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Sample records for monthly cash flow

  1. Cash Flow Planning.

    Science.gov (United States)

    Littman, George W., III

    1979-01-01

    Proper cash flow planning allows a school business administrator to determine the availability of cash for operating expenses, the need for bank loans to cover these expenses, and the availability of idle cash for investment. (Author)

  2. Cash flow statement

    National Research Council Canada - National Science Library

    Pavlović Miloš; Bogdanović Jovan

    2013-01-01

    .... The cash flow statement is statutory financial report that provides information to the interested parties on cash inflows and outflows from operating, investing and financing activities during the accounting period...

  3. Cash flow statement

    Directory of Open Access Journals (Sweden)

    Pavlović Miloš

    2013-01-01

    Full Text Available A cash flow is "bloodstream" of business and without constant cash flow a company would not be able to function. The cash flow statement is statutory financial report that provides information to the interested parties on cash inflows and outflows from operating, investing and financing activities during the accounting period. This paper will discuss the origin and significance of the cash slow statement; in addition, we will define the main categories of this statement and present the methodology of its composition in accordance with IAS 7.

  4. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  5. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  6. Cash flow management.

    Science.gov (United States)

    Kamenetzky, S A

    1993-06-01

    In the face of decreasing reimbursement and increasing expenses, careful cash flow management has assumed an increasingly important role in developing and maintaining a successful ophthalmology practice. Funds must be collected as promptly and efficiently as possible, and retained and invested until needed by the practice to pay expenses. Office collection techniques and suggestions for dealing with third-party payers are presented. Managed care contracting and the inherent risks involved are discussed. Advice on accounts payable management is provided, and suggestions for investment of idle funds are outlined. This information should allow the formulation of a practical plan to maximize profitability in each ophthalmology practice.

  7. Techniques for evaluating cash flow.

    Science.gov (United States)

    Sylvestre, J; Urbancic, F

    1994-01-01

    Jean Sylvestre, Ph.D., and Frank Urbancic, D.B.A., CPA, of the University of South Alabama, write that because of the financial challenges for health care, cash flow problems can arise. They offer techniques for interpreting and evaluating cash flow information as a means to more effective decision making.

  8. Valuation when Cash Flow Forecasts are Biased

    OpenAIRE

    Ruback, Richard S., 1954-

    2010-01-01

    This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside. When the omitted downside is temporary, the adjustment is to deflate the forecasts and to set the discount rate equal to the cost of capital. However, when the downside is permanent, the adjustment is to deflate the cash flows a...

  9. Valuation when Cash Flow Forecasts are Biased

    OpenAIRE

    Richard S. Ruback

    2010-01-01

    This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside. When the omitted downside is temporary, the adjustment is to deflate the forecasts and to set the discount rate equal to the cost of capital. However, when the downside is permanent, the adjustment is to deflate the cash flows a...

  10. Improving your CASH flow

    DEFF Research Database (Denmark)

    Brown, Chris; Loidl, Hans-Wolfgang; Berthold, Jost;

    2010-01-01

    This paper describes CASH (the Computer Algebra SHell), a new interface that allows Haskell programmers to access the complete functionality of a number of computer algebra systems directly and interactively. Using CASH, Haskell programmers can access previously-unavailable mathematical software....... Additionally, users of computer algebra systems can exploit the rapidly growing Haskell code base and its rich set of libraries. In particular, CASH provides a simple and effective interface for users of computer algebra systems to parallelise their algorithms using domain-specific skeletons written in Haskell....

  11. Convergences and Divergences between Cash Flows and Cash Flows Company

    OpenAIRE

    Spineanu-Georgescu Luciana

    2013-01-01

    Within three decades has admitted that due to shortcomings in the profit and loss account is widely used cash flow statement, cash and payments respectively, to reflect the funds generated from current operations of an enterprise, as and major investments and financial transactions that occur during the year. The primary objective of the analysis is to reflect the performance of the combined effect of decisions, operational, investment and financing, and interpretation in parallel balance she...

  12. Hedging Cash Flows from Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2005-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

  13. Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  14. An Investigation into Cash Flow Forecasts Practices

    OpenAIRE

    Kum, Chi Leng

    2010-01-01

    Cash flow forecasts are the most important step in the capital budgeting process in terms of planning effectively to finance for cash deficit and invest cash surplus for capital expenditure decisions. Despite its importance, little progress has been made in its estimation process, due to the difficulty of producing accurate cash flow numbers for the analysis of capital budgeting decisions. This management project details the investigation of the cash flow forecasts practices and highlights so...

  15. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Tănase Alin-Eliodor; Calota Traian-Ovidiu

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  16. Factors of cash flow in farms

    Directory of Open Access Journals (Sweden)

    Miroslaw Wasilewski

    2016-02-01

    Full Text Available The study presents the determinants of the balance of cash flow from operating activities in the farms participating in the PL FADN. The effects of multiple independent variables on the balance of cash flow from operating activities were measured using the robust linear regression model. Statistically significant impact on the balance of cash flow from operating activities was from the family farm income. The agricultural type and the year of measurement had a significant impact on the development of the balance of cash flow from operating activities.

  17. The Direct Method of Cash Flows.

    Science.gov (United States)

    Bosserman, David C.; Fischer, Mary

    2000-01-01

    Explains to college/university business officers how to comply with Governmental Accounting Standards Board Statements Nos. 34, 35, and 9, which require the direct method of presenting cash flows from operating activities and reconciliation of operating cash flows to operating income by fiscal year 2001. Institutions are urged to begin immediately…

  18. The Direct Method of Cash Flows.

    Science.gov (United States)

    Bosserman, David C.; Fischer, Mary

    2000-01-01

    Explains to college/university business officers how to comply with Governmental Accounting Standards Board Statements Nos. 34, 35, and 9, which require the direct method of presenting cash flows from operating activities and reconciliation of operating cash flows to operating income by fiscal year 2001. Institutions are urged to begin immediately…

  19. Effective methods for cash flow analysis.

    Science.gov (United States)

    Sylvestre, J; Urbancic, F R

    1994-07-01

    This article discusses techniques that healthcare financial managers can use to interpret and evaluate information from the statement of cash flows for more effective financial decision-making. The use of these techniques as a basis for systematically planning and controlling cash flows has the potential to benefit all healthcare organizations.

  20. Analýza likvidity a cash flow podniku

    OpenAIRE

    HAVRAN, Tomáš

    2013-01-01

    The aim of the thesis entitled "Analysis of liquidity and cash flow" is to analyze liquidity and cash flow of the company. The theories then apply in terms of the selected company. The first part of the thesis contains theoretical knowledge about cash flow, liquidity and bankruptcy and credibility models. It describes what is cash flow and its division. Furthermore, the preparation methods of the statement of cash flows and what is the difference between cash flow and profit. The following is...

  1. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  2. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

    Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

  3. Unstop the Logjams in Your Cash Flow.

    Science.gov (United States)

    Everett, R. E.

    1989-01-01

    A cash flow analysis is charting expenditures and revenues against a factor of time. Explains how school systems can, by charting the congruency of revenues and expenditures carefully, develop an investment program to take maximum advantage of a positive cash position. (MLF)

  4. Cash flow optimization in industrial enterprise

    Directory of Open Access Journals (Sweden)

    Myznikova T.N.

    2017-01-01

    Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

  5. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

    Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

  6. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    National Research Council Canada - National Science Library

    MELANIA ELENA MICULEAC

    2012-01-01

    In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis...

  7. IAS 7, Statement of Cash Flows – A Closer Look

    OpenAIRE

    Muthupandian, K S

    2008-01-01

    The International Accounting Standards Committee issued the the International Accounting Standard 7, Cash Flow Statements. The objective of IAS 7 is to require the presentation or provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities. This article presents a closer look of standard (objective, scope, defi...

  8. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  9. CASH FLOW REPORTING AND CREATIVE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available Within the wide field of creative accounting, the main preoccupation of researchers surrounded earnings management. The current study comes to acknowledge that creative cash flow may distort the assessment of financial performance and should therefore, become a subject of the same interest for analysts and investors, as earnings management is. In order to reach the objective proposed, there are two hypotheses formulated, to be validated within the research: H1: Creative accounting distorts cash flow reporting within the boundaries of current regulations. H2: Real activity manipulation alters significantly the operating cash flow. The steps followed were analyzing the accounting standard related to cash flow statement, IAS 7, in order to uncover issues not taken into account, or options of allocation provided for accountants, which could lead to opportunistic choices and lack of comparability. The relevant literature was reviewed, so as to identify the opinions of accounting and finance specialists related to this subject, the results of their scientific process. The final step was a synthesis of relevant results and observations, which lead to the acceptance of the hypothesis of the research. Moreover, several techniques were identified, both related to creative accounting and to real activity manipulation, influencing mainly the figure reflecting operating cash flow, and thus the image on the potential of business continuity. Main conclusions were that the techniques applied were within the limits set by the standard: opportunistic allocation of dividends and interest collected or paid misallocation of certain activities like sale of receivables, but mainly recording non-recurring events into the operating cash flow, without separate notes of information or adjustments. Real activity manipulation should also be considered as it is even more difficult to detect, unless analysis is also performed on notes to financial reports and the figures

  10. Life Insurance Cash Flows with Policyholder Behavior

    Directory of Open Access Journals (Sweden)

    Kristian Buchardt

    2015-07-01

    Full Text Available The problem of the valuation of life insurance payments with policyholder behavior is studied. First, a simple survival model is considered, and it is shown how cash flows without policyholder behavior can be modified to include surrender and free policy behavior by calculation of simple integrals. In the second part, a more general disability model with recovery is studied. Here, cash flows are determined by solving a modified Kolmogorov forward differential equation. We conclude the paper with numerical examples illustrating the methods proposed and the impact of policyholder behavior.

  11. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  12. NOKIA PERFORMANCE AND CASH FLOW ANALYSIS

    Directory of Open Access Journals (Sweden)

    Moscviciov Andrei

    2011-12-01

    Full Text Available In this paper the author presents the ways to analyze the performance of the company Nokia. Thus based on a system of indicators are highlighted the key situations that emphasize performance, namely: operational activity, financial balance, cash flows.

  13. Tier 1 MFIs Financial Performance: Cash-flow statement analysis

    OpenAIRE

    Dumont, Gautier; Schmit, Mathias

    2013-01-01

    When assessing the financial performance of Microfinance institutions, the current literature commonly uses balance sheets and income statements. In order to assess sources of cash generated, if any, we analyse the cash flow statements of the 30 largest MFIs that display audited reports between 2006 and 2010. We find that all the MFIs of the sample had cumulated negative free cash flow over the period and positive cash flow from operations. We propose classification of MFIs based on their inv...

  14. FASB 95--a tool for identifying cash flow problems.

    Science.gov (United States)

    Edwards, D E; Hauser, R C

    1989-06-01

    Increasing expenditures and longer collection periods for receivables are symptoms of the cash flow problem that many not-for-profit healthcare organizations face. The FASB 95 provisions for a cash flow statement could help many of these organizations deal with their cash flow crises. The statement allows managers to evaluate their institution's financial performance, providing timely information that may make the difference in the struggle to maintain an adequate cash position.

  15. Back to Basics: Teaching the Statement of Cash Flows

    Science.gov (United States)

    Cecil, H. Wayne; King, Teresa T.; Andrews, Christine P.

    2011-01-01

    A conceptual foundation for the Statement of Cash Flows based on the ten elements of financial statements provides students with a deep understanding of core accounting concepts. Traditional methods of teaching the statement of cash flows tend to focus on statement preparation rules, masking the effect of business events on the change in cash.…

  16. Assets Expropriation via Cash Dividends?Free Cash Flow or Tunneling

    Institute of Scientific and Technical Information of China (English)

    Jeng-Ren Chiou; Yenn-Ru Chen; Ting-Chiao Huang

    2010-01-01

    This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms’ dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  17. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ... problems. (c) Single or one-time cash flow forecasts are of limited forecasting power. As such, they should... material amounts of cash within the entire business unit responsible for contract performance, period by...

  18. The Cash Flow Budget. Part I--Development

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    With the cash flow budget a college store manager can prepare himself and the business office to meet current obligations during periods of cash shortfall. Its development is described and guidelines are offered. (LBH)

  19. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  20. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    OpenAIRE

    Akalu, M.M.; Turner, Rodney

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher forecast errors as compared to SVA model.

