合肥工业大学财务管理原理双语课件Chapter7 Funds Analysis,Cash Flow Analysis,and Financial Planning.ppt

chapter 7 Chapter 7 Funds Analysis, Cash Flow Analysis, and Financial Planning Cash flow and financial distress In China, most ST firms get into financial distress. If they could not get financial help soon they will not stand of feet But why does they get themselves in such a hell ? They have got much money with IPO. 草原兴发谎言致命 海市蜃楼崩塌 公司募集和借贷的30多亿现金，大部分不知所踪 40天前，因涉嫌违反有关证券法规，中国证监会调查组正式进驻了这家公司。 草原兴发谎言致命 海市蜃楼崩塌 事发于数月前草原兴发的一则“坦白”公告。今年5月18日，草原兴发发布了一则提示性公告，公告表明，2005年前三季度，公司在赊销业务发生时提前确认了销售收入3.39亿元，相应虚增了银行存款，并制造了虚假的银行凭证。 草原兴发谎言致命 海市蜃楼崩塌 数年来，草原兴发大张旗鼓地宣布，动用了10亿元收购了大批草原，但是公司一位中层却很无奈地告诉记者“我也不知道这些草地的具体位置。”还有那12家食品厂，草原兴发曾花掉了2.61亿元真金白银，却没产生任何收益。 另有确凿证据表明，草原兴发在运用公司资金炒作股票，2001年时曾有数亿资金在股市中游走。 Study Objectives Flow of funds statement Accounting statement of cash flows Cash-flow forecasting Range of cash-flow estimates Forecasting financial statements Flow of funds statements Flow of funds statement is a summary of a firm’s changes in financial position from one period to another WHY do we need a flow of funds statement? By arranging a company’s flow of funds in a systematic fashion, the analyst can better determine whether the decisions made for the firm resulted in a reasonable flows of funds or in questionable flows, which warrant future inspection What is funds? Funds: all of the firm’s investments and claims We define funds as the claims and investments because many important transactions are not reported in cash What does flow of funds tell us? The sources and uses of funds during a period of time The firm’s flow of funds is therefore comprised of the individual changes in balance sheet items between two points in time The flow of funds statement portrays net rather than gross changes, although an analysis of the gross funds flow of a firm over time would be much more revealing than analysis of net funds flow, we are usually constrained by the financial information available What are source? Uses? Sources of funds: any decrease in an asset item or any increase in an claim item U