营运资金变动分析观点杂锦（Working capital change analysis perspective）.docVIP

营运资金变动分析观点杂锦（Working capital change analysis perspective） Louzhu raised a few questions, the current DCF method is indeed a difficult problem encountered, the following talk about my understanding, inadequacies, I hope we will criticize more evidence. First, it is really difficult to predict the working capital to be reasonable and convenient. In its definition, the most reasonable method of estimation is the difference between the estimated value of future liquid assets and the estimated value of current liabilities. 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. In practice, the most convenient way is to estimate the working capital with a certain proportion of current assets, but this method seems to lack the support of the theory of depreciation. But in fact, the latter method is advisable. 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 problem of target capital structure in WACC is also a problem that often occurs in the evaluation practice. The main problem is the understanding of the target capital structure. 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