  1. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got h

  2. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    GĂBAN LUCIAN

    2016-08-01

    Full Text Available Financial reporting system includes three main pillars, namely balance sheet, income statement and cash flow. If the balance sheet reflects shareholders’ wealth at a given time, income statement demonstrates the efficiency or inefficiency of the activity and cash flows measures the company’s viability. This is the reason for which I have approached the cash flow matter in this paper, reviewing the latest studies and studying in detail the evolution of cash flow ratios on small and medium enterprises in Romania for a period between 2006 and 2014, highlighting the effects of the financial crisis on these enterprises

  3. Optimization method on monthly cash flow budget and funds payment%电力企业月度现金流量预算及资金支付优化

    Institute of Scientific and Technical Information of China (English)

    岳海峰

    2014-01-01

    Aiming at the problems of monthly cash flow budget and funds payment existing the power enterprise,such as operation complicated,repeatedly information input,no way for the system to clear the account,funds payment repeatedly sending,etc.,divides the business into integrated services and non-integrated services,puts services flow in order,clearly divides function interface, realizes one-way flow of services treatment. Through services coordination,reduces repeating information input. The application result shows that finance budgeting become easy and operable, cash payment is safe and reliable,promotes management capability and efficiency for finance services,and application level of overall financial information after the function optimization.%针对电力企业月度现金流量预算编制及资金支付环节存在的操作繁琐、信息重复录入、系统无法自动清帐、资金支付重复发起等问题,将业务划分为集成业务和非集成业务两类,理顺业务流程,清晰划分功能界面,实现业务处理单向流动,通过业务协同,减少重复信息的录入。应用结果表明:功能优化后,预算编制简单易行、资金支付安全可靠,提升了对业务前端的管控能力和管控效率,以及整体财务信息化水平。

  4. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  5. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  6. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

    Of the three financial statements in financial reporting, the Statement of Cash Flows (SCF) is perhaps the most challenging. The most difficult aspect of the SCF is in developing an understanding of how previous transactions are finalized in this document. The purpose of this paper is to logically explain the indirect approach of cash flow whereby…

  7. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  8. Discounted cash flow valuation methods: Examples of perpetuities, constant growth and general case

    OpenAIRE

    Fernandez, Pablo

    2005-01-01

    This paper explores the discounted cash flow valuation methods. We start the paper with the simplest case: no-growth, perpetual-life companies. Then we will study the continuous growth case and, finally, the general case. The different concepts of cash flow used in company valuation are defined: equity cash flow (ECF), free cash flow (FCF), and capital cash flow (CCF). Then the appropriate discount rate is determined for each cash flow, depending on the valuation method used. Our starting poi...

  9. Discounted cash flow valuation methods: Examples of perpetuities, constant growth and general case

    OpenAIRE

    Fernandez, Pablo

    2005-01-01

    This paper explores the discounted cash flow valuation methods. We start the paper with the simplest case: no-growth, perpetual-life companies. Then we will study the continuous growth case and, finally, the general case. The different concepts of cash flow used in company valuation are defined: equity cash flow (ECF), free cash flow (FCF), and capital cash flow (CCF). Then the appropriate discount rate is determined for each cash flow, depending on the valuation method used. Our starting poi...

  10. A Model for Determining School District Cash Flow Needs.

    Science.gov (United States)

    Dembowski, Frederick L.

    This paper discusses a model to optimize cash management in school districts. A brief discussion of the cash flow pattern of school districts is followed by an analysis of the constraints faced by the school districts in their investment planning process. A linear programming model used to optimize net interest earnings on investments is developed…

  11. The Cash Flow Budget. Part II--Implementation

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

  12. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained by noise betas. We also find that the relative importance of cash flow news in explaining recent stock price run-ups and subs...

  13. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained by noise betas. We also find that the relative importance of cash flow news in explaining recent stock price run-ups and subs...

  14. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  15. CASH-FLOW vs. MARKET-VALUE CDOs

    National Research Council Canada - National Science Library

    SILVIU EDUARD DINCA

    2016-01-01

    .... We will exhibit herewith a comparison between the cash-flow and market-value CDO securitizations as financial markets-based funding, investment and risks mitigation techniques, highlighting certain...

  16. Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

    U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes,…

  17. A Comparative Evaluation of Cash Flow and Batch Profit Hedging Effectiveness in Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2006-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability are important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard h...

  18. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

  19. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

  20. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

    Directory of Open Access Journals (Sweden)

    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  1. Evidence on the dynamics of investment-cash flow sensitivity

    OpenAIRE

    Gautam, Vikash

    2011-01-01

    An important debate in the literature relates to the use of investment-cash flow sensitivity (ICFS) to measure finance constraint faced by firms. This debate is grounded on four prominent issues: a priori sorting of firms, treatment of distressed firms, use of cash flow to represent only internal liquidity of firms and restricting firms to a single regime. In this paper we investigate these issues using a sample of 2676 Indian manufacturing firms over the period 1994 to 2009. We use firm leve...

  2. Investment, cash flow, and uncertainty : evidence for the Netherlands

    NARCIS (Netherlands)

    Sterken, Elmer; Lensink, Robert; Bo, Hong

    2001-01-01

    Abstract We contribute to the debate on the interpretation of investment-cash flow sensitivities by including uncertainty measures in both a simple theoretical investment model and an empirical illustration for Dutch firm-level data. Using a slightly modified version of the Kaplan-Zingales (1997) mo

  3. The Cash Flow as Financial Management Tool For Small Businesses

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

    Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

  4. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  5. Cash Flow Analysis on the Example Cormans Ltd. Galati

    Directory of Open Access Journals (Sweden)

    Carmen SIRBU

    2010-08-01

    Full Text Available Finding appropriate ways to use cash flows to achieve financial diagnosis is one of the hardest tasks for financial analysts. Literature stressed the advantages for financial diagnosis users, when using flow information, without offering as many practical waysto achieve it. In a market economy, the enterprise should be regarded as a system that runs through its relations with third parties (investors, creditors, budgeting, suppliers,etc... relationships which materialize through estate flows. According as these flowstake liquidity shape are interested both third parties (for reclaiming of amounts invested and gaining benefits or claiming of some claims, as well as the management unit, for only thus can the system work.

  6. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

    Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

  7. The Use of Cash-Flow Statement for Decision-Making

    OpenAIRE

    Georgescu Cristina Elena; Asalos Nicoleta

    2010-01-01

    The Cash-flow statement provide an important ingredient of decision-making due to the company’s financial stability and viability. The succes and survival of every organisation depends on its ability to generate an aquire cash. Cash flow is a concept that we all understatnd. Companies survive because they have cash, they fail when they don’t. We must therefore be interested in a company’s ability to generate cash for itself, and to acquire it from other sources. This can be clearly seen in ca...

  8. A study on relationship between market share and cash flow policy

    Directory of Open Access Journals (Sweden)

    Somayeh Sadeghi Moghaddam

    2014-09-01

    Full Text Available This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not find any meaningful relationship between cash flow and market share. Finally, the study does not find any meaningful relationship between the cash flows of the previous year as control variable and other cashable assets.

  9. A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

    Directory of Open Access Journals (Sweden)

    Fatemeh Namvar

    2013-07-01

    Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

  10. 38 CFR 8.12 - Payment of the cash value of National Service Life Insurance in monthly installments under...

    Science.gov (United States)

    2010-07-01

    ... of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. 8... SERVICE LIFE INSURANCE Cash Value and Policy Loan § 8.12 Payment of the cash value of National Service Life Insurance in monthly installments under section 1917(e) of title 38 U.S.C. (a) Effective January...

  11. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  12. CASH-FLOW vs. MARKET-VALUE CDOs

    Directory of Open Access Journals (Sweden)

    SILVIU EDUARD DINCA

    2016-02-01

    Full Text Available During the past few years, in the recent post-crisis aftermath, global asset managers are constantly searching new ways to optimize their investment portfolios while financial and banking institutions around the world are exploring new alternatives to better secure their financing and refinancing demands altogether with the enhancement of their risk management capabilities. We will exhibit herewith a comparison between the cash-flow and market-value CDO securitizations as financial markets-based funding, investment and risks mitigation techniques, highlighting certain key structuring and implementation specifics on each of them.

  13. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  14. Preparation and Analysis of Cash Flow Statements: The Net Profit Approach and Operating Profit Approach

    OpenAIRE

    Jaan Alver

    2005-01-01

    A cash flow statement is required as part of a complete set of financial statements prepared in conformity with IFRS as well as US GAAP for all business enterprises. IAS 7 lays down a formal structure for the cash flow statement. Cash flows should be classified under the following three standard headings: íOperating activitiesî, íInvesting activitiesî, íFinancing activitiesî. The classification of cash flows among operating, investing and financing activities is essential to the analysis of c...

  15. Good cash flow = come in fast, go out slow!

    Science.gov (United States)

    Garvey, Sherill

    2002-07-01

    The formula for successful cash management in home care is a simple one: The agency must bring cash in as quickly as possible, while keeping expenditures at as low and slow a pace as possible. However, while the formula may be simple, success may be elusive unless agency administrators have a well-thought-out plan to handle cash management.

  16. Analýza cash flow vybraného podnikatelského subjektu.

    OpenAIRE

    ČECHÁČKOVÁ, Lenka

    2010-01-01

    Aim of this thesis is to examine the specific influences on the business development of cash flows for each year. Is important to assess the impact of credit obtained in 2006 to build a grinding lines on the cash flows of the enterprise.

  17. Investment - Cash Flow Sensitivity and Financing Constraints: New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    Pallathitta, Rejie; Kabir, Rezaul; Qian, Jing

    2010-01-01

    A controversy exists on the use of the investment – cash flow sensitivity as a measure of financing constraints of firms. We re-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment – cash flow sensitivity for both group-affiliated and independ

  18. Investment–cash flow sensitivity and financing constraints: new evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent fi

  19. FASB's Latest Standard: A Look at the Statement of Cash Flows.

    Science.gov (United States)

    Fischer, Mary; Blythe, Joseph C.

    1993-01-01

    A discussion of the Financial Accounting Standards Board's new accounting standard No. 117, which concerns colleges and universities as nonprofit organizations, looks at new provisions and reporting requirements. Methods for producing the required cash flow statement are outlined, and the use of cash flow ratios is examined. (MSE)

  20. Normative regulation of cash flows as information provision of their accounting and control

    OpenAIRE

    TOMCHUK V.V.

    2012-01-01

    The importance of normative and legislative basis of accounting and control of cash flows is considered in the article «Normative regulation of cash flows as information provision of their accounting and control» written by Victor Vasyliyovych Tomchuk from the National Scientific Center «Institute of Agrarian Economics».

  1. FASB's Latest Standard: A Look at the Statement of Cash Flows.

    Science.gov (United States)

    Fischer, Mary; Blythe, Joseph C.

    1993-01-01

    A discussion of the Financial Accounting Standards Board's new accounting standard No. 117, which concerns colleges and universities as nonprofit organizations, looks at new provisions and reporting requirements. Methods for producing the required cash flow statement are outlined, and the use of cash flow ratios is examined. (MSE)

  2. Production inventory policy under a discounted cash flow

    Directory of Open Access Journals (Sweden)

    Su Chao-Ton

    2005-01-01

    Full Text Available This paper presents an extended production inventory model in which the production rate at any instant depends on the demand and the inventory level. The effects of the time value of money are incorporated into the model. The demand rate is a linear function of time for the scheduling period. The proposed model can assist managers in economically controlling production systems under the condition of considering a discounted cash flow. A simple algorithm computing the optimal production-scheduling period is developed. Several particular cases of the model are briefly discussed. Through numerical example, sensitive analyses are carried out to examine the effect of the parameters. Results show that the discount rate parameter and the inventory holding cost have a significant impact on the proposed model.

  3. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  4. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  5. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  6. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  7. STATEMENT OF CASH FLOWS - DYNAMIC IMAGE OF CHANGES IN FINANCIAL POSITION OF AN ECONOMIC ENTITY

    Directory of Open Access Journals (Sweden)

    Mihaela-Cristina Onica

    2013-12-01

    Full Text Available Annual financial statement users want the best possible information about the ability of economic agents to make payments, liquidity needs, as well as for comparing different company’s results, eliminating the impact of using different accounting methods for similar transactions. For this purpose it is necessary cash flow statement.According to a survey of 78 companies listed on the London Stock Exchange, the cash flow statement is especially useful in "Treasury analysis from operating activities" and 'coverage determination of dividends and interest cash flows net of tax'.

  8. Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

    Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

  9. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  10. Analysis and Utilization of Cash Flow Statement%现金流量表的分析与利用

    Institute of Scientific and Technical Information of China (English)

    李晶

    2011-01-01

    This paper introduces the practical significance of the cash flow analysis,the contents of cash flow analysis,methods of cash flow analysis, cash budgetary control, control of cash flow problems.%文章介绍了现金流量表分析的现实意义、现金流量表分析的内容、现金流量表的分析方法、现金预算控制,现金流出的控制等问题.

