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1、Author:CollinsQianContributor:ChrisNelsonbcCashFlowMarch1998Copyright?1998Bain&Company,Inc.1CU7030298IMBCashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways2CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsEx
2、erciseKeytakeaways3CU7010598KRACashFlowWhatisCashFlow?Cashflowdescribesthemovementofcashinto(sources)andoutof(uses)acompany.SourcesofcashCompanyUsesofcash$$$$$$$$4CU7010598KRACashFlowWhyDoWeCareAboutCash?ThemarketvalueofacompanyisequaltothepresentvalueofitsexpectedfuturecashflowsVariousstakeh
3、oldersdemandcashinvestorsdemandCASHreturnssuppliersandemployeesrequireCASHcompensationdebtholdersdemandCASHpaymentsAccountingmethodscanbeusedto“manage”earnings;CASHishardertomanipulateCashisKing!Cashflowisthemeasureofacompany’sstrategicvalue.5CU7010598KRACashFlowEarningsvs.CashFlow*Someaccoun
4、tingdecisionsimpactearnings,butnotcashIn1988,GeneralMotorsmadeatleastfourdecisionsthatimpactedearningsbutnotcashEarningsdonotequalcashflow.*EarningsarealsocalledaftertaxprofitsornetincomeSuccessfulhighgrowthcompaniestendtohavehighearnings,butlowcashflow;successfullowgrowthcompaniestendtohavel
5、owearnings,buthighcashflowAccountingDecisionExtendedusefulplantlifefrom35to45yearscheduleChangedthewayitaccountedforitspensionplanAdjusteditsinventoryvaluationpolicyChangedtheresidualvalueassumptionforcarsitleasedEarningsImpact$790MM$480MM$217MM$270MMCashImpactNoneNoneNoneNoneTotal:$1,757MMNo
6、ne6CU7010598KRACashFlowAgendaTheimportanceofcashflowTypesofcashflowApplicationsCashflowstepsExerciseKeytakeaways7CU7010598KRACashFlowTypesofCashFlowNetcashflowisequaltothesumofthecashflowsfromoperating,investing,andfinancingactivities.OperatingcashflowInvestingcashflowFinancingcashflowAbility
7、ofacompany’srecurringoperationstogeneratecashAbilityofacompany’sinvestmentdecisionstogeneratecashHowacompanyfundsitsoperationsOperatingprofitsDecreaseinworkingcapitalSaleoffixedassetsLong-termissuanceofsharesExamplesofsources:OperatinglossesI
