企业运营现金流：企业的生命线现金流

企业运营现金流：企业的生命线现金流现金流量表是财务报表的三个基本报表之一，所表达的是在一固定期间（通常是每月或每季）内，企业的现金（包含银行存款）的增减变动情形。Let's first look at the cash flow statement which best reflects the cash flow of companies. How should we look at it?为什么大多数的企业都“死”于现金流困境？现金流为何对企业如此重要？现金流该如何管理？以下详细分析：Why do most companies "die" from the cash flow dilemma? Why is cash flow so important to companies? How should cash flow be managed? The following detailed a

陷入现金流困境的恒大集团 Evergrande Group in a cash flow dilemma

曾经的中国首富许家印以及他的恒大集团，因为现金流的问题，面临破产。

The former richest man in China Xu Jiayin and his Evergrande Group faced bankruptcy due to cash flow problems.

恒大再次发布新一轮公告，恒大表示，9月通常是中国房地产行业物业合约销售高峰，由于集团负面消息严重影响了购房者的信心，因此预计9月销售持续大幅下滑，导致集团销售回款持续恶化，进一步对现金流以及流动性造成巨大压力。

Evergrande once again issued a new round of announcements. Evergrande stated that September is usually the peak of property contract sales in China’s real estate industry. As the group’s negative news has seriously affected the confidence of buyers it is expected that sales will continue to fall sharply in September resulting in a return to the group’s sales. The continued deterioration of funds has further put tremendous pressure on cash flow and liquidity.

为什么大多数的企业都“死”于现金流困境？现金流为何对企业如此重要？现金流该如何管理？以下详细分析：

Why do most companies "die" from the cash flow dilemma? Why is cash flow so important to companies? How should cash flow be managed? The following detailed analysis:

《现金流量表》该怎么看？ How to read the "Cash Flow Statement"?

我们先来看看最能反映企业现金流状况的《现金流量表》，应该怎么看？

Let's first look at the cash flow statement which best reflects the cash flow of companies. How should we look at it?

现金流量表是财务报表的三个基本报表之一，所表达的是在一固定期间（通常是每月或每季）内，企业的现金（包含银行存款）的增减变动情形。

Cash flow statement is one of the three basic reports of financial statements which expresses the increase and decrease of cash (including bank deposits) in a fixed period (usually monthly or quarterly).

现金流量表反映出资产负债表中各个项目对现金流量的影响，并根据其用途划分为经营、投资及融资三个活动分类。现金流量表非常重要，因为现金涉及企业的生死存亡问题。

The cash flow statement reflects the impact of various items on cash flows in the balance sheet and is classified into operating investing and financing activities based on their use. Cash flow statement is important because cash is a matter of life and death for the business.

一家公司的现金流量表，现金被分成了三类：经营活动现金流、筹资活动现金流、投资活动现金流。

The cash flow statement of a company is divided into three categories: cash flow from operating activities cash flow from financing activities and cash flow from investment activities.

A. 经营活动现金流

Cash flow from operating activities

经营活动现金流是企业通过经营活动自己产生的现金流，比如卖产品，进行一些销售活动产生的现金流。如果你把企业内流动的现金想象成人体内流动的血液，那么经营活动现金流就是企业的自我“造血功能”。

Cash flow from operating activities is the cash flow generated by an enterprise through its own operating activities such as selling products and carrying out some sales activities. If you think of the cash flow in an enterprise as the blood flow in an adult's body then the cash flow in business activities is the self "hematopoietic function" of an enterprise.

当然，经营活动现金流的反映也应用一些财务技巧，比如企业的折旧可以延长，可以少支付利息或者少分配股利，那么就可以调节现金流量。所以，现金流量表本身，也取决于会计政策，筹资状况和分配政策。

Of course operating cash flow reflection also applies some financial techniques such as the depreciation of enterprises can be extended can pay less interest or dividends then you can adjust the cash flow. So the cash flow statement itself also depends on accounting policies funding positions and distribution policies.

