對現(xiàn)金流量報表相關(guān)目標(biāo)的量化分析

1、東南大學(xué) 外文文獻Quantitative Analysis of the Target Related to Cash Flow StatementWith the example of the trend analysis method applied to the cash flow statement, the authors study the quantitative analysis method of the target related to cash flow statement. So the statement user can knows the current an

2、d previous financial condition in the enterprises, correctly evaluate the current and future abilities to pay and repay, find out the problems in financial affairs, and scientifically calculate the future financial conditions. An adequate, efficient basis is provided for scientific decision.1 Introd

3、uction It was America that first decided to replace statement of changes in financial position with cash flow statement. Afterwards, U.K., Australia, Canada and many other countries and areas followed. To emphasize cash flow statement and overcome the shortcomings of statement of changes in financia

4、l position, in January, 1987, FASB in America promulgated financial accounting standards announcement No. 95Cash Flow Statement .It requires enterprise to replace the statement of changes in financial position with cash flow statement from July 1988. In September, 1991, British Accounting Standard B

5、oard announced financial statement standard No.l Cash Flow Statement too, demands all enterprises.Concerned with the requirements should prepare cash flow statement. In 1992, International Accounting Standard Board announced lnternational Accounting Standards No.l，required to replace statement of ch

6、anges in financial position with cash flow statement. So now "cash flow statement", "equity-debt statement", and "profit and loss statement" have preliminarily formed the new system of financial accounting statement in enterprise on the worldwide scale.2 Cash Flow State

7、ment2.1 Contents of Cash Flow Statement and Its Compilation Purpose Cash flow statement means statement of changes in financial position compiled based on cash and shows operating activities, investment activities and collecting capital activities of the enterprise on account of flow-in and flow-out

8、 of cash during a certain period, and shows all aspects of flow-in and flow-out of cash. It is compiled on the cash basis of accounting and belongs to periodic dynamic statement. The basic purpose of compiling cash flow statement is to provide the information of flow-in and flow-out of cash during a

9、 current accounting period to shareholders, creditors and other users of the statement to help them correctly make assessment of: (1)The Capability of obtaining net cash flow during the future accounting period; (2)The Capability of repay debts and paying dividend; (3)The Capability of raising funds

10、; (4)The reason for engendering the difference of net income and net cash flow; and, (5)Investment and raising funds activities affecting and not affecting cash during the current period.2.2 Components of Cash Flow (1) Cash flow-in.There are three chief types of economic services flow-in of cash: Re

11、ducing other assets except cash adding debts and adding shareholder's right. (2) Cash flow- out.There are three chief types of economic services flow-out of cash: Adding other assets except cash, reducing debts and reducing shareholder's right.2.3 Classification of Cash Flow Cash flow within

12、 a certain period is classified into the following three types on account of thenature of operation service: The cash flow of operation activities, the cash flow of investment activities and the cash flow of raising funds activities. (1) Cash flow ofoperation activities. Operation activities mean th

13、e main service of an enterprise and other non-investment activities or raising funds activities. It includes:Cash flow-in of operation activities.The input of selling goods and providing labour force; the input of loan interest, stock dividend and bond interest; other input of not belonging to inves

14、tment activities and raising funds activities.Cash flow-out of operation activities.The cash of paying to suppliers and providers of labour force; the expenditure of salary; the interest to creditor; the expenditure of tax on income and penalty.(2) Cash flow of investment activities.Investment activ

15、ities mean purchase and selling of long-term asset and other investments without the cape of cash equivalent. It includes.Cash flow-in of investment activities: recovering loan; selling stocks and bonds issued by other companies; selling fixed assets and other productive assets.Cash flow-out of inve

16、stment activities: providing loan to other enterprises; purchasing stocks and bonds issued by other companies; purchasing fixed assets and other productive assets (including capitalized interest of asset cost).(3) Cash flow of raising funds activities.Raising funds activities mean the activities to

17、cause the scale and structure of rights and interest capital and other loan to change. It includes:Cash flow-in of investment activities: issuing stocks., bonds and bill; gaining mortgage loans and all kinds of other long-term and short-term loans.Cash flow-out of investment activities: issuing stoc

