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【正文】 7. Firms can survive a long string（ 長串） of negative earnings 1. SCF explain change in cash and cash equivalent 2. N/A 3. SCF emphasize “actual possessment” 4. SCF does not 5. SCF is a fact 6. SCF is so to a much less degree 7. Firms go bankrupt with a long string of negative cash flows (outflow) Cash flow equation A = L + E ΔA =ΔL+ΔE Δcash +Δnoncash A = ΔL+ ΔE Δcash +Δ current A (other than cash) +Δnoncurrent A= Δcurrent L+ Δnoncurrent L+ ΔE Δcash = Δcurrent L+ Δnoncurrent L+ ΔE Δ current A (other than cash) Δnoncurrent A Cash flow from operation Cash flows related to selling goods and services。 that is, the principle business(主營業(yè)務(wù) ) of the firm The main source of payoffs to shareholders and creditors The reason for the firms to exist If firms do not in the long run generate more cash from operation than the returns of funds to shareholders and creditors, the firms go bankrupt Cash flow from operationponents Cash collected from customers Cash collected as interest (利息） on loans to others Cash collected as dividends （ 股利） on investment on other firms’ stocks Cash paid to suppliers Cash paid to employees Cash paid to other service providers: landlords, marketing agency, auditors, consultants, … Cash paid to government Cash paid to creditors as interest on borrowed money Cash flow from investing activities Cash flows related to the acquisition or sale of noncurrent assets: investment, land, property, plants, equipments… To maintain the current productivity of the operation, a firm must replace assets that they wear out (消耗） To grow its operation, a firm must acquire additional assets Old assets may be sold as they bee
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