B. 筹资活动现金流

Cash flow from financing activities

筹资活动产生的现金流是靠外部融资带来的，比如企业申请的银行贷款，就放在这部分现金流里，这相当于是外部在给企业“输血”。

The cash flow generated by financing activities is brought by external financing. For example the bank loans applied by enterprises are put in this part of cash flow which is equivalent to the external "blood transfusion" for enterprises.

当然，有时候进行筹资活动，也不一定是要缓解企业现金流，而是要维系一种融资环境，与银行保持良好的关系，没事时“锦上添花”，有需要时银行才愿意“雪中送炭”。

Of course sometimes financing activities are not necessarily to alleviate the cash flow of enterprises but to maintain a financing environment maintain a good relationship with the bank when there is nothing "icing on the cake" when there is a need the bank is willing to "send charcoal in the snow".

但如果一个企业的现金来源，全靠融资活动支撑，那它就像一个永远“被输血的人”，在投资其股份时就要特别留心。

But if a company's cash source is all supported by financing activities it is like a person who will always be "transfused" and should pay special attention when investing in its shares.

C. 投资活动现金流

Cash flow from investment activities

公司投资产生的现金支出，或者现金收益，就会被归类到投资活动现金流里，这相当于是企业在“放血”。

Cash outlays or cash gains generated by a company's investments are classified as investment activity cash flow which amounts to "bleeding" the company.

投资活动主要是与企业的战略有关。对外，主要是用于股权投资；对内，它可能流向无形资产，在建工程，固定资产原值和预付账款，而这都意味着企业的扩张。

Investment activities are mainly related to the strategy of the enterprise. Externally it is mainly used for equity investment; internally it may flow to intangible assets construction in progress original value of fixed assets and prepayment which means the expansion of enterprises.

“现金流”怎么管理？ How to manage "cash flow"?

A. 确定最佳现金持有量控制标准

Determine the best control standard for cash holdings

现金是企业资产中流动性最强的部分，但现金又是一种非营利性资产，持有量过多，会给企业造成较大的机会损失，降低企业整体资产的获利能力;持有量过少，一旦流动环节出现意外，就会出现“心肌梗塞”，企业无法向各部门或上下游输血，就会有倒闭的风险。所以，现金流讲求的是“匹配”，管理上既是科学，也是艺术。

Cash is the most liquid part of enterprise assets but it is also a non-Profit asset. Too much holding will cause great opportunity loss to the enterprise and reduce the profitability of the overall assets of the enterprise. Too little holding will lead to "myocardial infarction" once there is an accident in the flow link. If the enterprise is unable to transfuse blood to various departments or upstream and downstream it will have the risk of bankruptcy. Therefore cash flow emphasizes "matching" and management is both science and art.

现金流的管理目的，就是在现金的流动性与收益性之间做出合理的选择。力求做到既保证企业正常生产经营活动的需要，又不使企业现金被闲置，以获取最大的长期利润。

The purpose of cash flow management is to make a reasonable choice between cash liquidity and profitability. Strive to not only ensure the normal production and operation activities of the enterprise but also do not idle the cash of the enterprise so as to obtain the maximum long-term profits.

基于我国企业的实际情况 最佳现金余额应恰好能满足企业现金支出需要。因此 最佳现金余额应为：“经营性大额支出 非经营性大额支出 日常零星支出”的最大可能值。

Based on the actual situation of China's enterprises the best cash balance should just meet the needs of enterprises' cash expenditure. Therefore the best cash balance should be the maximum possible value of "operating large amount expenditure non operating large amount expenditure daily sporadic expenditure".