  11. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  12. EMPIRICAL STUDY CONCERNING THE VIEWS ON THE FORMAT OF CASH FLOW STATEMENTS

    Directory of Open Access Journals (Sweden)

    LUCIAN IOAN SABĂU

    2012-11-01

    Full Text Available Following the proposals about the new IFRS that would replace the existing standards on financial statement presentation in IFRSs, IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows, we conduct an empirical study on the opinions regarding the format of the cash flow statement, and the most appropriate method of presentation. The objective of this research is to develop a critical analysis based on this literature, regarding the most appropriate method of presenting cash flow statements. The results of our research is that the direct method is the most adequate for statement of cash flows, being confirmed by most studies reviewed, most researchers considering this method of reporting as the most appropriate and useful, compared with reporting by using the indirect method.

  13. ALGEBRAIC GENERALIZATION OF THE CASH FLOW STATEMENT: REFLECTIONS BY MEANS OF AN ALGEBRAIC ALGORITHM

    National Research Council Canada - National Science Library

    José Roberto Kassai; Antonio Geloneze Neto

    2012-01-01

    ... (about one million dollars as of this writing) to publish a cash flow statement (CFS) as part of their financial statements, making this statement another important source of information for investors...

  14. Impact of VAT on the Profitability and the Cash Flow of Romanian Small and Medium Enterprises

    Directory of Open Access Journals (Sweden)

    MARIA ZENOVIA GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  15. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    Directory of Open Access Journals (Sweden)

    Ezzeddine Ben Mohamed

    2014-06-01

    Full Text Available Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969, we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a to show the impact of CEOs’ optimism in the relationship between investment and internal cash flow. Our results report a positive and significant coefficient of investment to cash flow for the full sample. While, on estimations of our model using sub-sample of more and less constrained firms, we find that the sensitivity exists stronger only for totally constrained group. We find also that board characteristics can reduce investment policy’s distortions.

  16. The value relevance of direct cash flows under international financial reporting standards

    OpenAIRE

    Clacher, I.; de Ricquebourg, AD; Hodgson, A.

    2013-01-01

    This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

  17. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  18. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  19. Something for Nothing: Cash Flow as a Contract Incentive

    Science.gov (United States)

    2016-03-01

    Defense AT&L: March-April 2016 16 Something for Nothing “Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...negligible resources are required to implement the incentive, this is the closest the government ever will come to getting something for nothing . The

  20. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  1. A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

    Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

  2. Relevance of free cash flow as a measure of generating value for owners

    Directory of Open Access Journals (Sweden)

    Bešlić Ivana

    2014-01-01

    Full Text Available In the new economy or knowledge economy the main goal of any company should be directed towards the achievement of the business in the interest of the owners, or generating the value for owners. In dynamic business environment, an effective performance measurement system is key determinant of successful implementation of corporate strategy, growth and survival of the company. Modern performance measures should provide an accurate assessment of the intrinsic value of the company, as well as the value for the owners (shareholders. The essence is maximizing the immanent or guaranteed value of the company. The immanent value is the value of a company based on internal evaluation (assessment discounted cash flows or expected cash flow in the future by the management team. Corporate managers in Serbia are facing the challenge of increasingly efficient capital markets and the competition in the future, which requires the implementation of a value oriented corporate governance, therefore this paper presents FCF (Free Cash Flow methodology of valuation. Free cash flow (FCF is the amount of cash available for owners of the company after the necessary investments in fixed assets and working capital to maintain the current scope of activities and support to planning.

  3. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  4. Voluntary disclosing cash flow statement in non-listed medium sized companies

    DEFF Research Database (Denmark)

    Schøler, Finn

    2012-01-01

    . For this reason we conducted a multiple-case study, where we formulated a structured questionnaire and made partly open-ended interview with each one of the case-companies’ accountably responsible persons, i.e. one of the guys who signed the annual report. Among the majority of the answers we found a common......In Denmark, like some other EU Member States, medium-sized companies are requested to present a cash flow statement, but there are exemption rules similar to those for subgroups’ exemption to their presentation of consolidated financial statements. In a sample consisting of the paper versions...... of annual reports from 385 Danish non-listed medium-sized companies who were disclosing a cash flow statement as part of their annual report, we found that in a few cases, the companies were exempted to presentation of consolidated financial statements, but disclosing the cash flow statement voluntarily...

  5. Cost benefit pathways to zero emission housing: Implications for household cash-flows in Melbourne

    Energy Technology Data Exchange (ETDEWEB)

    Moore, T., Email: Trivess.moore@rmit.edu.au; Morrissey, J.; Horne, R. [RMIT University, Melbourne, Victoria (Australia). Centre for Design

    2010-07-01

    The debate regarding climate change has seen significant focus on the requirement to increase energy efficiency and seek alternative sources of energy generation as part of the solution to reducing greenhouse gas (GHG) emissions. Sustainability literature highlights the potential of the residential sector to contribute to significant greenhouse gas emissions reductions. In this context, recent housing policies, not only in Australia but internationally, have addressed the implementation of minimum energy efficient housing standards. Recent UK, European and USA policy articulates a goal of zero emission housing by 2020. In Australia, while research has indicated that the introduction of the '5 stars' mandatory building envelope performance standard has resulted in a 20% increase in energy efficiency over pre 5 star homes, housing energy efficiency remains a contested policy area. The costs and benefits of more energy efficient housing are frequently argued in terms of a trade off between sustainability and affordability, and debate is focused particularly on upfront capital costs. There is a lack of clear cost benefit information on the impact of higher energy efficiency standards, and similarly on the impacts of integrating renewable energy strategies with energy efficiency strategies. Furthermore, actual impacts at the household cash-flow level have not been studied. This research therefore investigates the lifetime economic and environmental costs and benefits of improved sustainable housing options, including renewable energy options. Analysis focuses on four scenarios of improved housing performance for current and typical housing types in Melbourne, Australia. Research outputs seek to inform current debates surrounding low-emissions housing options by providing a case-book of evidence on household budget level impacts, in terms of monthly cash flows, of improved housing performance options.

  6. Free cash flow, gouvernance et politique financière des entreprises françaises

    OpenAIRE

    Mehdi Nekhili; Afifa Wali Siala; Dhikra Chebbi

    2009-01-01

    (VF)La limitation du problème du free cash flow dépend de l’efficacité des mécanismes de gouvernance. Dans notre étude, nous supposons que les mécanismes de gouvernance peuvent agir directement sur le niveau du free cash flow ou indirectement à travers les politiques d’endettement et de distribution de dividendes. Sur la base d’un échantillon de 123 entreprises françaises en 2004, les résultats montrent que c’est la distribution soutenue des dividendes, et non le niveau d’endettement, qui per...

  7. PENGARUH FREE CASH FLOW, PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP KEBIJAKAN DIVIDEN

    Directory of Open Access Journals (Sweden)

    Muhammad Asril Arilaha

    2017-03-01

    Full Text Available The objective of the study was to provide empirical evidence about the effect offree cash flow, profitability, liquidity and leverage toward dividend policy. The population ofthis study was manufacture companies listed in Indonesian Stock Exchange in 2004 – 2007. Thesampling technique used purposive sampling and the analysis method used was multipleregressions. The result of this study proved that the profitability of a company affected thedividend policy. The bigger company profit was, the bigger dividend share was. A companywhich had profit stability could settle on dividend payment rate certainly and signal the qualityof their profit. While, free cash flow, liquidity and leverage had no effect toward dividend.

  8. Which cost of debt should be used in forecasting cash flows?

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2009-04-01

    Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

  9. Geothermal loan guaranty cash flow model: description and users' manual

    Energy Technology Data Exchange (ETDEWEB)

    Keimig, M.A.; Rosenberg, J.I.; Entingh, D.J.

    1980-11-01

    This is the users guide for the Geothermal Loan Guaranty Cash Flow Model (GCFM). GCFM is a Fortran code which designs and costs geothermal fields and electric power plants. It contains a financial analysis module which performs life cycle costing analysis taking into account various types of taxes, costs and financial structures. The financial module includes a discounted cash flow feature which calculates a levelized breakeven price for each run. The user's guide contains descriptions of the data requirements and instructions for using the model.

  10. Cash flow and discount rate risk in up and down markets: What is actually priced?

    OpenAIRE

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A

    2010-01-01

    This discussion paper resulted in a publication in the 'Journal of Financial and Quantitative Analysis', 2012, 47(6), 1279-1301. We test whether asymmetric preferences for losses versus gains as in Ang, Chen, and Xing (2006) also affect the pricing of cash flow versus discount rate news as in Campbell and Vuolteenaho (2004). We construct a new four-fold beta decomposition, distinguishing cash flow and discount rate betas in up and down markets. Using CRSP data over 1963--2008, we find that th...

  11. Financing and cash flow management for the medical group practice.

    Science.gov (United States)

    Bert, Andrew J

    2008-01-01

    The expansion of a medical group practice and the addition of ancillary services require a substantial cash outlay. Obtaining proper financing to complete a successful expansion is a process that takes time, and there are critical steps that must be followed. The group's business objectives must be presented properly by developing a business plan detailing the practice and goals associated with the desired expansion. This article discusses some of the key elements that are essential in creating an overall effective business plan for the group medical practice.

  12. Cash flow in the context of economic equation of continuity

    Directory of Open Access Journals (Sweden)

    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  13. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  14. A Market, Operation, and Mission Assessment of Large Rural For-Profit Hospitals with Positive Cash Flow

    Science.gov (United States)

    McCue, Michael J.

    2007-01-01

    Context: National benchmark data for 2002 indicate that large rural for-profit hospitals have a median cash flow margin of 19.5% compared to 9.2% for their nonprofit counterparts. Purpose: This study aims to gain insight regarding the driving factors behind the high cash flow performance of large rural for-profit hospitals. Methods: Using 3 annual…

  15. Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

    NARCIS (Netherlands)

    Pawlina, G.; Renneboog, L.D.R.

    2005-01-01

    We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information when

  16. A Multi-Objective Fuzzy Linear Programming Model for Cash Flow Management

    Directory of Open Access Journals (Sweden)

    A. M. El-Kholy

    2014-08-01

    Full Text Available Although significant research work has been conducted on cash flow forecast, planning, and management, the objective is constantly the maximization of profit/final cash balance, or minimization of total project cost. This paper presents a multi-objective fuzzy linear programming model (FLP for resolving the optimization problem of three conflicting objectives: final cash balance, cost of money, and initial cash balance. The proposed model depends on Jiang et al. (2011 Model. In the new formulation, both the advanced payment and delay of owner's progress payment one period were considered. Literature concerned with cash flow studies and models for construction projects was reviewed. Fuzzy linear programming applications in literature was presented and it's concept was then described. Jiang et al. (2011 Model is presented. The proposed model development was then presented. The proposed model was validated using an example project. An optimization of each individual objective was performed with a linear programming (LP software (Lindo that gave the upper and lower bounds for the multi-objective analysis. Fuzzy linear programming was then applied to optimize the solution. Four cases are considered: considering advanced payment and delay of owner's progress payment one period simultaneously, then separately, and neglecting advanced payment and delay of owner's progress payment. Penalty of delayed payment have been also considered. Analysis of the results revealed that the model is an effective decision making tool to be used by industry practitioners with reasonable accuracy.

  17. A study on relationship between capital employed efficiency and operating cash flow: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Hassani

    2013-04-01

    Full Text Available Capital employed efficiency is one of the intellectual capital components based on value added intellectual capital model. It is calculated by dividing value added on capital employed. Operational cash flow is made from operating activities. It is expected that created value added from capital employed could make more operational cash flow. This paper investigates the relationship between capital employed efficiency and operating cash flow. To test this hypothesis, data has been collected from a sample of 161 firms in Tehran Stock Exchange over the period 2008-2012. Results show that there is a positive and significant relationship between capital employed efficiency and operational cash flow. In other words, more cash flow from operational is created through increasing the amount of value added based on capital employed.

  18. Improving cash flow in a down economy. How HIM can help reduce denials.

    Science.gov (United States)

    Dunn, Rose

    2009-03-01

    Maybe HIM professionals can't ease tight credit or reduce bad debt, but they can make sure their organizations get full, correct reimbursement on the first submission. HIM professionals help improve cash flow by contributing to revenue cycle management n these tough economic times-when increases in bad

  19. Back to Basics: Algebraic Foundations of the Statement of Cash Flows

    Science.gov (United States)

    Joyner, Donald T.; Banatte, Jean-Marie; Dondeti, V. Reddy

    2014-01-01

    The indirect method for preparing the statement of cash flows, as described in many standard textbooks, involves an item-by-item approach, telling you to add to or subtract from the net income, the increases or decreases in the balance sheet items, such as accounts payable or accounts receivable. Many business students, especially at the…

  20. CASH FLOW IMPLICATIONS OF FIXED VERSUS VARIABLE INTEREST RATE DEBT STRUCTURES

    OpenAIRE

    Moe, Lonn; Thompson, Jerry L.

