CashFlow(ppt 66頁)(英文)

The market value of a company is equal to the present value of its expected future cash flows
Various stakeholders demand cash
investors demand CASH returns
suppliers and employees require CASH compensation
debtholders demand CASH payments
Accounting methods can be used to “manage” earnings; CASH is harder to manipulate

Operating cash flow excludes all cash flows related to a firm’s capital structure
cash generation ability is independent of how a firm is financed
It excludes one-time events
these are not related to a firm’s recurring operations
Operating cash flow is used to measure the strategic value of a business
for company valuations, operating and investing cash flows are used, not financing cash flow

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