B. 加快现金转化周期

Accelerate cash conversion cycle

在财务上，我们用一个叫现金转化周期的指标来衡量，以下是“现金转化周期公式”：

Financially we use an indicator called the cash transfer cycle. The following is the "cash transfer cycle formula" :

现金转化周期=（应收账款周期天数 存货周转天数）- 应付账款周转天数

Cash conversion cycle =(Days for accounts receivable Days for inventory)-Days for accounts payable

流动资金循环的流程是：现金购买库存 →库存产生销售 →销售带来应收账款 →应收账款回收为现金。

The circulating flow of working capital is as follows: cash purchases inventory → inventory generates sales → sales brings accounts receivable → accounts receivable is recovered as cash.

在这个过程中，最重要的是循环的速度。如果速度太慢，就无法减少资产来获得现金偿还债务，只能通过外部融资，而外部融资的成本又是很高的。

In this process the most important thing is the speed of the cycle. If the speed is too slow it is impossible to reduce assets to obtain cash to repay debts and only through external financing and the cost of external financing is very high.

从理论上看，现金周转周期的值是零或者是负数是最好的，流动资金就可以赚钱了，这样就不需要用自己的钱了。这种商业模式叫OPM (Other People’s Money)，翻译过来就是“用别人的钱”或“负现金流模式”，本质上就是一种无息债务融资方式。

From a theoretical point of view it is best if the value of the cash turnover cycle is zero or a negative number. You can make money with liquidity so you don't need to use your own money. This business model is called OPM (Other People’s Money) which translates to "using other people’s money" or "negative cash flow model" which is essentially a method of interest-free debt financing.

常见的“负现金流模式”有两种 There are two common "negative cash flow models"

• 一种是用客户的钱。

One is using clients'money.

比如摩拜向你收取的押金、健身房和发廊的充值卡，企业可以拿这笔钱赚取投资收益。

For example Mobike charges you a deposit a top-up card for the gym and hair salon which companies can use to earn investment income.

• 另有一种是用供应商的钱。

Another is using suppliers'money.

比如京东，京东向上游拿货之后，会要求60天的数期，但京东卖掉这件货物平均只需要22天。不用钱拿到货物，22天收到货款，还需要38天才付给上游，那么京东就可以利用这38天时间，用这些“别人的钱”来进行经营运作或资本运作。

JD.com for example requires a 60 day period after the company goes upriver but JD.com sells the goods in an average of 22 days. If it takes 38 days to get the goods for free 22 days to get the money and 38 days to pay upstream then JD.com can use that 38 days to run operations or capital operations with "other people's money" .

“现金流”怎么分析？ How to analyze "cash flow" ?

利润与现金流相比，有时候投资人或股东更关心现金流，因为现金流的基础是收付实现制，不会因会计标准的不同而有所区别。现金流量表很少涉及确认问题，报告现金流不涉及估计和分配等人为因素。对于现金流怎么分析？我们可以从以下几个角度去看：

Profit is sometimes more important to investors or shareholders than cash flow because cash flow is based on cash basis and does not differ from accounting standard to accounting standard. The cash flow statement rarely deals with recognition issues and reports on cash flows do not involve human factors such as estimates and allocations. What about cash flow? Here are a few ways to look at it:

A. 分析投资回报率

Analyze ROI

1）现金回收额（或剩余现金流量）

Cash recovery (or residual cash flow)

计算公式为：经营活动现金净流量 - 偿付利息支付的现金。

The calculation formula is: net cash flow from operating activities - cash paid for interest payment.

该指标相当于净利润指标，可用绝对数考核。应注意经营活动现金流量中是否有其他不正常的现金流入和流出。如果是企业集团或总公司对所属公司进行考核，可根据实际收到的现金进行考核。

This indicator is equivalent to the net profit indicator and can be assessed with absolute number. Attention should be paid to whether there are other abnormal cash inflow and outflow in the cash flow of operating activities. If it is an enterprise group or head office that assesses its affiliated company it can be assessed according to the actual cash received.

举例：现金回收额=收到的现金股利或分得的利润 收到的管理费用 收到的折旧 收到的资产使用费和场地使用费。

For example: cash recovery = cash dividends or profits received management expenses received depreciation received asset use fees and site use fees received.

