营运资金更改剖析概念杂锦（国外英文资料）.docVIP

营运资金变动分析观点杂锦（国外英文资料） Some of the questions raised by the landlord are really the problems of the current DCF approach, and I hope you will be more critical. First, it is hard to make a reasonable and convenient prediction of working capital. From its definition, the most reasonable estimate is the difference between the estimated value of the current assets and the estimated value of the current liabilities. A method and this method is not very convenient, and because of the particularity of the monetary funds, it is belong to the final expression results of current assets are cash flow), circulate this method had to face to solve the dilemma, which also affect the final estimate the accuracy of the results. Practice the most convenient method is to use (part) of the current assets proportion to estimate of working capital, but this approach may seem and lack of theoretical support. But in fact, the latter approach is desirable. Working capital (part) of the proportion of liquid assets can completely according to the historical data analysis of enterprise evaluation, we just to change the working capital by the points into number, during this process is difficult. Second, the problem of the target capital structure in WACC is also a common problem in evaluating practice. The main problem is that there is a problem with the understanding of the target capital structure. Target capital structure is evaluated under a state of stable operation of the capital structure finally, but the enterprise stable operation period of a pronounced judgment factor is the enterprises capital structure is similar to industry average capital structure. Third, after be evaluated enterprise plateauing, theoretically requires its fixed asset net value change remain the same or smaller, thus determines the accumulated depreciation of fixed assets inventory and fixed assets to update spending should be consistent, and the fixed number of year of depreciation of the fixed asset and economic