現金流分析(英文)(ppt 66頁)

The importance of cash flow
Types of cash flow
Applications
Cash flow steps
Exercise
Key takeaways

Cash flow is the measure of a company’s strategic value.
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
Earnings do not equal cash flow.
Some accounting decisions impact earnings, but not cash
In 1988, General Motors made at least four decisions that impacted earnings but not cash
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