现金流量表概述 毕业论文外文翻译.doc

外文资料the summarize of cash flow statement1. introductionfinancial reports aim at assuring an efficient dialogue between the entity and the external operators interested in having realistic estimations on the growing perspectives of the entity and, equally, on its sustainability. in spite of the fact that the profit and loss account, as a component of the cash-flow statement financial report, provides a dynamic image on an entitys activity, it nevertheless does not offer a clear vision on the financial flows that modify its financial structure and its cash flow. out of the information officially issued by a certain entity, only that providing financially-significant data is selected, once it expresses nonconventional realities on the cash resources necessary for supporting an efficient investment policy and for remunerating the invested capitals, or that referring to the external contributions of capital assuring financial balance.within such a context, to evaluate a companys capacity of generating cash flow and cash-flow equivalents, the users of financial situations analyze the cash-flow statement an expression of the cash and pay operations performed by an entity, and not only the hypothetical dimension of its performances, determined by the conventions of the obligation accountancy. the cash-flow statement is conceived so that to offer a most pregnant image of the inputs and outputs of the availabilities afferent to the main categories of activities developed by a company (exploitation, investment and financing activities) and to justify the treasurys balance at the end of the financial exercise. otherwise, the cash flow statement explains the company performances in generating cash.the iasb has developed, at the international level, the ias 7 norm “the cash-flow statements”. this norm renders void and replaces ias 7 “the situation of changes in the financial position” from 1977 and has been revised in time, its last variant being applied on january 1st, 1994. the other entities, considered small and intermediate, can optionally conclude such a document. the obligation imposed to some companies to develop the cash-flow statement emphasizes the increasing importance of this statement in evaluating the companys performances.2. the informational application of cash-flow statementsdrawing a cash flow statement has several reasons.first, the financial statements are concluded according to the commitment accounting and based on the principle of exercise independence. in these circumstances, the effects of the agreements and of other events from the company are acknowledged when they are produced and not while the cash and cash considerations are cashed or paid by the company, an aspect that does not always satisfy the necessities of the financial-accounting information users.second, the result of the exercise, reflected in the profit and loss account, is affected by a series of accounting conventions (for example, the redemption calculation system) and does not express the real company performance. in exchange, the cash-flow statement has the role to express unconventional realities because it eliminates the effect of using various accounting treatments for the same agreements and events and, also, does not take into account the operation revenues and expenses considered as calculated that do not generate profits and payments in the analyzed financial exercise (expenses for redemption and provisions, revenues from provisions, revenues from subsidies for investments, etc). another aspect worth mentioning is that in conditions of under-liquidity, the analysis of cash flows becomes a priority for the analysis of results. the analysis of the company results involves, from the simplest point of view, comparing the revenues and expenses from the profit and loss account, independently from the effective moment of revenues cashing and of the expenses payment. thus, the profit and loss account allows determining profitability without allowing the direct measure of liquidity by cash flows. there is a tendency to give priority to the profitability analysis to the prejudice of the analysis of liquidity. profitability and liquidity are two distinct approaches that characterize the company balance sheet. a significant profitability points out that the difference between revenues and expenses ensures the payment