    1984-01-01

    The objective of this study was to discover the magnitude of the effect variable rate loans have on net operating cash flow over the period from 1968 to 1981. This was done by comparing a variable rate loan model with a fixed rate loan model under varying debt loads for four farm types.

  1. CREATING VALUE FOR SHAREHOLDERS BY THE USE OF CASH-FLOWS

    Directory of Open Access Journals (Sweden)

    Bandoi Anca

    2009-05-01

    Full Text Available This paper addresses a topic of great contemporaneity and of particular importance, namely the extent to which the creation of value is achieved at micro level through the cash flow. Thus, after a brief introduction, there are given short feedbacks on two

  2. Cash flow rights versus voting rights: Corporate governance and firm value of Dutch listed firms

    NARCIS (Netherlands)

    C. Pepping; T. van der Goot

    2008-01-01

    The paper examines the relation between different forms of ownership and firm performance on the Dutch stock market. By using unique data on both cash flow and voting rights in the possession of a firm's board of directors and its large shareholders, the paper presents detailed analyses of corporate

  3. Cash flow rights versus voting rights: Corporate governance and firm value of Dutch listed firms

    NARCIS (Netherlands)

    Pepping, C.; van der Goot, T.

    2008-01-01

    The paper examines the relation between different forms of ownership and firm performance on the Dutch stock market. By using unique data on both cash flow and voting rights in the possession of a firm's board of directors and its large shareholders, the paper presents detailed analyses of corporate

  4. CASH FLOW IMPLICATIONS OF FIXED VERSUS VARIABLE INTEREST RATE DEBT STRUCTURES

    OpenAIRE

    Moe, Lonn; Thompson, Jerry L.

    1984-01-01

    The objective of this study was to discover the magnitude of the effect variable rate loans have on net operating cash flow over the period from 1968 to 1981. This was done by comparing a variable rate loan model with a fixed rate loan model under varying debt loads for four farm types.

  5. Jak lze využít údaje z výkazu Cash flow v řízení firmy

    OpenAIRE

    Bradáčová, Lenka

    2010-01-01

    This bachelor's thesis deals with analysis of the cash flow statement. The aim is to analyze the cash flow statement of Rybářství Velké Meziříčí, a. s. for the three past financial years and apply the investment evaluation methods to the specific investment of the company. Then the cash flow is used in certain indicators and business is evaluated by one of the methods using cash flow.

  6. SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

    Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

  7. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Nadica Ivanovska

    2014-06-01

    Full Text Available We examine the valuation performance of Discounted Free Cash Flow Model (DFCF at the Macedonian Stock Exchange (MSE in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used for stocks analyses at MSE.

  8. Corporate Cash Flow and Stock Price Exposures to Foreign Exchange Rate Risk

    OpenAIRE

    Bartram, Söhnke M.

    2007-01-01

    This paper estimates the foreign exchange rate exposure of 6,917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows. The results show that several firms are significantly exposed to at least one of the foreign exchange rates Canadian Dollar, Japanese Yen and Euro, and significant exposures are more frequent at longer horizons. The percentage of firms for which stock price and earnings exposures are significantly different is relatively low, though it increases with ...

  9. ChargeOut! : discounted cash flow compared with traditional machine-rate analysis

    Science.gov (United States)

    Ted Bilek

    2008-01-01

    ChargeOut!, a discounted cash-flow methodology in spreadsheet format for analyzing machine costs, is compared with traditional machine-rate methodologies. Four machine-rate models are compared and a common data set representative of logging skidders’ costs is used to illustrate the differences between ChargeOut! and the machine-rate methods. The study found that the...

  10. Corporate Cash Flow and Stock Price Exposures to Foreign Exchange Rate Risk

    OpenAIRE

    Bartram, Söhnke M.

    2007-01-01

    This paper estimates the foreign exchange rate exposure of 6,917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows. The results show that several firms are significantly exposed to at least one of the foreign exchange rates Canadian Dollar, Japanese Yen and Euro, and significant exposures are more frequent at longer horizons. The percentage of firms for which stock price and earnings exposures are significantly different is relatively low, though it increases with ...

  11. 煤炭企业现金流管理研究%Study on Cash Flow Management of Coal Enterprise

    Institute of Scientific and Technical Information of China (English)

    赵金鹏

    2012-01-01

    分析了企业现金流管理的目标和原则,对企业经营活动产生的现金流、投资活动产生的现金流和筹资活动产生的现金流如何管理提出了建议。%The paper analyzed the target and principle of the cash flow management for the enterprise.The paper provided the proposals on how to manage the cash flow occurred from the enterprise business activities,the cash flow occurred from the investment activities and the cash flow occurred from the financing activities.

  12. What does free cash flow tell us about hospital efficiency? A stochastic frontier analysis of cost inefficiency in California hospitals.

    Science.gov (United States)

    Pratt, William R

    2010-01-01

    Hospitals are facing substantial financial and economic pressure as a result of health plan payment restructuring, unfunded mandates, and other factors. This article analyzes the relationship between free cash flow (FCF) and hospital efficiency given these financial challenges. Data from 270 California hospitals were used to estimate a stochastic frontier model of hospital cost efficiency that explicitly takes into account outpatient heterogeneity. The findings indicate that hospital FCF is significantly linked to firm efficiency/inefficiency. The results indicate that higher positive cash flows are related to lower cost inefficiency, but higher negative cash flows are related to higher cost inefficiency. Thus, cash flows not only impact the ability of hospitals to meet current liabilities, they are also related to the ability of the hospitals to use resources effectively.

  13. The study of relationship between free cash flows and earnings management in companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehdi Darvish Narenjbon

    2016-09-01

    Full Text Available The study aimed to the study of relationship between free cash flows and earnings management in companies listed in Tehran Stock Exchange. Free cash flows as an independent variable and earnings management, as a dependent variable. The statistical population consists of companies listed in Tehran Stock Exchange during the years 2010 till 2012, which based on the systematic removal method, 67 companies were sampled. In this study, to measure earnings management, Jones’ the modified model was used and to determine free cash flow, Len and Pelson’s model. In the present study, it was conducted to investigate first descriptive statistic of the research variables and then test variance heterogeneity and test F-Limaer; and finally carry with regression test to confirm or reject any of the research hypotheses. There is a significant relationship between free cash flows and earnings management.

  14. A CRITICAL STUDY REGARDING THE ELABORATION OF THE CASH FLOW STATEMENT USING THE DIRECT METHOD IN ROMANIA

    National Research Council Canada - National Science Library

    ŢĂRAN MOROŞAN ADRIAN

    2013-01-01

    .... Although IAS 7 recommends the usage of thedirect method to prepare the cash flow statement in order to better satisfy the informational need of information users,many enterprises choose to apply...

  15. Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...

  16. Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

    Full Text Available The purpose of this article is to obtain feedback about the transition to IFRS standards and their implementation in the context of small and medium-sized enterprises in Romania in terms of the cashflow situation. Research methodology is based on a quantitative survey carried out in order to verify the importance and usefulness of perception on the cash-flow statement. The investigation based on testing four hypotheses has been carried out within the framework of small and medium-sized enterprises in Western Romania and the categories of respondents to the study were: upper management and accounting specialists. The results highlight the fact that there are differences between the categories of users of the cash-flow statements, fact highlighted and illustrated by our findings. The article ends with the conclusions of the authors regarding the importance and usefulness of the use and implementation of the cash-flow statement of the small and medium enterprises in Western Romania.

  17. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  18. ALGEBRAIC GENERALIZATION OF THE CASH FLOW STATEMENT: REFLECTIONS BY MEANS OF AN ALGEBRAIC ALGORITHM

    Directory of Open Access Journals (Sweden)

    José Roberto Kassai

    2012-09-01

    Full Text Available Starting on January 1, 2008 it became mandatory for all Brazilian public companies and private companies with net worth greater than two million reais (about one million dollars as of this writing to publish a cash flow statement (CFS as part of their financial statements, making this statement another important source of information for investors. This article proposes an algebraic generalization for the CFS. Working papers can help fill in a gap in teaching about cash flow statements and produce an indirect method and a direct method, side by side with their equivalence highlighted, in a single matrix by means of algebraic algorithms. This study is normative in nature and stresses the transversal relationship between accounting and mathematics, showing that accounting reports and their structures can be seen as matrices and be subjected to algebraic deductions about the events recorded by double entries. As a result, we demonstrate a mathematical algorithm with matrices and submatrices and a script in the format of working papers, compatible with the normative orientations of the Federal Accounting Council (CFS and Brazilian legislation, permitting formulation of clear, reliable and effective cash flow statements.

  19. Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

    Science.gov (United States)

    Hauser, R C; Edwards, D E; Edwards, J T

    1991-01-01

    Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

  20. Information asymmetries and the value-relevance of cash flow and accounting figures: empirical analysis and implications for managerial accounting

    OpenAIRE

    Rapp, Marc Steffen

    2010-01-01

    While some of the modern performance measures used in managerial accounting rely on cash flow based figures others try to take advantage of the information content of accounting figures. However, whether the additional information content in the accrual components of earnings improves the internal performance measurement is an open empirical question. To shed light on this question, I examine the correlation between operating cash flows and earnings with firm's total shareholder returns. Usin...

  1. Four Ways to Avoid a Credentialing Cash Flow Crisis.

    Science.gov (United States)

    Toth, Cheryl

    2015-01-01

    Credentialing a physician for Medicare and private plans is a detailed and time-consuming process, but it must be completed before a plan will reimburse a practice's billed services. Assign a person with the right skills for this project, and insist on regular progress reports to be certain credentialing has been successfully completed. Submit credentialing applications three to six months ahead of opening your practice doors, moving to a new location, or merging with another organization. If you're considering outsourcing the credentialing process to a service, verify its reputation and work products with its customers.

  2. A market, operation, and mission assessment of large rural for-profit hospitals with positive cash flow.

    Science.gov (United States)

    McCue, Michael J

    2007-01-01

    National benchmark data for 2002 indicate that large rural for-profit hospitals have a median cash flow margin of 19.5% compared to 9.2% for their nonprofit counterparts. This study aims to gain insight regarding the driving factors behind the high cash flow performance of large rural for-profit hospitals. Using 3 annual periods of Centers for Medicare and Medicaid cost report data with the last fiscal year ending between September 30, 2002, and August 30, 2003, the study found a cash flow margin of 21.5% for the large rural for-profit hospitals. All these facilities were owned by hospital management companies. To assess their underlying market, operational, and mission factors, these hospitals were compared to a similar comparison group of large rural nonprofit hospitals that are system owned and have positive cash flows. Using logistic regression analysis, the study found lower operating expense per adjusted discharge and salary expense as a percentage of total operating expense among large rural for-profit, system-owned hospitals with positive cash flows relative to nonprofits with similar traits. Overall, the findings of this study reflect how these for-profit hospitals, which are owned by hospital management companies, focus on controlling their labor costs as well as operating costs per discharge in order to achieve a greater positive cash flow position.

  3. The source of investment cash flow sensitivity in manufacturing firms: Is it asymmetric information or agency costs?

    Directory of Open Access Journals (Sweden)

    Daniel Makina

    2016-09-01

    Full Text Available In the literature, positive investment cash flow sensitivity is attributed to either asymmetric information induced financing constraints or the agency costs of free cash flow. Using data from a sample of 68 manufacturing firms listed on the South African JSE, this paper contributes to the literature by investigating the source of investment cash flow sensitivity. We have found that asymmetric information explains the positive investment cash flow sensitivity better than agency costs. Furthermore, asymmetric information has been observed to be more pronounced in low-dividend-paying firms and small firms. Despite South Africa’s having a developed financial system by international standards, small firms are seen to be financially constrained. We attribute the absence of investment cash flow sensitivity due to agency costs to good corporate governance of South African listed firms. Thus the paper provides further evidence in support of the proposition in the literature that the source of investment cash flow sensitivity may depend on the institutional setting of a country, such as its corporate governance.

  4. CLASSIFICATION OF INTERESTS AND DIVIDENDS IN THE STATEMENT OF CASH FLOWS OF BRAZILIAN COMPANIES

    OpenAIRE

    Silvestre, Lara Núbia; Malaquias, Rodrigo Fernandes

    2015-01-01

    The aim of this paper was to verify the classification of interests and dividends in the Statement of Cash Flow of Brazilian listed companies. We used a sample of 66 companies: 22 that also trade stocks on the New York Stock Exchange, 22 that belong to the New Market of BM&FBOVESPA, and 22 of the Traditional Market of BM&FBOVESPA. In each Statement, we observed how the interest and the dividends were classified. The following results were obtained: i) interest received and dividends p...

