营运资金变动分析观点杂锦（Analysis of view of assorted changes in working capital）.docVIP

营运资金变动分析观点杂锦（Analysis of view of assorted changes in working capital） Several problems of the landlord is indeed the problem in the DCF method, here to talk about my understanding, hope everyone criticism that deficiencies. First, prediction of working capital to do that is reasonable and convenient is indeed a very difficult thing. From the definition, the most reasonable estimation method is the difference of current liabilities is estimated to reduce the value of the estimated future liquidity value. A kind of method and this method is not very convenient, but because of the particularity of the Monetary Fund (the final performance results which belongs to the flow of assets are cash flow), which makes the method to face cyclic solving difficulties, which also affect the final accuracy of the estimation results. The most convenient way to practice is to use (in part) to estimate the proportion of current assets working capital, but this method seems to be lack of theoretical support and derogatory. But in fact, the latter method is desirable. Working capital (part) accounted for the proportion of current assets can be evaluated according to the historical data of the enterprise analysis, but we should be working capital by points into period number, this process is actually more difficult. Second, the target capital structure in the WACC problem, but also to assess where the problem often in practice. The main problem is that the target capital structure understanding problems. The target capital structure is in final evaluation of enterprise capital structure under the condition of stable operation, but the average capital structure enterprise is in the stable operation period is a significant factor is the companys judgment of capital structure and similar industries. Third, in the evaluated enterprise steady stage, the theory on the net fixed assets remain unchanged or small changes, the cumulative depreciation of fixed assets at will and should update the sto