期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2015
卷号：4
期号：1
页码：79-107
DOI：10.5923/j.ijfa.20150401.08
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：This article introduces a theory of stock valuation based on cash-flow analysis to price stocks, where the cash receipts and the cash payments of the firm is projected for each time period for ever where a continuous adjustment of the variables affecting the discounted present value of the cash-flow stream will show its effect on the value of the company’s stock. Not only does this starting point by-pass certain measurement problems, but it also direct attention to the relevant variables in a manner that other approaches may not. The financial manager is now required to generate a cash-flow net not only to satisfy the explicit cost but also the implicit cost of the providers of funds in order to create value. And to determine the optimal cash balance that minimizes the opportunity cost and maximizes shareholders’ wealth.
关键词：Invested Capital; Net Cash-Flow; Shareholder Value Added; Economic Profit; Accounting Profit; Business Profit; Pure Profit; Working Capital Requirements; Economic Value Added
