财务报表分析 第讲 现金流量表

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1、财务报表分析第5讲现金流量表财务报表分析第5讲:现金流量表(StatementofCashFlow)*SCFandI/S(accrualbasisandcashbasis)SCFandB/S*StatementofCashFlowCashflowfromOperatingactivities:（营运活动）cashreceiptsfromcustomerscashdisbursedto:suppliersofmerchandiseemployeesforsalariesCashflowfrominvestingactivities:（投资活动）purchaseofbuildi

2、ngs,equipments,plantsproceeds(进帐）fromsalesoflongtermassetsCashflowfromfinancingactivities:（融资活动）borrowing/repaylongtermdebtsissuingnewshares**OverviewoftheStatementofCashFlowsInAOL2000balancesheet,cashandcashequivalentincreasedfrom$936millionsto$2,490millions.How?Thestatementofcashflows…(a

3、)explainsthereasonsforachangeincash.(b)classifiesthereasonsforthechangeasanoperating,investingorfinancingactivity.(c)reconcilesnetincomewithcashflowfromoperations.*MontgomeryWard(蒙哥马利??华德)bankrupt*ThedifferencebetweenearningsandcashflowsI/SExplainchangeinretainedearningsI/Sisaccrued-basedI

4、/SrecognizepropertyrightsI/SrequireestimatesI/SisanopinionI/Sisproneto(易于）manipulationFirmscansurvivealongstring（长串）ofnegativeearningsSCFexplainchangeincashandcashequivalentN/ASCFemphasize“actualpossessment”SCFdoesnotSCFisafactSCFissotoamuchlessdegreeFirmsgobankruptwithalongstringofnegativ

5、ecashflows(outflow)*CashflowequationA=L+EΔA=ΔL+ΔEΔcash+Δnon-cashA=ΔL+ΔEΔcash+Δnon-cashcurrentA+Δnon-currentA=ΔcurrentL+Δnon-currentL+ΔEΔcash=(ΔcurrentL+Δnon-currentL+ΔE)–(Δnon-cashcurrentA+Δnon-currentA)***CashflowfromoperationCashflowsrelatedtosellinggoodsandservices;thatis,theprinciplebu

6、siness(主营业务)ofthefirmThemainsourceofpayoffstoshareholdersandcreditorsThereasonforthefirmstoexistIffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankrupt*Cashflowfromoperation-componentsCashcollectedfromcustomersCashcollectedasi

7、nterestonloanstoothersCashcollectedasdividendsoninvestmentonotherfirms’stocksCashpaidtosuppliersCashpaidtoemployeesCashpaidtootherserviceproviders:landlords,marketingagency,auditors,consultants,…CashpaidtogovernmentCashpaidtocreditorsasinterestonborrowedmoney*