  5. The incremental information content of earnings, working capital from operations, and cash flows

    Directory of Open Access Journals (Sweden)

    Simin Banifatemi Kashi

    2015-09-01

    Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

  6. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  7. Consumer-driven health plans: latest challenge to practices' cash flow.

    Science.gov (United States)

    Hajny, Tom

    2007-01-01

    CDHPs are here to stay. Employers welcome CDHPs because they drive costs away from themselves and into the hands of both consumers and provides. The consumer will make medical purchase decisions tempered by personal economic considerations. The providers are left to figure it all out with the hope their cash flow, cost budgets, and customer service will not be negatively impacted. It will not be easy. Practices must become educated on how CDHPs work, become knowledgeable about specific HSA scenarios in their market, develop optimum processes and procedures, and train staff.

  8. Documenting Spreadsheets with Pseudo-Code: an Exercise with Cash-Flow and Loans

    CERN Document Server

    Paine, Jocelyn

    2009-01-01

    "Look before you leap"; "a stitch in time saves nine"; "more haste, less speed". Many proverbs declare the wisdom of planning before doing. We suggest how to apply this to Excel, by explaining and specifying spreadsheets before coding them, so there will always be documentation for auditors and maintenance programmers. The specification method uses "pseudo-code": code that, for precision and conciseness, resembles a programming language, but is not executable. It is, however, based on the notation used by our Excelsior spreadsheet generator, which is executable. This paper is structured as a tutorial, in which we develop a simple cash-flow and loans spreadsheet.

  9. Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

    Energy Technology Data Exchange (ETDEWEB)

    Emhjellen, Magne; Alaouze, Chris M.

    2002-07-01

    We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

  10. Stock Return and Cash Flow Predictability: The Role of Volatility Risk

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Xu, Lai; Zhou, Hao

    We examine the joint predictability of return and cash flow within a present value framework, by imposing the implications from a long-run risk model that allow for both time-varying volatility and volatility uncertainty. We provide new evidence that the expected return variation and the variance...... risk premium positively forecast both short-horizon returns and dividend growth rates. We also confirm that dividend yield positively forecasts long-horizon returns, but that it cannot forecast dividend growth rates. Our equilibrium-based “structural” factor GARCH model permits much more accurate...

  11. Cash Flow Risk Study:a Survey%现金流风险研究综述

    Institute of Scientific and Technical Information of China (English)

    刘金霞; 韩立岩; 娄静; 王哲兵

    2012-01-01

    The paper summarizes recent researches and applications in domestic and foreign literature regarding cash flow risks.It explains the key issues,major contributions and policy implications of the branch of study,and it relates to cash flow at risk,cash flow volatility and cash flow risk management,in order to help better understand corporate cash flow risk and improve corporate governance.%本文按照文献相应分类及时间顺序,对现金流风险理论及其经验研究进行了梳理,较为系统的总结了现有研究的关键问题和主要贡献。文章着重阐述和评价了风险现金流度量、现金流风险信息传递、现金流风险管理策略等三方面的研究成果,以期对现金流风险在内部控制、公司治理、宏观调控等理论和应用方面提供有益的思路和方向。

  12. The relationship between operating cash flow per share and portfolio default probability

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-03-01

    Full Text Available One of the primary duties of the depositary banks is to protect themselves against any possibility of bankruptcy. This requires the identification and measurement of risks, including default risk, which is important given the nature of the activities of banks. This paper presents an empirical investigation to study the relationship between default probability and some financial figures including operating cash flow, liabilities and return of equities. The proposed study of this paper uses historical data of twenty-two firms listed on Tehran Stock Exchange over the period 2008-2012. Default probability as the dependent variable is measured by the method developed by Moody’s KMV Company. The study uses linear regression model to examine the relationship between default probability and some independent variables. The results of the present study suggest that there were some reverse relationship between operating cash flow per share, return on equities and default probability. In addition, there was a direct relationship between log facilities and default probability. However, there was not any relationship between net sales and default probability.

  13. An investigation on the effect of the corporation governance structure and free cash flow on over- investment

    Directory of Open Access Journals (Sweden)

    Mehdi Taghavi

    2014-03-01

    Full Text Available This study examines the impact of corporate governance structure and free cash flow on over-investment on 121 firms listed in Tehran Stock Exchange over the period 2008-2011. To measure over-investment, free cash flow and corporate governance variables based on available information reported on financial statements are gathered and using cross section regression method, different hypotheses of the survey are examined. The results indicate that among corporate governance mechanisms investigated in survey, there is a significant relationship between percentage of non-executive directors and ownership concentration with over-investment. However, there was no meaningful relationship among controlling shareholders and duality with over-investment. Furthermore, a significant relationship between free cash flow and over-investment has been found.

  14. The Preparation Skills of Cash Flow Statement%现金流量表的编制技巧

    Institute of Scientific and Technical Information of China (English)

    唐有川

    2011-01-01

    本文通过对现金流量表编制三个基本过程的判断,利用日记账的形式,对日常的经济业务的判断分析来进行逐笔登记现金流量表,并以实际发生的业务为例,流利地编制出现金流量表.%Based on the judgement on three basic process of drawing up a cash flow statement, this paper used the form of daily to register the cash flow statement according to the judgment analysis of journal economic business, and fluently register the cash flow statement based on the actual business.

  15. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    OpenAIRE

    Mohsen Sohrabi Araghi; Sharifaldin Attari

    2013-01-01

    One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in d...

  16. Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

    OpenAIRE

    Tanja Markovič Hribernik; Monika Kirbiš

    2005-01-01

    On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject) and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member st...

  17. A Priority Rule-Based Heuristic for Resource Investment Project Scheduling Problem with Discounted Cash Flows and Tardiness Penalties

    Directory of Open Access Journals (Sweden)

    Amir Abbas Najafi

    2009-01-01

    Full Text Available Resource investment problem with discounted cash flows (RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penalty. We mathematically formulated the problem and developed a heuristic method to solve it. The results of the performance analysis of the proposed method show an effective solution approach to the problem.

  18. 如何进行现金流量表分析%How to analyze the cash flow statement

    Institute of Scientific and Technical Information of China (English)

    2013-01-01

      在日益崇尚“增值为金,现金至尊”的现代理财的环境中,对信息使用者而言,现金流量表的分析变得越来越重要。文章分析了现金流量表的目的、意义和基于现金流量表的评价以及阅读流量表时应注意的问题。%In the modern financial environment,with an increasingly advocating“appreciation for gold and cash supreme”,the analysis of cash flow statement is becoming more and more important to information users. The objective,significance,evaluation based on the cash flow statement and notices in reading it are analysed in this paper.

  19. ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

    Directory of Open Access Journals (Sweden)

    Jie-Sheng Wang

    2015-06-01

    Full Text Available In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO algorithm combined with the least squares method (LMS to optimize the adaptive network-based fuzzy inference system (ANFIS model parameters. Through the introduction of metric function of population diversity to ensure the diversity of population and adaptive changes in inertia weight and learning factors, the optimization ability of the particle swarm optimization (PSO algorithm is improved, which avoids the premature convergence problem of the PSO algorithm. The simulation comparison experiments are carried out with BP-LMS algorithm and standard PSO-LMS by adopting real commercial banks’ cash flow data to verify the effectiveness of the proposed time series prediction of bank cash flow based on improved PSO-ANFIS optimization method. Simulation results show that the optimization speed is faster and the prediction accuracy is higher.

  20. A generalized network flow model for the multi-mode resource-constrained project scheduling problem with discounted cash flows

    Science.gov (United States)

    Chen, Miawjane; Yan, Shangyao; Wang, Sin-Siang; Liu, Chiu-Lan

    2015-02-01

    An effective project schedule is essential for enterprises to increase their efficiency of project execution, to maximize profit, and to minimize wastage of resources. Heuristic algorithms have been developed to efficiently solve the complicated multi-mode resource-constrained project scheduling problem with discounted cash flows (MRCPSPDCF) that characterize real problems. However, the solutions obtained in past studies have been approximate and are difficult to evaluate in terms of optimality. In this study, a generalized network flow model, embedded in a time-precedence network, is proposed to formulate the MRCPSPDCF with the payment at activity completion times. Mathematically, the model is formulated as an integer network flow problem with side constraints, which can be efficiently solved for optimality, using existing mathematical programming software. To evaluate the model performance, numerical tests are performed. The test results indicate that the model could be a useful planning tool for project scheduling in the real world.

  1. Valuation of imaging centers: alternative methods and detailed description of the discounted cash flow approach.

    Science.gov (United States)

    Russell, Philip J

    2007-01-01

    Medical imaging centers are an increasingly integral part of the medical services landscape in America. There are many instances in which owners and potential buyers of these enterprises want to ascertain the value of the businesses. There is an industry of professionals who provide expert valuation services for many types of businesses using various recognized alternative methods, some of which are more appropriate than others when valuing an imaging center. The federal government has prescribed parameters for all valuations if they lead to transactions in which fair market value is mandated, and it also expects transactions to adhere to more generalized laws relating to entities that provide services to Medicare patients. Radiologists who own, or who are contemplating ownership of, imaging center operations need to understand the principles of valuation, specifically the factors that are involved in a discounted cash flow determination of fair market value.

  2. The detection and prevention of manipulations in the balance sheet and the cash flow statement

    Directory of Open Access Journals (Sweden)

    Dragomir Dimitrijevic

    2015-08-01

    Full Text Available Financial statements which consist of objective, real and reliable information represent the key basis for making many business decisions. If, when writing financial statements, certain manipulation techniques are used for displaying the best possible results of transactions, the quality of financial reports will be endangered. Many financial frauds have led to a great mistrust in the system of financial reporting and the profession of accounting and auditing, which are often accused of the emergence of fraud and losing trust in the reliability of financial information by many users and economic decision makers. These are the reasons why the paper discusses the techniques of manipulation in financial statements, especially in balance sheets and cash flow statements, since these forms of manipulation are harder to detect and prevent when compared to manipulations of revenues and expenses in the income statement.

  3. A Mix Model of Discounted Cash-Flow and OWA Operators for Strategic Valuation

    Directory of Open Access Journals (Sweden)

    José I. Peláez

    2009-12-01

    Full Text Available The stock market volatility and the actual stock Exchange activity have increased the need of counting with effective methods on the part of financial analysts to achieve a division in relation to the investment actions, being also growing the demand of methodological instruments that reduce and minimize the risks and uncertainty when valuating financial actives and companies. These systems not only must use quantitative information but the inclusion of qualitative information must also bear heavily on them, as an improvement element in the adjustment of these valuating methods, with the aim of throwing a more well-conceived or less mistaken decision.In this work, the use of Discounted Cash-Flow model is proposed, with quantitative information together with the OWA operators as an inclusion method of ualitative information in the traditional valuating models, with the aim of generating an strategic valuating system which allows to develop more agreed and less mistaken valuations

  4. 浅谈企业现金流量管理%Talking about the cash flow management in the enterprise

    Institute of Scientific and Technical Information of China (English)

    毛宇新

    2012-01-01

      企业发展的内在潜力和动力取决于企业经营活动的现金流,一个有活力的企业必定要有足够的现金支付能力。因此,从企业的现金流量管理有利于企业制定战略决策、有利于企业健康稳定持续发展、能够提高企业市场价值等方面阐述了企业管理的重要意义,并提出了我国企业现金流管理存在的问题以及加强我国企业现金流量管理的建议和措施。%  Inherent potential and dynamics of enterprise development depend on cash flows from operating activities, a vibrant enterprise must have sufficient liquidity. Therefore, from cash flow management is conducive to enterprise development strategy for enterprise deci-sion-making, business-friendly, healthy, stable areas of sustainable development, to improve the enterprise's market value describes the importance of enterprise management, and raised the issue of cash flow management in enterprises in our country and strengthen cash flow management in China and measures.

  5. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  6. Teaching the Indirect Method of the Statement of Cash Flows in Introductory Financial Accounting: A Comprehensive, Problem-Based Approach

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

    In this article, the authors provide an instructional resource for presenting the indirect method of the statement of cash flows (SCF) in an introductory financial accounting course. The authors focus primarily on presenting a comprehensive example that illustrates the "why" of SCF preparation and show how journal entries and T-accounts can be…

  7. ChargeOut! : determining machine and capital equipment charge-out rates using discounted cash-flow analysis

    Science.gov (United States)

    E.M. (Ted) Bilek

    2007-01-01

    The model ChargeOut! was developed to determine charge-out rates or rates of return for machines and capital equipment. This paper introduces a costing methodology and applies it to a piece of capital equipment. Although designed for the forest industry, the methodology is readily transferable to other sectors. Based on discounted cash-flow analysis, ChargeOut!...

  8. Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

    NARCIS (Netherlands)

    George, R.; Kabir, M.R.; Qian, J.