18、k interest in cash; repaying loans; preceding expenditure to creditor (including cash expenditure caused by extended long-term debt).2.4 Structure of Cash Flow StatementThere are two methods to compile cash flow statement: direct method and indirect method. The structure of cash flow statement compi

19、led by the two methods is different. This article recommends the basic structure of cash flow Statement compiled by direct method and usually adopted by enterprises. The basic structure of cash flow statement is composed of three parts:Cash flow of operation activities. The data needed by this part

20、may be found in B/S (balance sheet) and income sheet.Cash flow of investment activities. The information needed by this part may be found from the change of current asset account, but the true data need to be adjusted on account of income or loss in income sheet.Cash flow of raising funds activities

21、 which may be obtained by analyzing and computing the change of relevant current liability and shareholder's rights and interests account.Non-cash investment and raising funds activities which may be discovered in the supplementary statements to show all aspects of important economic activities.

22、2.5 Compilation of Cash Flow StatementThe information that is needed for compiling cash flow statement includes: beginning balance sheet, final trial balance, other complementary data,etc. Cash flow statement is compiled on account of the original manuscript.3 Quantitative Analysis of Relevant Quota

23、Quantitative analysis of cash flow statement is to compare, analyze and study relevant data of cash flow statement so as to know the financial position of enterprise, find out the trouble in finance, predict the future financial position and provide the basis for scientific decision.The methods of q

24、uantitative analysis of cash flow statement usually include trend analysis, structure analysis, rate analysis, comparative analysis and factor analysis. This article only recommends trend analysis applied to cash flow statement.Trend analysis is an analysis method which forecasts future results by s

25、tudying a number ofcontinual periods''- financial statement, comparing relevant program's amount of money and analyzing the increase and decrease of some quotas to judge its trend. Applying trend analysis, the user of statement may know the basic trend of relevant program changes, judge

26、whether this trend is advantageous or not and predict the future development of the enterprise.Trend analysis usually computes trend percentages. There are two types of trend percentages:It is illustrated by the cash flow statement of some telecommunication bureau. We compile cash flow statement gat

27、hered from 1995 to 1998 of this bureau on account of cash flow statements from 1995 to 1998 of this bureau (statement from 1995 to 1998 omitted). The form of cash flow statement and the data of this bureau in 1998 are shown as in Table 1:19Table 1 Cash flow statement of a telecommunication bureauEnt

28、erprise： Year:1998 Unit: Thousands of dollars Cash flow Amount 1 Cash flow of operation Cash flow in: Cash from sales clients 85890 Other operation income (12019) Sub-total f cash flow in 73871 Cash flow out: Paying suppliers (40 871) Paying interests (1 287) Paying other expenses (19 585) Paying in

29、come tax (2 546) Sub-total of cash flow out (25 119) Net cash of operation 48 7522 Cash flow of investment Cash flow in: Recovery of cash from investment 68 000 Recovery of cash relate to 18 500 investment activities Sub-total of cash flow in 86 500 Cash flow out: Equipment purchasing (66 676) Sub-

30、total of cash flow out (66 676) Net cash of investment 19 8243 Cash flow of raising funds Cash flow in: Cash from loan 36 220 Cash accepting rights and interests 15 081 Sub-total of cash flow in 51 301 Cash flow out: Cash repayed for debts (16 254) Sub- total of cash flow out (16 254) Net cash of ra

31、ising funds 35 0474 Effects of exchange fluctuations on cash 5 Net increased cash flow 103 623 The article only cites the data from 1995 to 1998 to compute the trend percentage by the trend analysis method.Table 2 The total cash flow statementEnterprise: Unit: Thousands of dollars Cash flow 1995 199

32、6 1997 1998 Cash income 187 500 203 136 207 752 211 672Among: cash m- 68 465 70 125 71 532 73 871come of operationCash income of 40 680 65 421 76 345 86 500investmentCash income of 78 355 67 590 59 875 51 301raising fundsCash expenditure 62 233 79 765 91 815 108 049including:Cash expenditure 15 908

33、19 880 22 905 25 119of operationCash expenditure 32 905 40 895 54 690 66 676of investmentCash expenditure 13 420 18 990 14 220 16 254 Of raising funds The data come from the annual accountant statements from 1995 to 1997(omitted).We can compute the constant relative with the year- of 1995 as the bas

34、e period, see Table 3, and Link relative with previous year as the base period, see Table 4, on account of the total cash flow statement from 1995 to 1998 of this telecommunication bureau.From Table 3, we can conclude that cash flow of the enterprise continuously increases. Cash flow in 1998 was 12.

