的。流动资产比重趋于平稳，说明阿里巴巴开始稳固发展，巩固现有企业的生存能力，而且在09年收购了万网，需要一个调整发展的时间。总的来说，阿里巴巴的应变能力提高，企业创造利润和发展的机会大，加速资金周转的潜力较大。
By the table above knowable, alibaba's current assets ratio is high, the liquidity of its assets and liquidation and strong ability of the enterprise, the ability to resist risk and strain capacity stronger, but the lack of strong fixed assets for support, may stability will slightly less, but for growing enterprise, appear this kind of circumstance is normal. Current assets moderate proportion that alibaba started to stable development, strengthen existing enterprise survival capacity, and in bought nets, need a adjust the development time. In general, alibaba's strain capacity, enterprise to create profits and improve the opportunity of the development, accelerate the capital turnover of potential.
从上表看出，阿里巴巴采取的是适中型的资本结构。所有者权益由09年的近50亿上升为近60亿，增长率为15.64%，这主要是09年年末收购万网导致的，同时负债也增长了55.50%。。负债的比率一度上升，2010年达到了54.33%，过高的负债比率会使企业的所有者权益比重下降，所有者权益对债务的保证程度下降，引起债务危机的可能性增大。但根据阿里巴巴的公告，负债中9千多万为年内取得的美元短期银行贷款，主要用于海外业务的增长和扩大融资；阿里巴巴于2010年年末拥有递延收入及预收账款为约44亿元，交09年的34亿元上升了29.0%，该笔款项被视为负债直至其向有关会员提供服务。故该类负债为阿里巴巴未来计入营业收入的基础保证，而并非为承担客户的现金支付责任。
From the table to see, alibaba is taking the moderate type capital structure. Owners' equity of the nearly 5 billion by up to nearly 6 billion, the growth rate of 15.64%, this
basically is the end of the nets of acquisition in debt at the same time, also increased by 55.50%. The ratio of debt once in 2010, rising to 54.33%, high debt ratio will make the enterprise of the owner's equity ratio, the owners equity to drop the debt guaranteed level drops, cause greater likelihood of debt crisis. But according to alibaba's announcement, liabilities for years more than 9000 of the short-term bank loans made $, mainly for the overseas business growth and expand the financing; Alibaba in late 2010 have deferred income and the advance payment for about 4.4 billion yuan, 3.4 billion yuan in rose 29.0%, the money is regarded as liabilities to the relevant until the member to provide services. So the liabilities for future business income in alibaba based guarantee, but not for the cash to pay for the customer responsibility.
3、三大现金流量净额趋势分析： 、
从上面的这种状态下，企业经营活动产生的现金流量已经处于良好的运转状态，
不但能够支付因经营活动而引起的货币流出、补偿全部当期的非现金消耗性成本，而且还有余力为企业的投资等活动提供现金流量的支持，对企业投资规模的扩大起着重要的促进作用。企业投资活动产生的现金净流量处于小于零的情况，这正好符合企业处于市场扩张、企业的发展期。
From the above this state, enterprise management activity generated cash flow has been in a good operation condition, can not only pay for business activities and cause monetary flow, all of the non-cash compensation current period consumptive cost, but also hold to enterprise's investment activities provide cash flow of the support for enterprises, and the expansion of the scale of investment plays an important role in promoting the. Enterprise investment activity generated cash flow enabling investments in less than zero, it is precisely the enterprise in the market expansion, enterprise's development.