    2005-01-01

    Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine thi

  9. Teaching the Indirect Method of the Statement of Cash Flows in Introductory Financial Accounting: A Comprehensive, Problem-Based Approach

    Science.gov (United States)

    Brickner, Daniel R.; McCombs, Gary B.

    2004-01-01

    In this article, the authors provide an instructional resource for presenting the indirect method of the statement of cash flows (SCF) in an introductory financial accounting course. The authors focus primarily on presenting a comprehensive example that illustrates the "why" of SCF preparation and show how journal entries and T-accounts can be…

  10. Vehicle Infrastructure Cash-Flow Estimation--VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Mitchell, G.

    2015-04-02

    This presentation discusses the differences between the original Vehicle and Infrastructure Cash-Flow Evaluation (VICE) Model and the revamped version, VICE 2.0. The enhanced tool can now help assess projects to acquire vehicles and infrastructure, or to acquire vehicles only.

  11. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

  12. Accounting for the Corporate Cash Increase

    OpenAIRE

    Jake Zhao

    2014-01-01

    Why do U.S. firms hold much more cash now than they did 30 years ago? Prior empirical studies have discovered a statistically significant positive relationship between firm cash holdings and cash flow volatility. Such findings, however, are subject to endogeneity problems. In this paper, I construct a structural model of firm dynamics where cash provides a buffer against cash-flow shortfalls in the presence of costly external finance. My model finds that 63% of the increase in corporate cash ...

  13. Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA

    Directory of Open Access Journals (Sweden)

    Cecilia Maya Ochoa

    2004-12-01

    Full Text Available There exists an abysm between market prices and traditional valuation approaches such as Discounted Cash Flows (DCF, a fact that neither academics nor practitioners could continue ignoring. Recently, a complementary approach has taken a foothold into the valuation world. Building on the DCF approach yet going further in the sense of incorporating flexibility in management investment decisions, and taking advantage of the advances in option pricing theory, the real options approach (ROA has become the alternative to capital budgeting and, lately, to corporate valuation. Empirical evidence shows that ROA explains actual prices better than DCF approaches and nowadays there is no question that from a theoretical point of view, ROA is a much more appealing concept than passive NPV. However, its acceptance by practitioners has been very slow due to the complexity of real options pricing.Existe un abismo entre precios de Mercado y la valoración estimada por métodos tradicionales tales como Flujos de Caja Descontados, un hecho que ni académicos ni practicantes pueden continuar ignorando. Recientemente, una metodología complementaria ha tomado gran fuerza. Partiendo de los Flujos de Caja Descontados, pero incorporando flexibilidad en las decisiones de inversión y aprovechando los avances en la teoría de valoración de opciones, el enfoque de opciones reales (ROA se ha convertido en la alternativa para presupuestación de capital y valoración de empresas. La evidencia empírica muestra que ROA explica los precios de mercado mejor que los enfoques basados en flujos de caja descontados y, hoy en día, no hay discusión de que es más atractivo desde un punto de vista teórico; sin embargo, su utilización en la práctica ha sido muy limitada debido a las dificultades que presenta la valoración de las opciones reales.

  14. Failure to comply with CMS' new enrollment procedures could impact physicians' cash flow.

    Science.gov (United States)

    Duffy, Erin M

    2007-01-01

    The Centers for Medicare and Medicaid Services (CMS) has instituted big changes in its enrollment procedures that could have a major impact on physician groups that fail to comply with CMS' new requirements. First, tick ... tick ... tick ... time is quickly running out on the chance to obtain, and implement into the flow of your practice, a National Provider Identification number (NPI). The bad news is that the requirement to get an NPI is statutory, meaning it's not going to go away. Second, CMS revamped its Medicare provider enrollment processes in an attempt to reduce enrollment application processing delays. Unfortunately, rather than expedite the enrollment process, CMS' new regulations had the over-all effect of causing even more delays and backlogs in the enrollment process. Providers who do not have an NPI by the required deadline risk potential compliance penalties and payment delays. Therefore, not having an NPI or a Medicare Provider Number can have serious consequences on providers' ability to provide care as well as their bottom line (think cash flow!).

  15. A CRITICAL STUDY REGARDING THE ELABORATION OF THE CASH FLOW STATEMENT USING THE DIRECT METHOD IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ŢĂRAN MOROŞAN ADRIAN

    2013-02-01

    Full Text Available The direct method, which is the subject of this study, involves the identification and inclusion in the statement ofcash flows of the encashments and the payments made by the company. Although IAS 7 recommends the usage of thedirect method to prepare the cash flow statement in order to better satisfy the informational need of information users,many enterprises choose to apply the indirect method, due to its simplicity. On this issue we support the idea that thedirect cash flow reporting format, relative to the indirect method, leads to better prediction of future firm performanceand has a stronger association with share prices.One important conclusion of our paper is that the decision of theusers of accounting information, taking into account the cash flows generated by the economic entity, will not relievethem entirely from the effects of manifestation of the unexpected, but certainly reduces their magnitude. It is our beliefthat all Romanian companies whose financial statements are addressed to a large number of potential users shouldprepare comprehensive annual financial statements, whether or not the law requires them.

  16. Examining the link between cash flow, market value, and research and development investment spending in the medical device industry.

    Science.gov (United States)

    Schmutz, Bryan P; Santerre, Rexford E

    2013-02-01

    Unlike the pharmaceutical industry, no empirical research has focused on the factors influencing research and development (R&D) spending in the medical device industry. To fill that gap, this study examines how R&D spending is influenced by prior year cash flow and corporate market value using multiple regression analysis and a panel data set of medical device companies over the period 1962-2008. The empirical findings suggest that the elasticities of R&D spending with respect to cash flow and corporate market value equal 0.58 and 0.31, respectively. Moreover, based upon these estimates, simulations show that the recently enacted excise tax on medical devices, taken alone, will reduce R&D spending by approximately $4 billion and thereby lead to a minimum loss of $20 billion worth of human life years over the first 10 years of its enactment.

  17. PENGGUNAAN METODE DISCOUNTED CASH FLOW DAN UKURAN NON KEUANGAN DALAM PENGANGGARAN MODAL: PENDEKATAN KONTINJENSI

    Directory of Open Access Journals (Sweden)

    Ahmad Rosyid

    2012-10-01

    Full Text Available This study aims to (1 examine the degree of use between Discounted Cash Flow (DCF method and non financial measures in capital budgeting (2 examine managers’ satisfaction on both methods when there is a contingency fit between those methods with two contingency variables: product standardization and firm strategy. This research used purposive sampling method to collect data. The research population was manufacturing firms listed in BEI and major non listed firms located in Jawa Tengah and got 35 responses. Multiple regression and Moderated Regression Analysis (MRA were used to test the hypothesis. Research results indicate that (1 DCF method is not more important than non financial measures. Managers tend to use both methods simultaneously (2 firm strategy affects to DCF method and non financial measures significantly which it means that firms with prospector strategy tend to place more emphasis on non financial measures while firms with defender strategy tend to place more emphasis on DCF method. (3 product standardization has no effect on both methods (4 firm strategy has a moderating effect on the relation between two capital budgeting methods and manager’s satisfaction on budgeting process while product standardization has no effect.

  18. Analytical solution to the circularity problem in the discounted cash flow valuation framework

    Directory of Open Access Journals (Sweden)

    Felipe Mejía-Peláez

    2011-12-01

    Full Text Available In this paper we propose an analytical solution to the circularity problem between value and cost of capital. Our solution is derived starting from a central principle of finance that relates value today to value, cash flow, and the discount rate for next period. We present a general formulation without circularity for the equity value (E, cost of levered equity (Ke, levered firm value (V, and the weighted average cost of capital (WACC. We furthermore compare the results obtained from these formulas with the results of the application of the Adjusted Present Value approach (no circularity and the iterative solution of circularity based upon the iteration feature of a spreadsheet, concluding that all methods yield exactly the same answer. The advantage of this solution is that it avoids problems such as using manual methods (i.e., the popular “Rolling WACC” ignoring the circularity issue, setting a target leverage (usually constant with the inconsistencies that result from it, the wrong use of book values, or attributing the discrepancies in values to rounding errors.

  19. Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

    Science.gov (United States)

    Lexa, Frank James; Berlin, Jonathan W

    2005-03-01

    In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

  20. Improvements of the cash-flow statement control function in financial reporting

    National Research Council Canada - National Science Library

    Metka Duhovnik

    2008-01-01

    ... by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios...

  1. Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet: Vehicle Infrastructure Cash-Flow Estimation -- VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

    Energy Technology Data Exchange (ETDEWEB)

    Gonzales, John

    2015-04-02

    Presentation by Senior Engineer John Gonzales on Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet using the Vehicle Infrastructure Cash-flow Estimation (VICE) 2.0 model.

  2. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    National Research Council Canada - National Science Library

    Jalal Golmohammadi; Mahboubeh Jafari

    2015-01-01

    This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities...

  3. Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

    Directory of Open Access Journals (Sweden)

    Tanja Markovič Hribernik

    2005-12-01

    Full Text Available On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member states’ budgets is posed by the time lags between inflows and outflows of EU funds. These lags are mainly because of delayed payments from the EU budget and problems with some member state’s absorption capacity. This article deals with the dynamics and the scale of budgetary cash flows between the Slovenian budget and the EU budget until 2006. A couple of likely scenarios are presented, which could happen in case of delayed payments of European funds. Consequently, both an unexpected state budget liquidity deficit and an additional burden arising from interest on delayed payments to the Brussels are possible for Slovenia.

  4. A study on relationship among free cash flow, firm value and investors’ cautiousness: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-09-01

    Full Text Available Financial statements as well as financial standards are always considered as primary sources for getting rich information of firms. The standards are normally divided in two categories of economic and accounting and each of these standards shows one of the specifications of the company and has its own advantageous and disadvantageous. There are different standards, which are used for firm assessment. Therefore, a company with more gained prominences has more change to succeed in attracting credits and financing from the capital market. Under such circumstances, such a company can attract more finance and it can be sold sooner on the stock exchange. This paper tries to investigate on the free cash flow as an effective factor in specifying the real value of the business enterprises on 56 selected firms from Tehran Stock Exchange. The results of this study have disclosed that, there was a direct and meaningful relationship between free cash flow of the business enterprises and their real values. Second, the real values of the business enterprises are more than their predicted values. Finally, the predicted value of the business enterprises on the basis of the free cash flow is more than their market value.

  5. Improvements of the cash-flow statement control function in financial reporting

    Directory of Open Access Journals (Sweden)

    Metka Duhovnik

    2008-06-01

    Full Text Available On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.

  6. Analysis of the structure analysis of the enterprise cash flow table%企业现金流量表结构分析浅探

    Institute of Scientific and Technical Information of China (English)

    王爱华

    2014-01-01

    The cash flow is the lifeblood of the survival and development of enterprises,the cash flow situation directly reflect the health situation of the enterprise the organization of the organism,is an important index to measure the enterprise value.Structural analysis of the cash flow statement,the cash flow is relevant to the data base on the comparison and analysis of different projects,to clear the cash inflow, formation and cash outflows,analyzes the main factors which affect the amount of cash or a certain time period,and provide scientific basis for the managers of the enterprise to seize the key cash flow management,optimal allocation and use so as to realize the enterprise cash.%现金流量是企业生存和发展的命脉,现金流量状况直接反映企业这一组织有机体的健康情况,是衡量企业价值的重要指标。现金流量表的结构分析,就是在现金流量有关数据的基础上对不同项目间的比较与分析,旨在明确现金流入、流出的构成及现金余额的形成情况,分析一定时期内影响现金额增减变化的主要因素,为企业管理者抓住现金流量管理重点提供科学依据,从而实现企业现金的最佳配置和使用。

  7. Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

    Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

  8. INSTRUMENTS FOR THE IMPROVEMENT OF CASH FLOW AND FOR THE RATIONALIZATION OF SHORT-TERM FINANCIAL INVESTMENT APPLIED BY MULTINATIONAL COMPANIES

    Directory of Open Access Journals (Sweden)

    DOREL MATES

    2012-11-01

    Full Text Available The cash flow of the company is an essential element for the application and development of a fluency activity where the payment terms are considered according to the agreement and contracts. Concerning the multinational companies, it is the finance controller’s task to perform a strict, realistic and predictive record regarding the subsequent cash flow of the company. The most important items that influence the existence and the assessment of a realistic operational cash flow are the following: accounts receivable, external open credit lines, headquarter treasury approved amounts, accounts payable, wages. Another tool to improve the global performance of the company is the cash-pool that can be used only for same currencies for the main countries involved in.