of the invested capital. but the revenues do not always correspond to the profits or to the expenses of parties. on the other hand, certain profits do not represent revenues (loans) and certain payments do not immediately determine the expenses (investments). a sufficient or insufficient liquidity does not correspond, by definition, to a significant or inexistent profitability. a chronic negative (absent) profitability means that the company revenues are insufficient to cover expenses and the difference between them cannot pay the invested capital. on a long term, this can lead to a lack of liquidity, in case that the company cannot earn other profits. on a short and medium term, profitability and liquidity can be sensitively divergent. thus, the profitable companies can face cash difficulties, both as a result of the rapid increase of investments in the fixed capital, which determined the increase of the financing needs for the operation cycle, and as a result of a decrease in the rotation speed of the current assets. on the contrary, the less profitable companies can maintain a satisfying liquidity in the absence of investments or through the progressive decrease of their value. as a result, liquidity, which depends on the companys profitability and on its financial structure, is an essential approach drawing the creditors attention. the difference between the revenues capable of generating profits and the expenses capable of generating payments is represented by the cash flow, an index that connects profitability and liquidity (ooghe h., van wymeersch c., 2000). fourth, the cash-flow statement, by taking the census of company profits and payments, allows knowing its historical capacity to generate cash flow and offers the elements that lie at the basis of predictions, on short term, of the future cash flows. the cash-flow information is considered by the financial-accounting information users one of the most intelligible and objective source of information that presents the facts without leaving space to subjective interpretations. as a result, the cash-flow information represents the essence of some new modern methods of business evaluation (a method based on updating/capitalization of future cash flows) (pantea i.p., deaconu a., 2004).finally (without pretending to mention all the uses of this situation), the cash-flow statement offers extra information about a series of aspects that have already been analyzed statically, on the account of financial statements. for example, the change of the company net assets can be statically analyzed starting from the balance sheet, thus being the expression of unsettled agreements. the cash-flow statement presents the change of net assets, dynamically, materialized in the profits and payments of the respective agreements carried out during the financial exercise. consequently, the financial structure is analyzed starting from the balance sheet and the statement of changing equity capital. such an analysis mainly reflects the amounts belonging to the financiers, due to be repaid at the end of the financial exercise, without revealing their dynamics. the cash-flow statement presents the profits and payments concerning the external capital coming from the shareholders, creditors, as well as their payment by dividends and interests. the relationship between the companys profitability and the cash flows can be emphasized by analyzing, in dynamics, the way in which the price variation influences the period turnover and profits.ias 7 “the cash-flow statement” synthesizes the informational utility of the cash-flow statement mentioning that the information offered to the financial statement users is the basis for: evaluating the companys capacity to generate cash and cash equivalents; identifying the moment of cash and cash equivalents occurrence; knowing the destination of the respective cash flows (in order to re-start the operation cycle, the investments, financiers payment).3. the determination and interpretation methodology of cash flowthe cash-flow statement describes the way in which the operation, investment and financing activities determine the positive (profits) and negative (payments) cash flows during the financial year. thus the cash flows are divided upon the activities that generated or consumed them in: cash flows from the operation activities; cash flows from the