35、89 percent more than that in 1995，among which the increase of cash income of operation activities was faster than that of general cash income and was 7.90 percent. Cash income of investment activities increases doubly and up to 112.64 percent, which shows the previous investment gradually expires an

36、d then cash income of investment activities increases; but cash income of raising funds activities doesn't increase, on the contrary, 34.53 percent less than that in 1995, which shows the dependence on raising funds gradually reduces. Cash expenditure also gradually increases and cash expenditur

37、e in 1998 was 73.62 percent more than that in 1995, among which cash expenditure of investment activities increased by 57.90 percent, which is slower than the general cash flow. Cash expenditure of investment activities increased by 102.63 percent, which shows cash expenditure of investment activiti

38、es in 1998 was double that in 1995 and the enterprise strengthens investment. Cash expenditure of raising funds activities has increased by 21.09 percent, which shows a huge amount of loans still don't expire or the enterprise does not issue dividends (or distribute interests) to investors. Tabl

39、e 3 Comparison of constant relative index _ Cash flow 1995 1996 1997 1998 (percent) (percent) (percent) (percent) Cash income 100 108.34 110.80 112.89Among: cash income of operation 100 102.42 104.48 107.90Cash income ofInvestment 100 160.82 187.67 212.64Cash income of raising funds 100 86.26 76.42

40、65.47Cash expenditureincluding: 100 128.17 147.53 173.62Cash expenditure ofOperation 100 124.97 143.98 157.90Cash expenditure ofInvestment 100 124.28 166.21 202.63Cash expenditure ofraising funds 100 141.51 105.96 121.09 _Table 4 Comparison of link-relative quota_Cash flow 1995 1996 1997 1998 (perce

41、nt) (percent) (percent) (percent) Cash income 100 108.34 102.27 101.89Cash income ofOperation 100 102.42 102.01 103.27Cash income ofVestment 100 160.82 116.70 113.30Cash income ofraising funds 100 86.26 88.59 85.68Cash expenditure 100 128.17 115.11 117.68Cash expenditure ofoperation 100 124.97 115.2

42、2 109.67Cash expenditure ofInvestment 100 124.28 133.73 121.92cash expenditure of raising funds 100 141.51 74.88 114.30From Table 4, we can conclude not only cash income of enterprise increases continuously, but also its increase speed increases progressively. The increase speed of cash income of op

43、eration activities and investment activities basically reduce progressively, but cash income of raising funds activities shows a negative increase. Cash expenditure of enterprise also increases progressively, whose speed is basically smooth and steady. Cash expenditure of operation activities reduce

44、s progressively, the increase speed of cash expenditure of investment activities in 1997 was higher than that in 1996. But that in 1998 was lower than that in 1997. Cash expenditure of raising funds activities in 1997 cut down faster than in 1996, but that in 1998 rose again after a fall.4 Trend For

45、ecast AnalysisThe so-called trend forecast analysis means to use regression analysis method, exponential smooth method and so on to analyze and forecast the statement of financial data, analyze its development trend, and this possible development result on this basis.Trend Analysis also includes tre

46、nd forecast analysis usually with trend linear equation applies.The equation is: y=a+bxWhere a and b are constant, and x is the period coefficient value which is decided by distribution and made x=0 .For x=0，the distribution value makes little difference whether the number of the period is odd or ev

47、en.When the number of the period is odd, x may be decided as follows:_ 1990 1991 1992 1993 1994 x= -2 -1 0 1 2 When the number of the period is even, x may be decided as follow:_ 79 80 81 82 83 84 85 86 87 88 x= -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 _ 89 90 91 92 93 94 95 96 97 98 x= +1 +2 +3 +4 +5 +6 +7 +

48、8 +9 +10 The constants a and b may be decided by following formula: The data are obtained from accountant statements from 1979 to 1998 of the telecommunication bureau (accountant statements from 1979 to 1994 omitted).Cash income of operation activities of a telecommunication bureau: Unit: Thousands of dollars Cash flow