ofCashFlows(财务报表分析,加州大学MBA)

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1、Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,On Project Report/Readings,Market value,use number of shares outstanding,do not use average number of shares outstanding,Identify source of data or quotes,Common size analysis,show a

2、mounts and percentages,Only analyze notes that are related to our current lecture,Take turn to write the report,do not leave to one person,In final exams,I may provide you with raw materials and a sample article from our readings for you to analyze the raw materials and write a similar article.So ge

3、t familiar with all articles.Again,understand but do not memorize.,1,Firm Names,Eagle Eye:,Valuation Analysis Strategy,Investorium,2,Statement of Cash Flow,Cash flow from Operating activities:营运活动,cash receipts from customers,cash disbursed to:,suppliers of merchandise,employees for salaries,Cash fl

4、ow from investing activities:投资活动,purchase of buildings,equipments,plants,proceeds(进帐from sales of long term assets,Cash flow from financing activities:融资活动,borrowing/repay long term debts,issuing new shares,3,4,Overview of the Statement of Cash Flows,In AOL 2000 balance sheet,cash and cash equivale

5、nt increased from$936 millions to$2,490 millions.How?,The statement of cash flows,(a)explains the reasons for a change in cash.,(b)classifies the reasons for the change as an operating,investing or financing activity.,(c)reconciles net income with cash flow from operations.,5,Montgomery Ward b.f.ban

6、krupt,6,The difference between earnings and cash flows,I/S Explain change in retained earnings,I/S is accrued-based,I/S recognize property rights,I/S require estimates,I/S is an opinion,I/S is prone to(易于manipulation,Firms can survive a long string长串 of negative earnings,SCF explain change in cash a

7、nd cash equivalent,N/A,SCF emphasize“actual possessment,SCF does not,SCF is a fact,SCF is so to a much less degree,Firms go bankrupt with a long string of negative cash flows(outflow),7,Cash flow equation,A=L+E,A=L+E,cash+non-cash A=L+E,cash+current A(other than cash)+non-current A=current L+non-cur

8、rent L+E,cash=current L+non-current L+E-current A(other than cash)-non-current A,8,9,10,Cash flow from operation,Cash flows related to selling goods and services;that is,the principle business,(,主营业务),of the firm,The main source of payoffs to shareholders and creditors,The reason for the firms to ex

9、ist,If firms do not in the long run generate more cash from operation than the returns of funds to shareholders and creditors,the firms go bankrupt,11,Cash flow from operation-components,Cash collected from customers,Cash collected as interest(利息on loans to others,Cash collected as dividends 股利on in

10、vestment on other firms stocks,Cash paid to suppliers,Cash paid to employees,Cash paid to other service providers:landlords,marketing agency,auditors,consultants,Cash paid to government,Cash paid to creditors as interest on borrowed money,12,13,Cash flow from investing activities,Cash flows related

11、to the acquisition or sale of non-current assets:investment,land,property,plants,equipments,To maintain the current productivity of the operation,a firm must replace assets that they wear out(消耗,To grow its operation,a firm must acquire additional assets,Old assets may be sold as they become obsolet

12、e(过时,or as the firm change production,Investing activities thus provide resource to generate cash flow from operations,14,Cash flow from investing activities-components,Cash received from sales of land,investment,property,plants and equipment,Cash paid to acquire land,investment,property,plants and

13、equipment,15,16,Cash flow from financing activities,Cash flows related to long-term liabilities and owners equity,The source of cash to be used in investing and operating activities,Two sources:shareholders and creditors,This part of SCF also indicates how much cash the firm returns to its capital p

14、roviders,i.e.,cash distribution to shareholders and creditors,Note:,short-term liabilities generated in operation,such as account payable,is not related to this category,17,Cash flow from financing activities-components,Cash received from issuing corporate debts or taking up loans,Cash received from

15、 issuing common shares or preferred shares,Cash paid to repay debts or loans,Cash paid to repurchase shares,Cash paid to shareholders as dividends,18,19,20,Relations among the cash flows from the three categories of activities,1,CF,from,Fin.,Act.,CF,from,Inv.,Act,CF,From,Op.,Act.,21,Free Cash Flow,=

16、Cash flow from operating activities,+Cash flow from investing activities,If positive,normal operation generates more cash that it consumes,such as the case of a stable firm,If negative,normal operation generates insufficient amount of cash to be self-sustaining,such as a growing firm,22,Two methods to prepare the operating portion of SCF,Direct method of presentation calculates cash flow from operations by subtracting cash disbursements to supplies,employees,and others from cash receipts from cu