現(xiàn)金流量表及其分析研究文獻翻譯

1、上海財經(jīng)大學(xué)浙江學(xué)院畢業(yè)設(shè)計（論文）外文翻譯譯文：現(xiàn)金流量表概述現(xiàn)代財務(wù)報表.國際會計標準的理解和應(yīng)用指南 ，CECCA咄版商，布加勒斯特，20041簡介財務(wù)報表旨在確定區(qū)別于實際經(jīng)營情況和對外報表數(shù)據(jù)之間的有效的數(shù)據(jù)，目的在于可據(jù) 此獲得企業(yè)存在和可持續(xù)發(fā)展的能力和價值。損益表在分析中雖然占據(jù)重要地位，但是現(xiàn)金流 量表作為重要補充報表，它不但提供經(jīng)營活動過程中財務(wù)動態(tài)的狀況，而且它能對反映其財務(wù) 結(jié)構(gòu)和現(xiàn)金流量的財務(wù)狀況提供一個清晰的視覺。一個公司公布的財務(wù)報表， 只提供了重要的、關(guān)鍵的財務(wù)數(shù)據(jù)。但現(xiàn)金流量表除此之外還提供了資金的“來龍去脈”，對有效的投資決策和 和投資成本回報率以及提供外部

2、的資金的成本對保證財務(wù)平衡的貢獻。為了衡量公司的產(chǎn)生的現(xiàn)金流量的容量和現(xiàn)金質(zhì)量，財務(wù)狀況的使用者通過分析現(xiàn)金流量 表，可以獲得一個企業(yè)現(xiàn)金收入和支付活動的情況，而并非只是表現(xiàn)其由權(quán)責發(fā)生制決定的表 面上的財務(wù)狀況?，F(xiàn)金流量表編制的目的為提供一個富有意義的企業(yè)有效的現(xiàn)金流入和現(xiàn)金流 出的狀況，如企業(yè)正在運行的各項主要活動，比如投資活動、經(jīng)營活動、籌資活動，并以此判 斷財政收支的平衡，進而對企業(yè)財務(wù)狀況做出最終判斷。除此之外，現(xiàn)金流量表還展示了公司 創(chuàng)造現(xiàn)金的能力。在國際水平上，國際會計理事會已經(jīng)得到了發(fā)展。在國際會計準則上，對現(xiàn)金流量表進行 了具體規(guī)定。這項規(guī)定從 1977年開始并不斷的被修訂，

3、最終于1994年1月1日施行。這一規(guī)定彌補了現(xiàn)金流量表原有的漏洞，并替代了國際會計準則中“財務(wù)狀況變動的形式”這一項內(nèi) 容。現(xiàn)金流量表能直觀的展示企業(yè)現(xiàn)金流方面的狀況，并可對企業(yè)長遠發(fā)展做出展望。一些中 小企業(yè)也可針對現(xiàn)金流量表對企業(yè)狀況得出一個結(jié)論。人們對現(xiàn)金流量表認識的不斷加深，表 明現(xiàn)金流量表對企業(yè)價值分析越發(fā)重要。2現(xiàn)金流量表提供的信息的應(yīng)用現(xiàn)金流量表提供的信息可用于多方面。第一，財務(wù)報表是基于權(quán)責發(fā)生制的財務(wù)制度和獨立性原則下編制的。在這種情況下，現(xiàn) 金流量的產(chǎn)生受制度和公司的其他事項的影響是公認的，而不是當現(xiàn)金或現(xiàn)金狀況發(fā)生變動 時，并不是只是為了滿足權(quán)責發(fā)生制會計信息使用者的滿意

4、。第二，是體現(xiàn)在損益表中的運營的結(jié)果，受一系列會計項目的影響，比如應(yīng)付款系統(tǒng)，即 損益表并不能反映公司的這真實的財務(wù)狀況?，F(xiàn)金流量表在表現(xiàn)企業(yè)真實的財務(wù)狀況上扮演重要的角色，因為它排除了對同一個項目運 用的各種不同會計處理方法，并考慮在那些計入損益表中、但并沒有創(chuàng)造現(xiàn)金收入或支出的收 入和費用等。另一方面值得提起的是，非流動資產(chǎn)使現(xiàn)金流量表的分析成為很重要的分析方法。企業(yè)現(xiàn) 金流量財務(wù)狀況的分析包括，從最簡單的視角，比較來自損益表的收入和費用，并獨立地分析 現(xiàn)金收入和現(xiàn)金費用支出狀況。損益表只考慮到收益，而并沒有考慮到現(xiàn)金的償債能力。盈利能力和償債能力是描述企業(yè)資產(chǎn)負債表兩個很直接的渠道。一項

