自由现金流及价值[外文翻译].pdf

外文翻译

Freecashflowandvaluation

MaterialSource:TheAnalysisandUseofFinancialStatements

Author:GeraldIWhite

Thecashflowstatementisindentedtohelppredictthefirm’sabilitytosustain

(andincrease)cashfromcurrentoperation.Indoingso,thestatementprovidesmore

objectiveinformationabout:

Afirm’sabilitytogeneratecashflowsfromoperating

Trendsincashflowcomponentsandconsequencesofinvestandfinancing

decisionManagementdecisionregardingsuchcriticalareasasfinancialpolicy

(leverage),dividendpolicy,andinvestmentforgrowthNeitherthestatementofcash

flowsnortheincomestatementalonecontainssufficientinformationfordecision

making.(SeeBox2-2forsomeempiricalevidenceinthisrespect.)Income

statementandbalancesheetdatamustbecombinedwithcashflowsforinsightsinto

thefirm’sabilitytoturnitsassetsintocashinflows,repayitsliabilities,andgenerate

positivereturntoshareholders.Allthreefinancialstatementsareneededtovaluethe

firmappropriately.

Animportantbutelusiveconceptoftenusedincashflowanalysisisfreecash

flow.Itisindentedtomeasurethecashavailabletothefirmfordiscretionaryused

aftermakingallrequiredcashoutlays.Theconceptiswidelyusedbyanalystsandin

thefiancéliteratureasthebasisformanyvaluationmodels.Thebasicelements

requireditcalculateFCFareavailablefromthecashflowstatement.Inthe,however,

thedefinitionofFCFvarieswidely,dependingonhowonedefinesanddiscretionary

uses.

Thebasicdefinitionusedbymanyanalystsiscashfromoperationslessthe

amountofcapitalexpendituresrequiredtomaintainthefirm’spresentproductive

capacity.Discretionaryusesincludegrowth-o