キャッシュ・フロー経営とキャッシュ・フロー計算書

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かずきおとじま
7 years ago
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1 No Abstract The cash flow taken seriously in the cash flow management is free cash flow. It becomes the purpose of that management that free cash flow will be maximized in the future. The result of the practice of the cash flow management is disclosed by the financial statements and so on. The historical information of all the cash flow in the fiscal period is disclosed in the cash flow statement. That cash flow information is often used as an indicator of the amount, timing and certainty of future cash flows CF CF 1980 CF 1 90 Return On Equity:ROE ROE

2 Cash Flow Statements CFS CF CFS 3) 1. (1) )

3 No CF 7 CEO CFO DCF CF CF 8 CF CF CF CF Value Based Management VBM CF DCF CF CF

4 DCF CF CF 10 CF CF CF CF (2)

5 No CFS CF CF CF Free Cash Flow FCF CF CF FCF FCF EBITDA Earnings Before Interest, Taxes and Depreciation & Amortization EBITDA NOPAT NOPAT Net Operating Profit After Tax EVA Economic Value Added ,200,000 1,000,000 EBITDA 200,000 60, ,000 70,000 NOPAT 70,000 60, ,000 30,000 50,000 50,

6 EVA NOPAT EVA FCF FCF M&A FCF DCF CF Debt Equity 3 CF FCF 17 FCF CFS CFS CF CF FCF CF CF CF 18 FCF CF CF CF CF CF Weighted Average Cost of Capital : WACC WACC k t FCF FCF FCF 1 k FCF Market Value : MV FCF 1 k FCF 1 k = Σ t=1 FCFt/( 1+ k) t CF Rt Debt Value : DV Pt Shareholder Value : SV

7 No MV DV SV CF Rt K Pt Ks 20 FCF FCF EVA 3 CF WACC CF CF WACC 22 WACC CF DCF FCF WACC FCF FCF CF

8 CF 23 WACC WACC kb Tc B V V B P S kp P ks S B P WACC = kb (1 Tc ) + kp + ks V V S V

9 No CF DCF WACC 20 DCF WACC WACC WACC Adjusted Present Value APV DCF WACC APV TIAA CREF P/L 28 AICPA

10 29 FASB CF CF 1930 CF 1960 DCF CF CF M&A CF GDP 4.6 MADE IN JAPAN

11 No M&A 80 CF CF 32) CF CF re-engineering (1) IAS Framework for the Preparation and Presentation of Financial Statements CF FASB Concepts Statement CF 35 CF CF

12 36 CFS CFS 37 CF CFS CF CFS SFAS95 IAS FASB 95 SFAS95 SFAS95 CFS CFS APB Accouting Principles Board SFAS95 CFS par

13 No FASB CFS funds flow statement 1971 APB FASB SFAS95 (statement of changes in financial position), CFS 40 SFAS95 CFS IAS7 SFAS95 IAS7 CFS IAS

14 43) CFS CF 44 (2) CF CFS CF CF CF CF FCF 45 CF CFS CF (3) CF CF CF

15 No CFS CF CF CF CF 3 CF CF 47 CF CF Driver CF CF CF CF CF ROE CF CF CF CF

16 90 Balansed Score Card BSC 49 CF CF CF CF FCF CF CF CF CF SEC CF CF CF CF 50 CF CF CF CF CF SFAS95 CF par IASB 6 CF IASB 10 CF 51 CF CF CFS CF CF CF FCF FCF

17 No CF CF CFS CFS CF FCF CFS CF CF CF CF CFS CF EVA M&A JICPA JICPA MBA EVA K G PM V L DCF DIAMOND

18 DIAMOND DIAMOND JICPA FASB IASB 6 JICPA

会社法制上の資本制度の変容と企業会計上の資本概念について

会社法制上の資本制度の変容と企業会計上の資本概念について IMES DISCUSSION PAPER SERIES Discussion Paper No. 2006-J-1 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 30 http://www.imes.boj.or.jp IMES Discussion Paper Series 2006-J-1 2006 1