5、重要的盈利能力可以 指出了收入和費用之間的不同，以確保支付費用的投資資本。但是收入并非總是利潤和費用的匯聚。另一方面，一定的利潤并不代表收入或貸款和不確定支付的費用或投資的差額。根據(jù)定 義，一個充分或不足的償債能力并等同于一個顯著或不良的盈利能力。一個負的利潤表示公司 的收入不足已支付發(fā)生的費用，并且其差額未能完全支付其投資成本。這樣長期下去，如果企 業(yè)沒有其他利潤，就會導(dǎo)致企業(yè)缺乏償債能力。在一個短、中期間，通過度獲利能力和盈利能 力分析可以感知企業(yè)財務(wù)狀況的變動。因此，快速增長的固定資產(chǎn)的投資，造成融資的運行周 期變長，并降低了流動資產(chǎn)的周轉(zhuǎn)速度，最終導(dǎo)致本來獲利的公司面對現(xiàn)金周轉(zhuǎn)的困境。

6、相反，獲利較少的公司，在缺乏投資或企業(yè)價值呈現(xiàn)遞減趨勢的狀況下，反而能夠保持令 人滿意的償債能力。以此，取決于公司盈利能力和資產(chǎn)結(jié)構(gòu)的公司的流動性成為債權(quán)人的關(guān)注 點。利潤收入和費用的支付能力之間的區(qū)別是現(xiàn)金流的代表和連接盈利能力和償債能力的關(guān) 鍵。通過對公司盈利能力和支付能力的調(diào)查，現(xiàn)金流量表使公司認識了歷史現(xiàn)金流量，并提供 了短期內(nèi)未來現(xiàn)金流量的預(yù)測?，F(xiàn)金流量信息被財務(wù)信息使用者認為是最簡單、最客觀的展示 了企業(yè)財務(wù)狀況的信息來源?，F(xiàn)金流量信息也可反映了一些新的模式下企業(yè)價值分析的本質(zhì)。最后，即使除了以上提到過的情況，現(xiàn)金流量表仍可提供公司一系列已通過其他財務(wù)報表 分析了的靜態(tài)財務(wù)狀況之外

7、的額外的很多信息。例如，從公司凈資產(chǎn)的變化，并從資產(chǎn)負債表 角度，對企業(yè)進行靜態(tài)分析?，F(xiàn)金流量表可以反映企業(yè)凈資產(chǎn)動態(tài)的變化，并使其在企業(yè)運營 過程中的收入和支出中分別反映。所以資產(chǎn)負債表和所有者權(quán)益變動表的構(gòu)成成為被分析的行 列。這樣的分析主要是用于反映用于償還的融資費用?，F(xiàn)金流量表還提供了與來自股東、債權(quán) 人的外部資本相關(guān)的利潤和費用的支付，及其股利和利息的支付。通過分析，我們可以了解到 公司盈利能力和現(xiàn)金流之間的關(guān)系可以影響公司某一時期的營業(yè)額和利潤。3現(xiàn)金流量的測定和編制方法現(xiàn)金流量表描述了在某一會計期間，經(jīng)營活動、投資活動和籌資活動確定現(xiàn)金收入和現(xiàn)金 支出的狀況。現(xiàn)金流量項目是根據(jù)經(jīng)

8、營活動現(xiàn)金流、投資活動現(xiàn)金流和籌資活動現(xiàn)金流的產(chǎn)生 和支出來劃分的。在國際會at準則（ISA）中提出，經(jīng)營活動現(xiàn)金流量是表現(xiàn)公司財務(wù)業(yè)績的關(guān)鍵。經(jīng)營活 動的現(xiàn)金流是不包括外部融資，保持公司生產(chǎn)能力，獲取新的更大的投資、獎勵和償還貸款利 息重要項目?，F(xiàn)金流量表可將運營結(jié)果轉(zhuǎn)換成現(xiàn)金收支的狀態(tài)。投資活動產(chǎn)生的現(xiàn)金流量產(chǎn)生于加大投資和減少投資、資金成本以及投資活動過程中產(chǎn)生 的赤字或不足?；I資活動產(chǎn)生的現(xiàn)金流量反映了與公司外部資金相關(guān)的收入和支出情況，尤其是經(jīng)營活動 產(chǎn)生的現(xiàn)金不足以支付經(jīng)營和投資活動，以及償還銀行利息和股東股利所需資金時?，F(xiàn)金活動分項列示的優(yōu)勢在于，它進一步解釋了公司財務(wù)狀況變動，

