现金流量是一个事实，净收益只是一个观点[外文翻译].doc

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外文翻译
原文:
Cash flow is a Fact. Net e is just an opinion
Net e is just an opinion, but cash flow is a fact
There is a financial and accounting maxim which, although it is not absolutely true, comes very close to it and which it is a good idea to remember: “Net e is just an opinion, but cash flow is a fact”.
Still today, many analysts e as the key and only truly valid parameter for describing how pany is doing. According to this simple approach, if e increases, pany is doing better; if e falls, pany is doing worse. It monly said that pany that showed a e last year “generated more wealth” for its shareholders than pany with a e. Also, following the same logic, pany that has a e creates value and pany that has losses destroys value. Well, all these statements can be wrong.
Other analysts “refine” net e and calculate the so-called “accounting cash flow”, adding depreciation to e1. They then make the same remarks as in the previous paragraph but referring to “cash flow” instead e. Of course, these statements too may be wrong.
The classic definition e (revenues for a period less the expenses that enabled these revenues to be obtained during that period), in spite of its conceptual simplicity, is based on a series of premises that seek to identify which expenses were necessary to obtain these revenues. This is not always a simple task and often implies accepting a number of assumptions. Issues such as the scheduling of expense accruals, the treatment of depreciation, calculating the product’s cost, allowances for bad debts, etc., seek to identify in the best possible manner the quantity of resources that it was necessary to sacrifice in order to obtain the revenues. Although this “indicator”, once we have accepted the premises used,
can give us adequate information about how pany is doing, the figure obtained for e is often used without full knowledge of these hypotheses, which often leads to confusion.
Another possibility is to use an object