贝恩：现金流分析.ppt

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1、Author:CollinsQianContributor:ChrisNelsonbcCashFlowMarch1998Copyright©1998Bain&Company,Inc.1CU7030298IMBCashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways2CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplica

2、tionsCashflowstepsExerciseKeytakeaways3CU7010598KRACashFlowWhatisCashFlow?Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$$$$$$$$4CU7010598KRACashFlowWhyDoWeCareAboutCash?Themarketvalueofacompanyisequaltothepresentvalueo

3、fitsexpectedfuturecashflowsVariousstakeholdersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing!Cashflowisthemeasureofacompany’sstrate

4、gicvalue.5CU7010598KRACashFlowEarningsvs.CashFlow*Someaccountingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*EarningsarealsocalledaftertaxprofitsornetincomeSuccessfulhighgrowthcompan

5、iestendtohavehighearnings,butlowcashflow;successfullowgrowthcompaniestendtohavelowearnings,buthighcashflowAccountingDecisionExtendedusefulplantlifefrom35to45yearscheduleChangedthewayitaccountedforitspensionplanAdjusteditsinventoryvaluationpolicyChangedtheresidualvalueassum

6、ptionforcarsitleasedEarningsImpact$790MM$480MM$217MM$270MMCashImpactNoneNoneNoneNoneTotal:$1,757MMNone6CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways7CU7010598KRACashFlowTypesofCashFlowNetcashflowisequaltothesu

7、mofthecashflowsfromoperating,investing,andfinancingactivities.OperatingcashflowInvestingcashflowFinancingcashflowAbilityofacompany’srecurringoperationstogeneratecashAbilityofacompany’sinvestmentdecisionstogeneratecashHowacompanyfundsitsoperationsOperatingprofitsDecreaseinw

8、orkingcapitalSaleoffixedassetsLong-termissuanceofsharesExamplesofsources:OperatinglossesI