where LWp= firm value growth; ilFCFFt = tuture free cash flow growth in period t,
and k =discount rate1.
Futuretree cashflow we haveas:
F'CF'F;= (CR,- CEj - NCE) x(]- T) +NCE - Capex - LWWC,
(2)
where GRt= c8sh revenues on sales; CEt = c5\shexpenses resulting from fixed and
variable eosts in time t; NCE :: non cash expenses; T = effective tax rate; C1NWC::
net working growth; and Capex::: capital expenditure resulting from operational
investments growth(moneyusedby a firm to acquirear upgradephysicalassets
suchasproperty,industrial buildings,ar equipment).
The similar conclusions, about the results of the change inventory
managementpolicy on the firm value, can be estimated on the basis ot an economic
value added, informing about the size of the residual profit (the added value)
enlargedthevalue of the firm inthe period:
EVA= NOPAT - kx(NWC+OJ),
(3)
where EVA = economic value added; NWC = net working capital; Ol:::: long-term
operating investments; and NOPAr == !'let operating profit after ta~es, estimated on
the basis of the formula:本文来自辣.文~论^文·网原文请找腾讯3249.114
"" NOPAT = (CR,-CEl -NCE)x(l-T)
(4)
单片机数字温度计设计+LED显示+电路图+源程序The networking capital (NWC) isthe partot current assets,financed withfixed
eapitals.The net working eapital (current assets less eurrent liabilities) results trom
iack of synchronization of the formai rising receipts and the real cash receipts from
eachsale.Networking capitalalsoresultsfromdivergeneeduringtimeof risingcosts
andtime,from the real outflowot cashwhen a firm pays itsaccounts payable.
NWC = CA- CL = AAR + INV + G- AAP
(5)
where NWC= networking capital; CA= currentassets; CL = current liabilities;AAR =
average !evel of accounts receivables; INV = inventory; G = eash and cash
equivalents;andAAP== averagelevelotaccountspayables.
During estimation of the free cash f'ows the holding and increasing ot net
working capital ties money used for financing i1.If net working capital increase, the
firm musttie muchmoneyand it decreasefree eashflows.The productionlevel
growth usually causes the necessity of an enlargement ot cash levels, inventories,
and accounts receivable. Part of this growth will be covered with current liabilities.
For current liabilities also usually automatically grow up together with the qrowth of
l To estimate changes in aeeounts receivable levels, we aceept a discount rate equal to the
average weighted cost of eapital (WACC). Such changes and their results are strategie and
long term in thelr charaeter, although they refer to accounts reeeivable and short run area
decisions (T.S. Maness 1998, s. 62-63).
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