第二章 财务报表与现金流
Chapter Outline
The Balance Sheet
The Income Statement
Taxes
Cash Flow
1. The Balance Sheet - rate?
If you are considering a project that will increase the firm’s taxable income by $1 million, what tax rate should you use in your analysis?
4. Cash Flow
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Total Value of Assets:
Shareholders’ Equity
Current Liabilities
Long-Term Debt
Total Firm Value to Investors:
Cash Flow From Assets
Cash Flow to Creditors
Cash Flow to Stockholders
Cash Flow Identity
Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders
(1) Cash Flow From Assets
Current Assets
Fixed Assets
1 Tangible
2 Intangible
Total Value of Assets:
Cash Flow From Assets
NWC
Cash Flow From Assets = Operating Cash Flow –
Net Capital Spending – Changes in NWC
例如
租金3000元
备金500元
买床800元
Example: US Corporation – Part I
OCF (I/S) = EBIT + depreciation – taxes = $547
NCS ( B/S and I/S) = ending net fixed assets – beginning net fixed assets + depreciation = $130
Changes in NWC (B/S) = ending NWC – beginning NWC = $330
CFFA = 547 – 130 – 330 = $87
Free Cash Flow P34
It wouldn‘t be at all unusual for a growing corporation to have a negative cash flow.
FCF=CFFA
(2) Cash Flow to Creditors/Shareholders
NWC
Cash Flow to Creditors
Cash Flow to Stockholders
Cash Flow to Creditors = Interests paid –
Net new borrowing
Cash Flow to Shareholders = Dividends paid –
Net new equity raised
Example: US Corporation – Part II
Cash Flow to Creditors = Interests paid –
Net new borrowing
=70-46
=24
Cash Flow to Shareholders = Dividends paid –
Net new equity raised
=103-40
=63
Cash Flow From Assets (CFFA) = Cash Flow to Creditors + Cash Flow to Stockholders
Why Caring Cash Flow?
Cash flow is one of the most important pieces of information that a financial manager can derive from financial statements
We will look at how cash is generated from utiliz
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