（三）阿里巴巴财务比率分析并与竞争对手比较
C 、alibaba financial ratio analysis and comparison with competitors
在财务比率分析部分，我们拟采用了两条分析路线。In financial ratio analysis section, we two analysis is used to the route
第一，对阿里巴巴公司近三年的财务数据进行比率分析：
Short-term debt ratio line charts:
长期偿债比率折线图：
Long-term debt ratio line charts:
从上述短期偿债比率和长期偿债比率得知：阿里巴巴09年偿债能力与10年大致趋势没有发生变化。上述也反映出阿里巴巴近几年的业务的平稳发展。具体来看，企业的短期偿债能力在不断降低，长期偿债能力不断增加。一般来说，企业的获利能力越强，长期偿债能力越强；反之，则长期偿债能力越弱，因此表明阿里巴巴的获利能力在不断加强。
From the above short-term debt ratio and long-term debt ratio that alibaba 09 solvency and 10 years have not changed approximate trend. The above also reflects the smooth business in recent years alibaba. The specific terms, the short-term debt paying ability in enterprise continuously cut, long-term solvency increasing. Generally speaking, the profit ability, the better the stronger long-term debt paying ability; Conversely, the long-term solvency weaker, so that alibaba's profitability in continuously strengthen.
第二，同行业中相同比率的比较分析。
Second, the industry analysis and comparison of the same ratio.
目前阿里巴巴在国内B2B 电子商务中占垄断地位，2010年市场份额达到58.9%。而专注于外贸领域的环球资源也保持了良好的增长势头，以15.3%的市场份额位居第二。下面分别与环球资源网、慧聪、网盛生意宝作比较分析：
At present in the domestic B2B e-commerce alibaba up monopoly position, 2010 market share up to 58.9%. And focus on the field of foreign trade global resources also maintained a good momentum of growth to 15.3% market share in second place. With the global resources nets, respectively, nets filled hc360.com business treasure to make the comparative analysis:
1
由图表可知阿里在2010年的流动比率与环球资源相当，大于慧聪。可知，阿里
巴巴在08年至10年偿债能力得到有所下降，主要是其短期偿债能力的大幅下降导致的。相对而言，整个流动比率都表现得比较稳定。
By the chart in 2010 that ali flow ratios and global resources rather than from,. Know, alibaba in to 10 years debt paying ability get declined, main is its short-term solvency plunged in. Relative to character, the current ratio have played more stable.
可知：阿里巴巴依旧是增长最快的企业；环球资源一直保持较稳定的状态，而且处于最高位置，这也体现出环球处于稳定增长期的一个大企业，具有较强的偿债能
力。可慧聪处于逐年下降趋势，这可能是业绩不佳的一种表现，值得重视。网盛也是较平稳的，只是还跟不上环球资源的偿债能力。
It is the fastest growth is still the alibaba enterprise; Global resources has been on a steady state, and is in highest position, it also reflects the universal leveling-off in a large enterprise, has the strong solvency. Hc360.com in can be reduced year by year, this may be bad results of a kind of expression, deserves attention. Nets and smooth, but is also a global resources still can't keep up with debt paying ability.
由图可知：阿里巴巴的资产负债率一直处于一种上升趋势，，表明企业处于融资阶段或者说是稳定阶段，预期的现金流入降低，适当的高资产负债率可以充分的利用财务杠杆的作用。经过最近的收购万网，开设新厂等活动，阿里巴巴的偿债能力降低了了，所以资产负债率升高了。环球资源、慧聪基本稳定不变，而网盛2010年降低到12%，这种保守的财务政策，不利于企业的成长和发展，不过也有可能股东拥有大量的资金，且投资于自己企业。
The figure shows that alibaba to asset ratio has been in a rising trend, shows that the enterprise in financing stage, or was it a stable stage, the expected cash flows into lower, proper high asset-liability ratio may the full use of financial leverage effect. After the recent acquisitions, nets of building new plants and other activities, alibaba's debt paying ability reduce is needed, so asset-liability ratio increase. Global resources, from basic constant, and nets and reduced to 12% in 2010, the conservative financial policy, is not conducive to growth and development of the enterprise, but also may have a lot of money, shareholders and invest in their companies.
