Application of cash flow in corporate financial analysis. Summary of the promotion paper promotion to the degree of Doctor of economics (Dr. oec.). Branch: economics. Sub-branch: finance and credit
2007
Subatnieks, K.,Latvijas Universitate, Riga (Latvia). Ekonomikas un vadibas fakultate
The goal of the promotion paper is to provide suggestions for enhancement of cash flow statements, corporate cash flow analysis and management, as well as cash flow prediction on the basis of analysis of cash flow and factors influencing it, cash flow ratios and legislation on the subject of cash flow. There are following tasks to achieve this aim: (1) analysing the concept of company cash flow and its presentation methods; (2) investigating the role of cash flow measures in corporate financial analysis; (3) reviewing the existing literature and chronological development of company cash flow analysis and prediction; (4) assessing the application of free cash flow and providing recommendations for a more precise calculation of free cash flow; (5) investigating cash flow measures and ratios used for assessment of the financial position of a company; (6) evaluating cash flows of samples of Latvian and European companies and finding correlations between measures of cash flow and other measures of corporate financial economics; (7) exploring factors influencing cash flow; (8) comparing the efficiency of company earnings and cash flow in evaluating corporate financial position; (9) on the basis of analysis of financial statement providing proposals for enhancement of cash flow statement; (10) using a developed model, to give suggestions for improving cash flow prediction. The object of the research is corporate cash flow. The hypothesis of the research is: the use of past and present cash flow data in analysis of the financial position of an enterprise leads to a more accurate assessment than using data from profit and loss account; past and actual cash flows are a better predictor of future cash flows than earnings.
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