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フリー・キャッシュ・フローの会計学的考察


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Title: フリー・キャッシュ・フローの会計学的考察
Other Titles: A Study of the Free Cash Flow from Accounting Point of View
Authors: 上野, 清貴
Authors (alternative): Ueno, Kiyotaka
Issue Date: 25-Mar-2004
Citation: 長崎大学経済学部研究年報. vol.20, p.1-24; 2004
Abstract: Free cash flow (FCF) is the total after-tax cash flow generated by the company that is available to all providers of the company's capital, both creditors and shareholders. FCF accounting is classified as historical and future ones. It is said that FCF accounting is useful for operating performance evaluation, investment decision-making and enterprise valuation. However, the historical FCF accounting cannot evaluate operating performance because it subtracts the entire cost of an investment in the year in which it occurs rather than spreading the cost of the investment over the life of the asset that has been acquired. For example, high-growth companies can be adding large amounts of value while recording ever larger negative FCF. The future FCF accounting can make decision for investments and value enterprises. But discounting future FCF to net present value is a static measure and once a project has been approved and the money spent, it hardly checks if the actual cash flows lived up to projections. The real function or role of FCF accounting is to indicate the cash creating power generated by business activities and report the amount available for dividends. It plays an important role as corporate capital maintenance.
Keywords: free cash flow / performance evaluation / enterprise valuation
URI: http://hdl.handle.net/10069/6882
ISSN: 09108602
Type: Departmental Bulletin Paper
Appears in Collections:Volume 20

Citable URI : http://hdl.handle.net/10069/6882

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