  9. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohsen Sohrabi Araghi

    2013-01-01

    Full Text Available One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in decisions of financial statement users in listed companies on Tehran stock exchange, information content of operating cash flows and accruals in the connection with decision-making criteria used by different groups using financial statement has been examined. In this study, we use eliminating sampling and implied limitations and the sample size includes 203 companies to examine six hypotheses. The results of this research indicate that there is a significant different between accruals and operating cash flows information content in relation to various decision-making criteria but utilizing accruals and operating cash flows supplementary and simultaneously in profit frame depending on the selection criteria may or may not be include information value-added.

  10. CASH FINANCIAL FLOWS PERFORMANCE ON THE OCCASION OF COLLECTING STATE TREASURY BUDGETARY CLAIMS

    Directory of Open Access Journals (Sweden)

    RISTI LUCIA

    2015-07-01

    Full Text Available The present paper analyzes the financial flows caused by the collection of taxes and other budget payments from businesses or other legal entities and individuals who have accounts with commercial banks, fact which amends the volume and structure of the execution of public funds, on the whole of public Treasury. The current legislation in Romania establishes the obligation for operators and other taxpayers to pay on their own initiative the debts they have to the state1 , otherwise, Ministry of Finance bodies2 are entitled and even obliged to undertake forced pursuing these state budget rights applying forced tracking forms to concerned taxpayers which are provided by law. In this respect, based on the information provided by its own accounting or tax decisions passed by the tax bodies; taxpayers, individuals or legal entities, submit payment documents whether to commercial banks where they have opened accounts or to operational units of Treasuries, if they have open available accounts ere, payment documents for their debts to the state and, all those transactions are subject to this research. Along with the cash settlement, the settlement of cashless payments for operators and other taxpayers who have bank accounts with commercial banks in order to pay their debts to the state, these can be achieved in three ways: on their own initiative; on the basis of payment documents deposited with commercial banks where they have opened their accounts on their own initiative; at the customs facilities in the case of import operations regarding state budget obligations connected to the nature of customs duties, excise duties, value added tax and; thirdly, on the tax authorities or customs initiative by forced tracking on the available accounts or other property of the debtor taxpayers.

  11. 公司现金流与资本成本研究%On Corporate, Cash Flow and Capital Cost

    Institute of Scientific and Technical Information of China (English)

    马克林

    2015-01-01

    The investment formed capital over a period of time gives the company a sustainable cash flow , and cash flow to a discount rate that is used to meet the total risk of the company is the market value of the company . Meanwhile , the cash flow generated by the company ’ s assets can basically be divided into pay interest , taxes and shareholders income , and the three are discounted by different discount rate and the total value may also mean the company’s market value.This indicates that the company ’s market value has nothing to do with the proportion of the interest , taxes and the shareholders ’ income in the company ’ s total cash flow , and the company ’ s weighted cost of capital has nothing to do with the interest , taxes, and shareholders’ income value ratio.Therefore, it is be-lieved that there are no connections between corporate value , capital cost and capital structure .%公司投资而形成的资本经过一段时间会给公司带来一个持续的现金流,将该现金流用一个与公司总风险相适应的折现率折现而求得的价值即是公司的市场价值。同时,公司资产产生的现金流基本上可以分解为支付利息、税收和股东所得,三者分别按不同的折现率进行折现后所得的现价值之和也表示公司的市场价值。这表明公司的市场价值与利息、税收、股东所得在公司总现金流中的比例无关,而公司的加权资本成本与利息、税收、股东所得三者现价值比例也没有关系。因此,可以认为,资本结构同资本成本与公司价值无关。

  12. 经营现金流与股价的相关性分析%The correlation analysis between cash flows and stock price

    Institute of Scientific and Technical Information of China (English)

    邱子华; 邓引波

    2011-01-01

    In this paper, we study the relationship between cash flows and stock price. Comparative empirical analysis found so cash flow and earnings and stock price are correlated. But the relevance of cash flow is not so closely like that of earnings. The regression analysis under the values that cash flow minus earnings of each share of different years can help to improve the relevance of cash flow and stock price.%研究经营现金流与股价的相关性问题.经实证分析对比,发现经营现金流和盈余与股价都有相关关系,但经营现金流的相关性要小于盈余的相关性.按每股经营现金流减去每股收益的值分组分年度来做回归分析,能够提高经营现金流和股价的相关性.

  13. 新常态下煤炭企业现金流管理探讨%Discussion on cash flow management of coal enterprises under the new normal

    Institute of Scientific and Technical Information of China (English)

    刘晓军

    2015-01-01

    随着我国经济发展进入新常态,现金流管理日益重要,企业加强现金流管理势在必行。本文在分析当前宏观经济形势的基础上,指出了我国煤炭企业现金流管理中存在的问题。提出应高度重视现金流管理工作,控制投资规模、防止过度杠杆化,优化融资结构,加强传统现金流管控。%With Chinese economics development is getting in new normal,management of cash flow is becoming increasingly significant.Strengthening cash flow management of enterpri-ses is imperative.Basing upon analysis of current macro-economic situation,the author pointed out problems on cash flow management of China coal enterprises and provided suggestions of pay-ing high attention on cash flow management tasks,controlling investigation scale in order to pre-vent over-leverage,optimizing financing structure,and strengthening traditional cash flow con-trol.

  14. Scheduling Multi-Mode Projects under Uncertainty to Optimize Cash Flows: A Monte Carlo Ant Colony System Approach

    Institute of Scientific and Technical Information of China (English)

    Wei-Neng Chen; Jun Zhang

    2012-01-01

    Project scheduling under uncertainty is a challenging field of research that has attracted increasing attention.While most existing studies only consider the single-mode project scheduling problem under uncertainty,this paper aims to deal with a more realistic model called the stochastic multi-mode resource constrained project scheduling problem with discounted cash flows (S-MRCPSPDCF).In the model,activity durations and costs are given by random variables.The objective is to find an optimal baseline schedule so that the expected net present value (NPV) of cash flows is maximized.To solve the problem,an ant colony system (ACS) based approach is designed.The algorithm dispatches a group of ants to build baseline schedules iteratively using pheromones and an expected discounted cost (EDC) heuristic.Since it is impossible to evaluate the expected NPV directly due to the presence of random variables,the algorithm adopts the Monte Carlo (MC)simulation technique.As the ACS algorithm only uses the best-so-far solution to update pheromone values,it is found that a rough simulation with a small number of random scenarios is enough for evaluation.Thus the computational cost is reduced.Experimental results on 33 instances demonstrate the effectiveness of the proposed model and the ACS approach.

  15. Conditional E-Cash

    Science.gov (United States)

    Shi, Larry; Carbunar, Bogdan; Sion, Radu

    We introduce a novel conditional e-cash protocol allowing future anonymous cashing of bank-issued e-money only upon the satisfaction of an agreed-upon public condition. Payers are able to remunerate payees for services that depend on future, yet to be determined outcomes of events. Once payment complete, any double-spending attempt by the payer will reveal its identity; no double-spending by the payee is possible. Payers can not be linked to payees or to ongoing or past transactions. The flow of cash within the system is thus both correct and anonymous. We discuss several applications of conditional e-cash including online trading of financial securities, prediction markets, and betting systems.

  16. THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Adhy Listya Paramitha

    2014-01-01

    Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

  17. Analysis on Financial Situation of the Enterprise based on Cash Flow Statement%基于现金流量表的企业财务状况分析

    Institute of Scientific and Technical Information of China (English)

    苏莉

    2015-01-01

    现金流量是企业财务状况的真实反映,加强企业现金流量管理非常必要。以某企业现金流量表为例,通过对其现金流量进行详细分析,发现了企业的财务运行风险,为企业管理者对现金流量及时进行调整控制提供参考。%Cash flow is the real reflection of enterprise financial situation, it is very necessary for enterprise to strengthen cash flow management. In the paper,a company’s cash flow statement was taken as an example, through detailed analysis of its cash flow, the enterprise's financial risks were found, the reference is provided for enterprise managers to control cash flow in a timely manner.

  18. Cash flow at risk: different estimation methods tested in the Brazilian steel industry

    Directory of Open Access Journals (Sweden)

    Danilo Soares de Medeiros

    2007-12-01

    Full Text Available Risk management is a subject that, crisis after crisis, assumes a relevant role in the environment of non-financial companies. Despite the growing importance of the subject, debate about the introduction of a model capable of evaluating the risks to which companies are exposed is still in its infancy. Considering this gap and the importance of the theme for companies, this study proposes constructing an empirical cash flow at risk model and applying it to companies in the steel sector in Brazil. We have analyzed two methods of risk factors identification: sector components and company-level components. After such identification, simulations of risk factors future behavior were made using either the historical distribution of each risk factors and residuals of each risk factor time-series model. In addition, a third (and naïve method was tested: bootstrap of each component of the cashflow.

  19. Inventory model with cash flow oriented and time-dependent holding cost under permissible delay in payments

    Directory of Open Access Journals (Sweden)

    Tripathi R.P.

    2013-01-01

    Full Text Available This study develops an inventory model for determining an optimal ordering policy for non-deteriorating items and time-dependent holding cost with delayed payments permitted by the supplier under inflation and time-discounting. The discounted cash flows approach is applied to study the problem analysis. Mathematical models have been derived under two different situations i.e. case I: The permissible delay period is less than cycle time for settling the account and case II: The permissible delay period is greater than or equal to cycle time for settling the account. An algorithm is used to obtain minimum total present value of the costs over the time horizon H. Finally, numerical example and sensitivity analysis demonstrate the applicability of the proposed model. The main purpose of this paper is to investigate the optimal cycle time and optimal payment time for an item so that annual total relevant cost is minimized.

  20. Optimal portfolio selection in a Lévy market with uncontrolled cash flow and only risky assets

    Science.gov (United States)

    Zeng, Yan; Li, Zhongfei; Wu, Huiling

    2013-03-01

    This article considers an investor who has an exogenous cash flow evolving according to a Lévy process and invests in a financial market consisting of only risky assets, whose prices are governed by exponential Lévy processes. Two continuous-time portfolio selection problems are studied for the investor. One is a benchmark problem, and the other is a mean-variance problem. The first problem is solved by adopting the stochastic dynamic programming approach, and the obtained results are extended to the second problem by employing the duality theory. Closed-form solutions of these two problems are derived. Some existing results are found to be special cases of our results.

  1. A new method to estimate risk and return of non-traded assets from cash flows: The case of private equity funds

    NARCIS (Netherlands)

    Driessen, J.; Lin, T.-C.; Phalippou, L.

    2008-01-01

    We develop a new GMM-style methodology with good small-sample properties to assess the abnormal performance and risk exposure of a non-traded asset from a cross-section of cash flow data. We apply this method to a sample of 958 mature private equity funds spanning 24 years. Our methodology uses actu

  2. Cash Flow Management and Financial Risk Control of Construction Companies%施工企业现金流量管理与财务风险控制

    Institute of Scientific and Technical Information of China (English)

    李良生

    2014-01-01

    The paper studied the cash flow management and financial risk control of construction business, proposed the project cash flow management ideas by analyzing the inherent relationship between individual project cash flow and the financial structure of construction corporate, and on this basis discussed the inter-temporal cash flow management in the state of sustainable growth, net operating capital financing and financial risk control.%本文对施工企业现金流量管理与财务风险控制进行了研究,通过分析单项工程现金流量与施工企业财务结构的内在关系,提出了项目现金流量管理思路,并在此基础上讨论了可持续增长跨期现金流量管理、净经营性营运资本筹资和财务风险控制问题。

  3. Finding Multiple Internal Rates of Return for a Project with Non-Conventional Cash Flows: Utilizing Popular Financial/Graphing Calculators and Spreadsheet Software

    Science.gov (United States)

    Chen, Jeng-Hong

    2008-01-01

    This study demonstrates that a popular graphing calculator among students, TI-83 Plus, has a powerful function to draw the NPV profile and find the accurate multiple IRRs for a project with non-conventional cash flows. However, finance textbooks or related supplementary materials do not provide students instructions for this part. The detailed…

  4. Finding Multiple Internal Rates of Return for a Project with Non-Conventional Cash Flows: Utilizing Popular Financial/Graphing Calculators and Spreadsheet Software

    Science.gov (United States)

    Chen, Jeng-Hong

    2008-01-01

    This study demonstrates that a popular graphing calculator among students, TI-83 Plus, has a powerful function to draw the NPV profile and find the accurate multiple IRRs for a project with non-conventional cash flows. However, finance textbooks or related supplementary materials do not provide students instructions for this part. The detailed…

  5. A Recovery Rate Model under Stochastic Cash Flow%随机现金流下的违约回收率模型

    Institute of Scientific and Technical Information of China (English)

    巴曙松; 覃川桃; 朱元倩

    2009-01-01

    违约回收率是信用风险管理的基础变量,债务人的财务状况是影响违约回收率的重要因素之一.当公司遇到财务困难时现金流的不确定性非常高,本文利用连续时间资产定价理论,研究了债务人随机现金流情况下的违约回收率,违约回收率是公司现金流状况的内生变量.违约回收率与公司现金流压力,现金流漂移率,公司违约区间相对长度正相关,与现金流波动率负相关.用四川大额不良贷款数据验证了模型结果.%Recovery Rate (RR) is the basic variable of credit risk management, which is influenced by the financial situation of the obligor. The cash flow is uncertainty when a corporate is faced with financial distress. Based on continuous-time asset pricing theory, this paper develops a RR model under the assumption of stochastic cash flows, where RR is determined endogenously by the corporate finance structure. Under our assumptions, recovery rate is positively correlated with the company's cash flow pressure, cash flow drift rate and corporate default interval relative length, negatively correlated with cash flow volatility. The results are empirically tested with data on Sichuan large sum non-performing loans.