investment activities; cash flows from the financing activities.in ias 7 “the cash-flow statement” it is mentioned that the operation cash-flows (ocf) are essential for appreciating the companys financial performance. it is on their dimension that the company capacity depends in order to: maintain the production capacity, achieve new investments, reward new dividends, and repay loans without referring to expensive external financing resources.the cash-flow statement turns the operation result into an effectively cashed result. cash-flows from investment activities (cfi) are imputable to the operations of investment/disinvestment in/from invested and financial capital and reflect the deficit or surplus generated by such operations.the cash flows from financing activities (cff) present the profits and payments related to the external finances to which the company refers, when the cash resulted from the operation activities was insufficient to cover the investment operations and to reward the financiers (banks, shareholders).the separation of flows in relation to their origin has the advantage of further explanations concerning the companys financial position, by means of the partial balances resulted from comparing the profits and payments specific to each activity. simultaneously, the separate emphasis on cash and cash equivalents resulted from the period agreements and from cash surplus investments allows the factorial analysis of their variation during the respective period and the identification of the activity that generated or consumed the highest cash flows. the total cash flow is determined according to the computing method of cash flows from exploitation activities, using the direct or indirect method. the direct method operates only with cash-ins and payments information. according to this method, the cash flows corresponding to the three activities are computed as the difference between the effective cash-ins and payments corresponding to the transactions and events that took place within the company, during a financial exercise. the direct method is favored by investors, as it represents the starting point in making forecasts about cash flows, with the purpose to establish the companys value. the indirect method is easier to apply and preferred, according to specialists, by the managers who do not want, as we previously stated, to present to the external users the real image about their companys liquidity and solvency. it implies determining the cash flows from the operation activities by means of the information provided by the commitment accounting (from the profit and loss statement). thus, we start from the net accounting result (which includes revenues and expenses concerning the financing and investment activity, the calculated revenues and expenses). this is adjusted with the revenues and expenses related to the investment and financing activities, and with the calculated revenues and expenses (ristea m., lungu c. i., jianu i., 2004).现金流量表概述1 简介财务报表旨在确定区别于实际经营情况和对外报表数据之间的有效的数据，目的在于可据此获得企业存在和可持续发展的能力和价值。损益表在分析中虽然占据重要地位，但是现金流量表作为重要补充报表，它不但提供经营活动过程中财务动态的状况，而且它能对反映其财务结构和现金流量的财务状况提供一个清晰的视觉。一个公司公布的财务报表，只提供了重要的、关键的财务数据。但现金流量表除此之外还提供了资金的“来龙去脉”，对有效的投资决策和和投资成本回报率以及提供外部的资金的成本对保证财务平衡的贡献。为了衡量公司的产生的现金流量的容量和现金质量，财务状况的使用者通过分析现金流量表，可以获得一个企业现金收入和支付活动的情况，而并非只是表现其由权责发生制决定的表面上的财务状况。现金流量表编制的目的为提供一个富有意义的企业有效的现金流入和现金流出的状况，如企业正在运行的各项主要活动，比如投资活动、经营活动、筹资活动，并以此判断财政收支的平衡，进而对企业财务状况做出最终判断。除此之外，现金流量表还展示了公司创造现金的能力。在国际水平上，国际会计理事会已经得到了发展。在国际会计准则上，对现金流量表进行了具体规定。这项规定从1977年开始并不断的被修订，最终于1994年1月1日施行。这一规定弥补了现金流量表原有的漏洞，并替代了国际会计准则中“财务状况变动的形式”这一项内容。现金流量表能直观的展示企业现金流方面的状况，并可对企业长远发展做出展望。一些中小企业也可针对现金流量表对企业状况得出一个结论。人们对现金流量表认识的不断加深，表明现金流量表对企业价值分析越发重要。2 现金流量表提供的信息的应用现金流量表提供的信息可用于多方面。第一，财务报表是基于权责发生制的财务制度和独立性原则下编制的。在这种情况下，现金流量的产生受制度和公司的其他事项的影响是公认的，而不是当现金或现金状况发生变动时，并不是只是为了满足权责发生制会计信息使用者的满意。第二是体现在损益表中的运营的结果，受一系列会计项目的影响，比如应付款系统，即损益表并不能反映公司的这真实的财务状况。现金流量表在表现企业真实的财务状况上扮演重要的角色，因为它排除了对同一个项目运用的各种不同会计处理方法，并考虑在那些计入损益表中、但并没有创造现金收入或支出的收入和费用等。另一方面值得提起的是，非流动资产使现金流量表的分析成为很重要的分析方法。企业现金流量财务状况的分析包括，从最简单的视角，比较来自损益表的收入和费用，并独立地分析现金收入和现金费用支出状况。损益表只考虑到收益，而并没有考虑到现金的偿债能力。盈利能力和偿债能力是描述企业资产负债表两个很直接的渠道。一项重要的盈利能力可以指出了收入和费用之间的不同，以确保支付费用的投资资本。但是收入并非总是利润和费用的汇聚。另一方面，一定的利润并不代表收入或贷款和不确定支付的费用或投资的差额。根据定义，一个充分或不足的偿债能力并等同于一个显著或不良的盈利能力。一个负的利润表示公司的收入不足已支付发生的费用，并且其差额未能完全支付其投资成本。这样长期下去，如果企业没有其他利润，就会导致企业缺乏偿债能力。在一个短、中期间，通过度获利能力和盈利能力分析可以感知企业财务状况的变动。因此，快速增长的固定资产的投资，造成融资的运行周期变长，并降低了流动资产的周转速度，最终导致本来