2）现金回收率

Cash recovery rate

计算公式为：现金回收额 / 投入资金或全部资金。

The calculation formula is: cash recovery amount / invested funds or all funds.

现金回收额除以投入资金，相当于投资报酬率，如除以全部资金，则相当于资金报酬率。

The cash recovery divided by the invested capital is equivalent to the return on investment if divided by all the capital it is equivalent to the return on capital.

B. 分析企业短期债务能力

Analysis of short-term debt capacity of enterprises

分析企业短期偿债能力主要是看企业的实际现金与流动负债的比率。

The analysis of short-term solvency mainly depends on the ratio of actual cash to current liabilities.

即：期末现金和现金等价物余额 / 流动负债。

That is: balance of cash and cash equivalents at the end of the period / current liabilities.

我们认为，流动比率为1或1.5是比较安全的，即你手上有1元或1.5元现金，也有1元债要还，这样就比较安全。但如果是0.5呢，那就有点危险，意思是你欠别人1元，但手上只拿着0.5元，锅子太多，锅盖不够用。

In our opinion it is safer to have a current ratio of 1 or 1.5 that is you have 1 yuan or 1.5 yuan of cash on hand and 1 yuan of debt to repay so it is safer. But if it's 0.5 it's a little dangerous. It means that you owe someone 1 yuan but you only have 0.5 yuan in your hand. There are too many pots and the lid is not enough.

C. 分析企业固定付现费用的支付能力

Analyze the payment ability of fixed cash payment

固定付现费用支付能力比率=（经营活动现金注入 - 购买商品接受劳务支付的现金 - 支付各项税金的现金）/ 各项固定付现费用。

Payment capacity ratio of fixed cash payment = (cash injection from operating activities - cash paid for goods purchased and services received - cash paid for taxes) / fixed cash payment.

If the ratio is less than 1 it means that the business capital is decreasing day by day and the enterprise will face survival crisis.

这一比率如小于1，说明经营资金日益减少，企业将面临生存危机。

If this ratio is less than 1 it means that operating funds are declining and the company will face a crisis of survival.

可能存在的问题是：经营萎缩，收入减少；资产负债率高，利息过大；投资失控，造成固定支出膨胀；企业富余人员过多，有关支出过大。

The possible problems are: shrinking operation reducing income; high asset liability ratio excessive interest; out of control investment resulting in the expansion of fixed expenditure; too many redundant employees of the enterprise too much related expenditure.

同样是钱，但钱和钱有本质的不同，比如一家公司年初1000万现金在手，年末变为5000万现金，你说他增加了4000万，是很欣喜的事吧？如果是赚来的钱，当然值得高兴，如果是借来的钱呢？那就有危险了。因为4000万到第二年就会产生大量的利息，你拿这笔钱如果赚不回利息，那么就会变成了干赔，而懂得分析现金的结构和来源，就会帮助你看清自身企业或其他企业的真实现状。

It's the same as money but money is essentially different from money. For example a company has 10 million cash in hand at the beginning of the year and 50 million cash at the end of the year. Do you think it's a joy that it has increased by 40 million? If it's earned money of course it's worth being happy. What about borrowed money? That's dangerous. Because 40 million to the second year will generate a lot of interest if you take this money and can't earn back the interest it will become compensation and know how to analyze the structure and source of cash it will help you to see the real situation of your own enterprise or other enterprises.

如果说健身最重要是“锻炼心肺功能，保持供血的通畅”，那么企业管理中，掌控好企业的现金流，让现金流始终保持在健康的水平线上，也是企业财务管理的最重要环节之一。

If the most important thing of fitness is "exercise the heart and lung function keep the blood supply unobstructed" then in the enterprise management it is also one of the most important links of the enterprise financial management to control the cash flow of the enterprise and keep the cash flow at a healthy level all the time.