显而易见，阿里的产权比率在10年远远大于与竞争对手，而其在08、09年，竞争对手持平的状态，是采取的适中风险与报酬的财务结构。而其他三家均保持较低、较稳定的产权比率。这也说明阿里经过一段时间的调整，准备进行进一步扩资，开展新业务，由B2B 向B2C 转型，由较稳定的基本结构转变为是高风险、高报酬的财务结构。
Obviously, alibaba's property ratio in 10 years than with rivals, and the,, in competition of the state, is taken as the moderate risk and pay financial structure. And the other three were keep lower, more stable property ratio. This means that ali after a period of adjustment, ready for further KuoZi, develop new business, to the B2C transformation by B2B, by the basic structure of a stable for change is high risk, high returns of the financial structure.
Financial Analysis
（一）阿里巴巴的横向分析:
A 、 alibaba's horizontal analysis
横向分析是对相邻两期财务报表间相同项目的变化进行比较，利用“绝对金额增减”或“百分率增减”的结果展现公司各项数据的动态发展状况。
Horizontal analysis is adjacent to two period between the financial statements of the same project change, use "absolute compared the amount" or "percentage increase or decrease of the results show the company" increase or decrease the data of the dynamic development situation.
企业的营业收入直接体现了企业的市场占有情况，也表明企业经营和竞争能力的强弱。对企业营业收入情况的分析，可以从营业收入的构成及其变动以及营业收入的增长情况及各方面进行。Of the business income directly manifested the enterprise market, also have a case that the enterprise management and competition ability strong and the weak. To the enterprise operating income situation analysis, can the structure and operating income from the business income of the change and growth of all.
场营业收占总收入约60%，同时，我们也可以看出国际交易市场的份额略有下降，中国市场份额维持在35%左右，变动不大，而其他收入的份额由08年的0.87%升为了7.66%。其营业收入的增长主要是因为国内外两个交易市场的付费会员的增加导致的。From the above terms of the structure of business income, ali's revenue from international trade market, the main business of the international market the total income about 60%, at the same time, we can also see that the international trading market share drop slightly, China's market share to maintain at 35%, and little change, and other income in the share of 0.87% by up to 7.66%. Its operating income growth mainly because both domestic and overseas market payment member of the increased.
巴巴的收入增长势头良好，首先是国际市场方面由来自于向中国Gold Supplier会员销售会籍及增值服务的收入增加，加上合并了Vendio 及Auctiva 所带来的营业收入。中国的Gold Supplier 会员由09年的96110名增长到121274名，增长率为26.2%。其次是由于在2010年年初所推出的多项新战略举措所产生的正面效果，导致其付费会员基础强劲上升及增值服务如网销费和黄金展位的营业收入增加。在2010年中国市场增加了176338个付费会员，使年底付费会员由09年的501316人上升为677654人，上升了35.2%。最后是其他营业收入的增长，主要是因为阿里巴巴在2009年12月收购中国万网后首次合并所带来的全年影响。
Operating income in 2009 and 2010, the growth rate of 28.98%, 43.43% and, respectively, it can be seen that the alibaba's income growth is good, first is the international market by the Gold Supplier to China from members of the membership and value-added services of sales income increase, plus combined Vendio and Auctiva brought about by the business income. China's Gold Supplier member of the by 96110 to 121274, the growth rate of 26.2%. Second was because in early 2010 launch by a number of new strategic measures produced beneficial effect, lead to its members pay rise and value-added services based strong as nets pin fee and gold of the business income increase. Booth In 2010 China market increased by 176338 members at the end of the year, to pay pay by the members of the 501316 people rise to 677654 people, up 35.2%. Finally the other business income growth, mainly because the alibaba in December 2009, nets of China for the first time after merger acquisition brought by the influence throughout the year.
营业成本的增长幅度更为明显，相对于09年增长率为74.20%，其主要是因为中国万网业务为客户购买域名的成本增加了，收入及客户数目的增加所导致的营业税及相关附加费和认证及核实费用的增加，网站使用量的增加致使宽带及设备代管费用、折旧费等费用的增加，以及为了日后扩充业务做准备而增加了员工成本。
Operating costs increase is more apparent, relative to the growth rate of 74.20%, its main because nets of Chinese business for customers buy the cost of domain name increased, and income
and customer Numbers increased as a result of business tax and related surcharge and authentication and verify the rising costs of website, the increase of the use of the broadband and equipment, such as depreciation cost hosting the cost, and the increase in order to prepare future business expansion and more staff costs.
