Abstract: On the basis of the theory of growth capacity and mutation theory, the development trend of liquor industry in China has been analyzed. The three-level evaluation system of growth capacity was built from the financial efficiency level, management efficiency level and environmental level,including 25 evaluation indexes. Then, growth capacity scores of 17 listed companies of liquor industry in China in 2016 were calculated step by step and conclusions on the growth ability were put forward.

Key words: Liquor industry, Growth capacity, Mutation theory, liquor industry