FirmNamesEagleEye:ValuationAnalysisStrategyInvestoriumStatementofCashFlowCashflowfromOperatingactivities:(营运活动) cashreceiptsfromcustomers cashdisbursedto: suppliersofmerchandise employeesforsalariesCashflowfrominvestingactivities:(投资活动) purchaseofbuildings,equipments,plants proceeds(进帐)fromsalesoflongtermassetsCashflowfromfinancingactivities:(融资活动) borrowing/repaylongtermdebts -basedI/SrecognizepropertyrightsI/SrequireestimatesI/SisanopinionI/o(易于)manipulationFirmscansurvivealongstring(长串)ofnegativeearningsSCFexplainchangeincashandcashequivalentN/ASCFemphasize“actualpossessment”SCFdoesnotSCFisafactSCFissotoamuchlessdegreeFirmsgobankruptwithalongstringofnegativecashflows(outflow)CashflowequationA=L+EΔA=ΔL+ΔEΔcash+Δnon-cashA=ΔL+ΔEΔcash+ΔcurrentA(otherthancash)+Δnon-currentA=ΔcurrentL+Δnon-currentL+ΔEΔcash=ΔcurrentL+Δnon-currentL+ΔE-ΔcurrentA(otherthancash)-Δnon-currentACashflowfromoperationCashflowsrelatedtosellinggoodsandservices;thatis,theprinciplebusiness(主营业务)ofthefirmThemainsourceofpayoffstoshareholdersandcreditorsThereasonforthefirmstoexistIffirmsdonotinthelongrungeneratemorecashfromoperationthanthereturnsoffundstoshareholdersandcreditors,thefirmsgobankrupt
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