毛利润由09年的33亿增加38.51%至2010年的近46亿元，而毛利率则由09年的86.21%降至2010年的83.25%，主要是由与合并万网及Vendio 的财务业绩是的营业成本较高所致。
By the's 3.3 billion gross profit increased 38.51% to 2010 of the nearly 4.6 billion yuan, and profit margins by is the 86.21% to 83.25% in 2010, mainly by and mergers and Vendio nets of financial performance yes business with high cost be caused by.
成本增长32.30%至将近32亿元。从运营成本构成看，销售及市场推广费用所占比重最大，行政费用比重每年较稳定，而产品研发费用的比重则增长迅速，2010年增至18.14%，经分析认为开发新的产品和服务将成为阿里巴巴公司持续成长的动力，也将带动国内B2B 电子商务行业的进一步发展。
By the table above knowable, with the company business continues to expand, operation cost is also rising, 2010 years operation cost growth 32.30% to nearly 3.2 billion yuan. From operation cost structure, see sales and marketing expenses accounts for the largest, administrative costs each year, and the proportion of a stable product research and development costs are growing rapidly, the proportion of 2010 to 18.14%, by analyzing the development of new products and services that will be continued growth of alibaba's momentum, it will drive the domestic B2B the further development of the industry.
，净收益达到14.7亿元。这主要是相对于09年而言，2010年度付费会员数目的强劲增长和付费会员平均付费金额的上升带动了收入增长，加强了新市场开拓，并且为客户开发及提供更多的增值服务，同时更加着重于提升客户服务质量以及收购万网首次合并所带来的收益增加。但相对于2008年的净利润，2010仍是负增长，这主要是因为2009年12月收购的万网所带来的成效并未完全发挥，相信在2010年，阿里巴巴将继续计划投资于拓展海外市场、开发新产品、完善客户服务，也会重点投资于员工发展，藉此来实现强劲及长远的业务增长。
By the table above knowable, by-09 alibaba negative to positive growth, the growth rate of
9.72%, and net income up to 1.47 billion yuan. This is mainly relative to the in 2010, the annual pay membership number of strong growth and paid members pay rising average amount spurs the income growth, strengthen the new market development, and for customer development and provide more value-added services, and more emphasis on improving customer service quality, nets of acquisition first merger of the benefits of increase. But compared to the 2008 of the net profit, 2010 is still negative growth, mainly because the purchase of the December 2009 nets of brought about by the results did not play, believe in 2010, alibaba will continue to plans to invest develop market abroad, develop new products, improve customer service, will also focus on investing in staff development, through which to achieve strong and long-term business growth.
（二）阿里巴巴的纵向分析:
B 、alibaba's longitudinal analyses
纵向分析又称结构百分比分析，是指对同一期间财务报表中不同项目间的比较与分析。
Longitudinal analyses and structure analysis, is called the percentage refers to the same period in the financial statements between different comparison and analysis of the project.
强，企业的抗风险能力和应变能力较强，但缺乏雄厚的固定资产作后盾，可能稳定性会略差，但对于成长型企业，出现这种情况是正常的。流动资产比重趋于平稳，说明阿里巴巴开始稳固发展，巩固现有企业的生存能力，而且在09年收购了万网，需要一个调整发展的时间。总的来说，阿里巴巴的应变能力提高，企业创造利润和发展的机会大，加速资金周转的潜力较大。
By the table above knowable, alibaba's current assets ratio is high, the liquidity of its assets and liquidation and strong ability of the enterprise, the ability to resist risk and strain capacity stronger, but the lack of strong fixed assets for support, may stability will slightly less, but for growing enterprise, appear this kind of circumstance is normal. Current assets moderate proportion that alibaba started to stable development, strengthen existing enterprise survival capacity, and in bought nets, need a adjust the development time. In general, alibaba's strain capacity, enterprise to create profits and improve the opportunity of the development, accelerate the capital turnover of potential.
