Cash flow发表评论(0)编辑词条

Cash flow refers to the movement of cash into or out of a business, or project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used

to determine a project's rate of return or value. The time of cash flows into and out of projects are used as inputs in financial models such as internal rate of return, and net present value.
to determine problems with a business's liquidity. Being profitable does not necessarily mean being liquid. A company can fail because of a shortage of cash, even while profitable.
as an alternate measure of a business's profits when it is believed that accrual accounting concepts do not represent economic realities. For example, a company may be notionally profitable but generating little operational cash (as may be the case for a company that barters its products rather than selling for cash). In such a case, the company may be deriving additional operating cash by issuing shares, or raising additional debt finance.
cash flow can be used to evaluate the 'quality' of Income generated by accrual accounting. When Net Income is composed of large non-cash items it is considered low quality.
to evaluate the risks within a financial product. E.g. matching cash requirements, evaluating default risk, re-investment requirements, etc.
Cash flow is a generic term used differently depending on the context. It may be defined by users for their own purposes. It can refer to actual past flows, or to projected future flows. It can refer to the total of all the flows involved or to only a subset of those flows. Subset terms include 'net cash flow', operating cash flow and free cash flow.

l.初始现金流量。

　　初始现金流量是指开始投资时发生的现金流量，一般包括如下的几个部分：

　　（1）固定资产上的投资。包括固定资产的购入或建造成本、运输成本和安装成本等。

　　（2）流动资产上的投资。包括对材料、在产品、产成品和现金等流动资产上的投资。

　　（3）其他投资费用。指与长期投资有关的职工培训费、谈判费、注册费用等。

　　（4）原有固定资产的变价收入。这主要是指固定资产更新时原有固定资产的变卖所得的现金收入。

　2.营业现金流量。

　　营业现金流量是指投资项目投入使用后，在其寿命周期内由于生产经营所带来的现金流入和流出的数量。这种现金流量一般以年为单位进行计算。这里现金流入一般是指营业现金收入。现金流出是指营业现金支出和交纳的税金。如果一个投资项目的每年销售收入等于营业现金收入。付现成本（指不包括折旧等非付现的成本）等于营业现金支出，那么，年营业现金净流量(简记为NCF)可用下列公式计算：

　　每年净现金流量（NCF）= 营业收入一付现成本一所得税

　　或每年净现金流量（NCF）= 净利十折旧

　　或每年净现金流量（NCF）= 营业收入×（1－所得税率）－付现成本×（1－所得税率）＋折旧×所得税率

　　3.终结现金流量。

　　终结现金流量是指投资项目完结时所发生的现金流量，主要包括：

　　（l）固定资产的残值收入或变价收入。

　　（2）原有垫支在各种流动资产上的资金的收回。

　　（3）停止使用的土地的变价收人等。

在现金流量表中，将现金流量分为三大类：经营活动现金流量(Operating Activities)、投资活动现金流量(Investing Activities)和筹资活动现金流量(Financing Activities)。

　　经营活动是指直接进行产品生产、商品销售或劳务提供的活动，它们是企业取得净收益的主要交易和事项。

　　投资活动，是指长期资产的购建和不包括现金等价物范围内的投资及其处置活动。

　　筹资活动，是指导致企业资本及债务规模和构成发生变化的活动。

　　现金流量表按照经营活动、投资活动和筹资活动进行分类报告，目的是便于报表使用人了解各类活动对企业财务状况的影响，以及估量未来的现金流量。

　　在上述划分的基础上，又将每大类活动的现金流量分为现金流入量和现金流出两类，即经营活动现金流入、经营活动现金流出、投资活动现金流入、投资活动现金流出、筹资活动现金流入、筹资活动现金流出。