9、并通過分析每部分的 資金平衡狀態(tài)及每項現(xiàn)金流入和現(xiàn)金流出，進而了解企業(yè)財務(wù)狀況變動的具體原因。同時，現(xiàn) 金活動分項列示強調(diào)了，來自運用因素分析法在不同時期產(chǎn)生最高現(xiàn)金流的經(jīng)營活動及有現(xiàn)金 結(jié)余的投資活動的現(xiàn)金及現(xiàn)金等價物?？偟默F(xiàn)金流量是根據(jù)經(jīng)營活動現(xiàn)金流的直接法和間接法 來確定的。直接法是直接陳列現(xiàn)金收入和支出的信息。根據(jù)這種方法，對于經(jīng)營、籌資、投資這三種 活動的現(xiàn)金流量被認為是與公司在經(jīng)營過程中發(fā)生的交易或事項的經(jīng)營活動現(xiàn)金流入和支出 等同的。直接法深受投資者的偏愛，因為它是對現(xiàn)金流預(yù)測的起點，進而判斷公司的未來價值。據(jù)專家說，間接法更容易應(yīng)用和受公司外部人青睞，因為間接法可以使公司財務(wù)報

10、表外部 使用者更清楚的了解公司資產(chǎn)的流動性和償付能力。也正因如此，公司內(nèi)部管理者往往不想采 用間接法來編制現(xiàn)金流量表。間接法以利潤表上的凈利潤為起點，通過調(diào)整某些相關(guān)項目后得 出經(jīng)營產(chǎn)生的現(xiàn)金流量。通過將企業(yè)非現(xiàn)金交易，過去或者未來經(jīng)營活動產(chǎn)生的現(xiàn)金收入或支 出的遞延或應(yīng)計項目，以及與投資或籌資現(xiàn)金流量相關(guān)的收益或費用項目對凈收益的影響進行 調(diào)整來反映企業(yè)經(jīng)營活動所形成的現(xiàn)金流量。以損益表為出發(fā)點來列示企業(yè)經(jīng)營活動的現(xiàn)金流 量情況。損益表直接體現(xiàn)了連接籌資和投資活動的收入和支出項目。因此采用間接法，我們就 可以調(diào)整和計算籌資和投資活動的收入和支出。原文：The summarize of cas

11、h flow statementRistea M., Lungu C. I., Jianu I.,IAS 1 Presentation of Financial Statements.Guide to understanding and application of international accounting standard,CECCAR Publisher,Bucharest,2004,P731. IntroductionFinancial reports aim at assuring an efficient dialogue between the entity and the

12、 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 entity's

13、 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&q

14、uot; 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 company's capacity of generating cas

15、h 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 accounta

16、ncy. 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 treasury's balance at the e

17、nd 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 fina

18、ncial 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 th

19、e increasing importance of this statement in evaluating the company ' s 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 pri

20、nciple 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

21、 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-Flo

22、w 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

23、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 res

24、ults.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 prof

25、itability 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 significan

26、t 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

27、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 diffe

28、rence 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 difficultie

29、s, 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 satisf

30、ying liquidity in the absence of investments or through the progressive decrease of their value. As a result, liquidity, which depends on the company ' s profitability and on its financial structure, is an essential approach drawing the creditors ' attention. The difference between the reven

31、ues 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 knowi

32、ng 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 informati

33、on 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 (wi

34、thout 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 star

35、ting 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 structu

36、re 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

37、 and payments concerning the external capital coming from the shareholders, creditors, as well as their payment by dividends and interests. The relationship between the company ' s profitability and the cash flows can be emphasized by analyzing, in dynamics, the way in which the price variation

38、influences the period turnover and profits.IAS 7 "The Cash-Flow Statement"synthesizes the informational utility of the Cash-FlowStatement mentioning that the information offered to the financial statement users is the basis for: evaluating the company ' s capacity to generate cash and

39、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 S

40、tatement 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

41、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) areessential for appreciating the company; s financial performance. It is on their dimension that the compan

42、y 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 investmen

43、t 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 wh

44、ich 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 company; s

45、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