《公司财务案例与理论（五）》青少年教育丛书.pdfVIP

DESK NOTES CREDIT SUISSE FIRST BOSTON CORPORATION Equity Research Americas U.S./Industry/Sub-Industry February 26, 1999 Cash F Cash Economics in the New Economy Michael J. Mauboussin 1 212 325 3108 michael.mauboussin@ Bob Hiler 1 212 325 4341 bob.hiler@ Volume 9 This report outlines a practical framework for analyzing the cash economics of business models. Our analysis indicates that New Economy companies tend to have superior cash economics than their Old Economy counterparts. Exemplifying this trend, the earnings of Internet companies such as Dell, Yahoo!, and Amazon dramatically understate their ability to generate cash. These higher cash flows offer one explanation for the highflying valuations in the Internet sector. Cash F Table of Contents Executive Summary 3 Introduction 4 Cash Economics of Business Models 5 Drivers of Cash Earnings and Investments 6 Cash Economics of Four Categories of Business Models 7