从上表看出，阿里巴巴采取的是适中型的资本结构。所有者权益由09年的近50亿上升为近60亿，增长率为15.64%，这主要是09年年末收购万网导致的，同时负债也增长了55.50%。。负债的比率一度上升，2010年达到了54.33%，过高的负债比率会使企业的所有者权益比重下降，所有者权益对债务的保证程度下降，引起债务危机的可能性增大。但根据阿里巴巴的公告，负债中9千多万为年内取得的美元短期银行贷款，主要用于海外业务的增长和扩大融资；阿里巴巴于2010年年末拥有递延收入及预收账款为约44亿元，交09年的34亿元上升了29.0%，该笔款项被视为负债直至其向有关会员提供服务。故该类负债为阿里巴巴未来计入营业收入的基础保证，而并非为承担客户的现金支付责任。
From the table to see, alibaba is taking the moderate type capital structure. Owners' equity of the nearly 5 billion by up to nearly 6 billion, the growth rate of 15.64%, this
basically is the end of the nets of acquisition in debt at the same time, also increased by 55.50%. The ratio of debt once in 2010, rising to 54.33%, high debt ratio will make the enterprise of the owner's equity ratio, the owners equity to drop the debt guaranteed level drops, cause greater likelihood of debt crisis. But according to alibaba's announcement, liabilities for years more than 9000 of the short-term bank loans made $, mainly for the overseas business growth and expand the financing; Alibaba in late 2010 have deferred income and the advance payment for about 4.4 billion yuan, 3.4 billion yuan in rose 29.0%, the money is regarded as liabilities to the relevant until the member to provide services. So the liabilities for future business income in alibaba based guarantee, but not for the cash to pay for the customer responsibility.
3、三大现金流量净额趋势分析： 、
从上面的这种状态下，企业经营活动产生的现金流量已经处于良好的运转状态，
不但能够支付因经营活动而引起的货币流出、补偿全部当期的非现金消耗性成本，而且还有余力为企业的投资等活动提供现金流量的支持，对企业投资规模的扩大起着重要的促进作用。企业投资活动产生的现金净流量处于小于零的情况，这正好符合企业处于市场扩张、企业的发展期。
From the above this state, enterprise management activity generated cash flow has been in a good operation condition, can not only pay for business activities and cause monetary flow, all of the non-cash compensation current period consumptive cost, but also hold to enterprise's investment activities provide cash flow of the support for enterprises, and the expansion of the scale of investment plays an important role in promoting the. Enterprise investment activity generated cash flow enabling investments in less than zero, it is precisely the enterprise in the market expansion, enterprise's development.
（三）阿里巴巴财务比率分析并与竞争对手比较
C 、alibaba financial ratio analysis and comparison with competitors
在财务比率分析部分，我们拟采用了两条分析路线。In financial ratio analysis section, we two analysis is used to the route
第一，对阿里巴巴公司近三年的财务数据进行比率分析：
Short-term debt ratio line charts:
长期偿债比率折线图：
Long-term debt ratio line charts:
从上述短期偿债比率和长期偿债比率得知：阿里巴巴09年偿债能力与10年大致趋势没有发生变化。上述也反映出阿里巴巴近几年的业务的平稳发展。具体来看，企业的短期偿债能力在不断降低，长期偿债能力不断增加。一般来说，企业的获利能力越强，长期偿债能力越强；反之，则长期偿债能力越弱，因此表明阿里巴巴的获利能力在不断加强。
From the above short-term debt ratio and long-term debt ratio that alibaba 09 solvency and 10 years have not changed approximate trend. The above also reflects the smooth business in recent years alibaba. The specific terms, the short-term debt paying ability in enterprise continuously cut, long-term solvency increasing. Generally speaking, the profit ability, the better the stronger long-term debt paying ability; Conversely, the long-term solvency weaker, so that alibaba's profitability in continuously strengthen.
