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[管理学]Chapter071
* * * * * * Analysis of Cash Flows Free Cash Flow Another definition that is widely used: FCF = NOPAT - Change in NOA (net operating profits after tax (NOPAT) less the increase in net operating assets (NOA)) Analysis of Cash Flows Growth and financial flexibility depend on adequate free cash flow. Recognize that the amount of capital expenditures needed to maintain productive capacity is generally not disclosed—instead, most use total capital expenditures, which is disclosed, but can include outlays for expansion of productive capacity. Free Cash Flow Positive free cash flow reflects the amount available for business activities after allowances for financing and investing requirements to maintain productive capacity at current levels. Analysis of Cash Flows The SCF is useful in identifying misleading or erroneous operating results or expectations. Cash Flow as Validators SCF provides us with important clues on: Feasibility of financing capital expenditures. Cash sources in financing expansion. Dependence on external financing. Future dividend policies. Ability in meeting debt service requirements. Financial flexibility to unanticipated needs/opportunities. Financial practices of management. Quality of earnings. Specialized Cash Flow Ratios Cash Flow Adequacy Ratio – Measure of a company’s ability to generate sufficient cash from operations to cover capital expenditures, investments in inventories, and cash dividends: Three-year sum of cash from operations Three-year sum of expenditures, inventory additions, and cash dividends Cash Reinvestment Ratio – Measure of the percentage of investment in assets representing operating cash retained and reinvested in the company for both replacing assets and growth in operations: Operating cash flow – Dividends Gross plant + Investment + Other assets + Working capital * * * * * * * * * * * * * * * * * * * * * * * * * * * * 7-* Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserv
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