自由現(xiàn)金流及價值[外文翻譯]_第1頁
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1、0外文翻譯FreecashflowvaluationMaterialSource:TheAnalysisUseofFinancialStatementsAuth:GeraldIWhiteThecashflowstatementisindentedtohelppredictthefirm’sabilitytosustain(increase)cashfromcurrentoperation.Indoingsothestatementpro

2、videsmeobjectiveinfmationabout:Afirm’sabilitytogeneratecashflowsfromoperatingTrendsincashflowcomponentsconsequencesofinvestfinancingdecisionManagementdecisionregardingsuchcriticalareasasfinancialpolicy(leverage)dividendp

3、olicyinvestmentfgrowthNeitherthestatementofcashflowsntheincomestatementalonecontainssufficientinfmationfdecisionmaking.(SeeBox22fsomeempiricalevidenceinthisrespect.)Incomestatementbalancesheetdatamustbecombinedwithcashfl

4、owsfinsightsintothefirm’sabilitytoturnitsassetsintocashinflowsrepayitsliabilitiesgeneratepositivereturntoshareholders.Allthreefinancialstatementsareneededtovaluethefirmappropriately.Animptantbutelusiveconceptoftenusedinc

5、ashflowanalysisisfreecashflow.Itisindentedtomeasurethecashavailabletothefirmfdiscretionaryusedaftermakingallrequiredcashoutlays.Theconceptiswidelyusedbyanalystsinthefiancliteratureasthebasisfmanyvaluationmodels.Thebasice

6、lementsrequireditcalculateFCFareavailablefromthecashflowstatement.InthehoweverthedefinitionofFCFvarieswidelydependingonhowonedefinesdiscretionaryuses.Thebasicdefinitionusedbymanyanalystsiscashfromoperationslesstheamounto

7、fcapitalexpendituresrequiredtomaintainthefirm’spresentproductivecapacity.Discretionaryusesincludegrowthientedcapitalexpendituresacquisitionsdebtreductionpaymentstostockholders(dividendsstockrepurchase).thelargerthefirm’s

8、FCFthehealthieritisbecauseithasmecashavailablefgrowthdebtpaymentdividends.TheargumentfthisdefinitionissimilartoHick’sargumentregardingthecomputationofincomediscussedinthepreviouschapter.ifhisticalcost2accrualconcept.Itis

9、lesslikelytobeaffectedbyvariationsinaccountingprinciplesestimatesmakingitmeusefulthanreptedincomeinassessingliquiditysolvency.Figure31comparestheleveltrendofincomecashfromoperationtwomeasuresoffreecashflowfthreedifferent

10、companies:KmartWestvacoIntel.ReptedincomeCFOweretakendirectlyfromthefirm’sfinancialstatements.IncomeCashFlowtheGoingConcernAssumptionAsnotedearlierincomestatementamountsbasedonaccrualaccountingaregenerallypresumedtobegoo

11、dpredictsoffuturecashflows.Thatpredictiveabilityissubjecttonumberofimplicitassumptionsincludingthegoingconcernassumption.Fexampletheclassificationofinventiesasassetsratherthanexpensesimplicitlyassumesthattheywillbecoldin

12、thenmalcourseofbusiness.Similarlytheaccrualofrevenuefromcreditsalesthevaluationofreceivablesassumethatthefirmwillcontinuetooperatenmallyfailingfirmsmayfindshatcustomersareunwillingtopay.Whenthegoingconcernassumptionissub

13、jecttodoubtrevenuerecognitionassetvaluationcannolongerbetakenfgranted.Thevalueofinventionreceivablesdeclinedsharplywhentheymustbequicklyliquidated.Longtermassets(especiallyintangiblesotherassetswithlitternovalueinanonope

14、ratingframewk)alsomustbereexaminedwhenthegoingconcernassumptionisquestion.Inthisrespectthestatementofcashflowsservesasacheckontheassumptionsinherentintheincomestatement.Tofindoutwhyincomecanfailasapredictofcashgenerating

15、ability(uncollectedreceivablesunsoldinventies)requiresacomparisonofamountsrecdedassalescostofgoodssoldontheincomestatementwiththepatentofcashcollectionsfromcustomerscashpaidfinventiesonthecashflowstatement.Adirectmethodc

16、ashflowstatementishelpfulinthisregard.IncomeCashFlowthechoiceofAccountingPoliciesTheperiodicincomediffersbecauseaccountingmethodsassumptionsofmanagersdiffernotbecausetheireconomicactivitiesdiffer.Thecashlowstatementallow

17、stheanalysttodistinguishbetweentheactualevents.Thisisnottosaythattheassumptionsmadebymanagementarewrong.Theseassumptionsmayprovideusefulinfmation.Theuseroffinancialreptingchoice.Thecashflowstatementshowsthatthecashcollec

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