第二，同行业中相同比率的比较分析。
Second, the industry analysis and comparison of the same ratio.
目前阿里巴巴在国内B2B 电子商务中占垄断地位，2010年市场份额达到58.9%。而专注于外贸领域的环球资源也保持了良好的增长势头，以15.3%的市场份额位居第二。下面分别与环球资源网、慧聪、网盛生意宝作比较分析：
At present in the domestic B2B e-commerce alibaba up monopoly position, 2010 market share up to 58.9%. And focus on the field of foreign trade global resources also maintained a good momentum of growth to 15.3% market share in second place. With the global resources nets, respectively, nets filled hc360.com business treasure to make the comparative analysis:
1
由图表可知阿里在2010年的流动比率与环球资源相当，大于慧聪。可知，阿里
巴巴在08年至10年偿债能力得到有所下降，主要是其短期偿债能力的大幅下降导致的。相对而言，整个流动比率都表现得比较稳定。
By the chart in 2010 that ali flow ratios and global resources rather than from,. Know, alibaba in to 10 years debt paying ability get declined, main is its short-term solvency plunged in. Relative to character, the current ratio have played more stable.
可知：阿里巴巴依旧是增长最快的企业；环球资源一直保持较稳定的状态，而且处于最高位置，这也体现出环球处于稳定增长期的一个大企业，具有较强的偿债能
力。可慧聪处于逐年下降趋势，这可能是业绩不佳的一种表现，值得重视。网盛也是较平稳的，只是还跟不上环球资源的偿债能力。
It is the fastest growth is still the alibaba enterprise; Global resources has been on a steady state, and is in highest position, it also reflects the universal leveling-off in a large enterprise, has the strong solvency. Hc360.com in can be reduced year by year, this may be bad results of a kind of expression, deserves attention. Nets and smooth, but is also a global resources still can't keep up with debt paying ability.
由图可知：阿里巴巴的资产负债率一直处于一种上升趋势，，表明企业处于融资阶段或者说是稳定阶段，预期的现金流入降低，适当的高资产负债率可以充分的利用财务杠杆的作用。经过最近的收购万网，开设新厂等活动，阿里巴巴的偿债能力降低了了，所以资产负债率升高了。环球资源、慧聪基本稳定不变，而网盛2010年降低到12%，这种保守的财务政策，不利于企业的成长和发展，不过也有可能股东拥有大量的资金，且投资于自己企业。
The figure shows that alibaba to asset ratio has been in a rising trend, shows that the enterprise in financing stage, or was it a stable stage, the expected cash flows into lower, proper high asset-liability ratio may the full use of financial leverage effect. After the recent acquisitions, nets of building new plants and other activities, alibaba's debt paying ability reduce is needed, so asset-liability ratio increase. Global resources, from basic constant, and nets and reduced to 12% in 2010, the conservative financial policy, is not conducive to growth and development of the enterprise, but also may have a lot of money, shareholders and invest in their companies.
显而易见，阿里的产权比率在10年远远大于与竞争对手，而其在08、09年，竞争对手持平的状态，是采取的适中风险与报酬的财务结构。而其他三家均保持较低、较稳定的产权比率。这也说明阿里经过一段时间的调整，准备进行进一步扩资，开展新业务，由B2B 向B2C 转型，由较稳定的基本结构转变为是高风险、高报酬的财务结构。
Obviously, alibaba's property ratio in 10 years than with rivals, and the,, in competition of the state, is taken as the moderate risk and pay financial structure. And the other three were keep lower, more stable property ratio. This means that ali after a period of adjustment, ready for further KuoZi, develop new business, to the B2C transformation by B2B, by the basic structure of a stable for change is high risk, high returns of the financial structure.