  6. Estimating daily flow duration curves from monthly streamflow data

    CSIR Research Space (South Africa)

    Smakhtin, VU

    2000-01-01

    Full Text Available The paper describes two techniques by which to establish 1-day (1d) flow duration curves at an ungauged site where only a simulated or calculated monthly flow time series is available. Both methods employ the straightforward relationships between...

  7. 会计利润与现金流量的矛盾及其协调%Contradiction between Accounting Profits and Cash Flow and Its Coordination

    Institute of Scientific and Technical Information of China (English)

    曾璐; 孙玺

    2016-01-01

    会计利润和现金流量都是评价企业业绩的重要指标,两者既有联系又有区别,在现实中,企业的会计利润和现金流量的数量关系始终处在矛盾中,难以协调,容易给会计信息使用者做出决策带来迷惑.本文分别从利润表和现金流量表的勾稽关系、会计利润和现金流量的区别进行分析,并使用一家上市公司——方大集团的财务数据进行具体说明,提出当一家企业会计利润和现金流量不一致时,企业可以从制定合理的应收账款信用政策、加强存货管理控制、协调企业各项活动现金流量之间的比例、准确合理地计提各项资产减值准备、同步企业和税务局对损益的认定标准、提高企业会计人员的职业道德修养等方面采取措施.%Accounting profit and cash flow are the important indexes to evaluate enterprise performance, there are both connection and difference between the two. In real life, the number relation between accounting profit and cash flow in the enterprise is always in contradiction, it is difficult to coordinate them. So, it will bring the captivation for accounting information users to make decisions. This paper analyzes the statement checked relationship between the income statement and cash flow and the difference between accounting profit and cash flow and it uses the financial data of China Fangda Group Co., Ltd. which is a public company to carry out the detailed description. It is put forward that when the accounting profit and cash flow are not consistent, the enterprise can take measures from formulating the reasonable account receivable credit policy, strengthening the inventory management control, coordinating the cash flow ratio among the activities, accurately and reasonably withdrawing the provision for diminution in value, bringing the profits and losses standards of enterprises and the revenue into step, enterprise accounting personnel's professional ethics

  8. Factors Associated With the Risk of Acute Malnutrition Among Children Aged 6 to 36 Months in Households Targeted by an Emergency Cash Transfer Program.

    Science.gov (United States)

    Bliss, Jessica; Jensen, Nathan; Thiede, Brian; Shoham, Jeremy; Dolan, Carmel; Sibson, Victoria; Fenn, Bridget

    2016-07-11

    Assessing whether and how the expenditure of emergency cash transfer programs (CTPs) relates to child nutritional status is a necessary step for informed program design and targeting. We hypothesized that greater child food expenditures would have a protective effect against the risk of acute malnutrition in the context of a food crisis in Niger. We investigated the relationship between food and medical expenditures and acute malnutrition in children aged 6 to 36 months through an observational cohort study of 420 households enrolled in an emergency CTP in Niger. A Cox proportional hazards model was used to estimate the risk of acute malnutrition while adjusting for relevant child and household characteristics. Seventy-four (18% of the cohort) children developed acute malnutrition. The risk was 1.79 times higher among ill children than healthy children (hazard ratio [HR]: 1.79; 95% confidence interval [CI]: 1.10-2.92; P .05). Our findings highlight the importance of the health-related determinants of child undernutrition and suggest that a potential role of emergency CTPs may be to enable and promote health service access where services exist. They also indicate a need for more sustained poverty reduction and undernutrition prevention activities in concert with well-timed and strategic use of emergency interventions. © The Author(s) 2016.

  9. 自由现金流理论或自由现金流“悖论”--基于A股白酒行业的实证研究%Free Cash Flow Theory or Free Cash Flow Paradox---An empirical study based on liquor industry in A-share market

    Institute of Scientific and Technical Information of China (English)

    郑蓉; 蒲亚

    2014-01-01

    近年进入低成长期的白酒行业,不仅其价格的大起大落及相关政策的不断出台使其处于发展变化的风口浪尖上,而且其行业内部分公司所表现出的高自由现金流、高收益与“高派现”和谐并存的局面更是令我们疑惑不解:难道自由现金流理论在中国真的被推翻了?文章通过对2003年到2012年间白酒行业派现、自由现金流及代理成本的实证研究发现:尽管自由现金流水平的高低与企业的单位派现水平无显著相关性,但由于高自由现金流企业的派现意愿普遍更强,并且高股利支付率与企业的代理成本水平有显著负相关关系。即白酒行业的表现并未推翻自由现金流理论,只是国内上市公司股利支付水平普遍偏低,又缺乏高派现的内在动力,这才是导致自由现金流“悖论”假象产生的真正原因。%Application and interpretation of the theory of free cash flow must fit to some corresponding prerequisite, while both the external environment in Chinese stock market and corporate governance structure of domestic listed company do not fully meet these conditions. In recent years, some companies with high-yield and high free cash flow in the low-growth liquor industry have caused the public attention. Is the free cash flow theory ineffective in explaining the behavior of domestic enterprises? Based on the empirical study of the liquor industry's cash dividends, free cash flow and agency costs from 2003 to 2012, it can be concluded that there has not any significant correlation between the unit cash payment level and free cash flow. But the businesses with a high free cash flow generally has a relative stronger desire to pay cash dividend, and the high dividend payout ratio shows a significant negative correlation with the level of corporate agency costs. That proved that the free cash flow theory cannot be overthrown. It is just the low level of dividend payment in

  10. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  11. A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC versus traditional method

    Directory of Open Access Journals (Sweden)

    Mohammad Sadegh Arabi Ashtiani

    2013-08-01

    Full Text Available This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and fixed effect, the study performs regression analysis and the results confirm that there was a positive relationship between net profit measured by theory of constraints and cash flow and it can be effectively used for performance measurement.

  12. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    Directory of Open Access Journals (Sweden)

    Jalal Golmohammadi

    2015-12-01

    Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

  13. A Discounted Cash Flow variant to detect the optimal amount of additional burdens in Public-Private Partnership transactions.

    Science.gov (United States)

    Copiello, Sergio

    2016-01-01

    The Discounted Cash Flow method is a long since well-known tool to assess the feasibility of investment projects, as the background which shapes a broad range of techniques, from the Cost-Benefit Analysis up to the Life-Cycle Cost Analysis. Its rationale lies in the comparison of deferred values, only once they have been discounted back to the present. The DCF variant proposed here fits into a specific application field. It is well-suited to the evaluations required in order to structure equitable transactions under the umbrella of Public-Private Partnership. •The discount rate relies upon the concept of expected return on equity, instead than on those of weighted average cost of capital, although the latter is the most common reference within the scope of real estate investment valuation.•Given a feasible project, whose Net Present Value is more than satisfactory, we aim to identify the amount of the additional burdens that could be charged to the project, under the condition of keeping the same economically viable.•The DCF variant essentially deals with an optimization problem, which can be solved by means of simple one-shot equations, derived from financial mathematics, or through iterative calculations if additional constraints must be considered.

  14. Equity Value of Slovenian Publicly Traded Companies on the Basis of Discounted Free Cash Flows, 2006–2011

    Directory of Open Access Journals (Sweden)

    Aleš Trunk

    2013-01-01

    Full Text Available The purpose of the paper is to assess the equity value of Slovenianpublicly traded companies, before and after financial-economic crises,on the basis of discounted free cash flows to equity and to compare itwith market equity values of companies. The fundamental equity valueof the selected companies (25 is calculated by a two-stage model. Themethod of paired-samples t-tests did not confirm the hypothesis thatthe fundamental value of Slovenian publicly traded companies betterreflects market values currently in financial and economic crisis (2011as before (2006. However we found out that the market equity valueof companies in relation to the fundamental equity value of companiesis lower in 2011 than in 2006. Fundamental value of company isimportant for both management, as well as external stakeholders. Thewide variation in market and fundamental values are the basis for highvalue adjustments, which reduces confidence in the capital market.This has a negative impact on the operation of financial institutions,individual and companies investment. There are various models of thebasic calculations used in the model evaluation. This study shows theproblem of company valuation on small and emerging capital marketswith a short history of data.

  15. The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Omid Imani Khoshkhoo

    2013-12-01

    Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

  16. Corporate rent-seeking and the managerial soft-budget constraint: An incremental cash flow approach to some corporate governance issues

    OpenAIRE

    Apreda, Rodolfo

    2004-01-01

    This paper seeks to expand on two topical strands in Government Finance and Political Science literature, rent-seeking and the soft-budget constraint, so as to bring forth a strong linkage with corporate governance environments. It will attempt to accomplish this task by setting up a distinctive framework of analysis that hinges on incremental cash flows. Firstly, it claims that both rent-seeking behavior and the soft-budget constraint are worthy of being applied to corporate governance learn...

  17. Surveying the relationship between financial performance, free cash flow, capital structure as well as related or unrelated diversification in Tehran Stock Exchange

    OpenAIRE

    NEMATİ, Zahra; NONAHAL NAHR, Ali Akbar

    2015-01-01

    Abstract. This study, investigate the relationship between financial performances, free cash flow, capital structure and related and unrelated diversification. Test research hypotheses on 90 companies listed in Tehran Stock Exchange during the period 1386 to 1391 using the panel data show that diversification on firm performance by the index Q Tobin measure is effective and positive relationship between these two variables is significant and there are so related and unrelated diversification ...

  18. 电网公司现金流量预算管理初探%Study on the Cash Flow Budget Control in Power Grid Companies

    Institute of Scientific and Technical Information of China (English)

    朱华

    2012-01-01

    In the business management process, cash flow budget plays a fundamental role in capital allocation. Based on the actual situations in the power grid company's cash flow management and budget management, this paper discusses the concept, goal, and function of the cash flow budget management and other basic issues, summaries the typical problems involved in the implementation process, and proposes corresponding suggestions.%现金流量预算在业务管理过程中发挥着资金配置的基础作用。从电网公司资金管理和现金流量预算管理的实际情况出发,对电网企业正在推行的现金流量预算管理的相关概念、目标和作用进行了探讨,总结了推行过程中遇到的典型问题,并提出了解决问题的相关措施与建议。

  19. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  20. Research on Motivation Selection of Cash Flow Manipulation in Listed Companies%上市公司现金流操控动机选择研究

    Institute of Scientific and Technical Information of China (English)

    郭慧婷; 张俊瑞; 李彬

    2011-01-01

    Cash flow management is a new research topic on management fraud after earnings management. Based on previous research on cash flow threshold manipulation, this paper examines the managers'selection on cash flow thresholds by conditional distribution method, using statistics r and z to calculate frequency distribution and showing the results using histograms with the data from Chinese listed companies during 2004 - 2009, which include the analysts forecast value. According to the statistical results and distribution frequency histograms, it is found that there is hierarchy in the three thresholds selected by managers. That is the positive cash flow threshold is the most important, that is to say managers prefer to report the slight positive cash flow; the threshold of beyond previous period's cash flow is the second, and the threshold of analyst forecast is hard to find. This study also finds that managesr have multiple manipulation motivations, that is to say the managers are prone to make efforts to exceed another threshold when they have manipulated the cash flow to meet one threshold, which can be regarded "to be better".%对现金流管理的研究是继盈余管理后兴起的管理层舞弊行为研究.在已有关于现金流操控阈值点研究的基础上,以2004年至2009年有分析师预测值的中国上市公司为样本,运用条件分布法,采用统计变量Τ和z计算分布频率,并以分布频率直方图直观显示,分析上市公司在现金流量阈值点操控行为的动机选择.从统计结果和分布频率图可知,公司管理层对3个现金流阈值点确实存在不同选择.操控现金流微正的动机最强,即公司管理层更注重报告“微正”现金流量,其次是超越往年现金流量动机,而迎合分析师预测的动机最弱.研究还发现,管理层存在多重操控动机,即在控制已达到某一个阈值点之后,公司管理层更倾向达到另一个阈值点,存在“好上加好”的心理.

  1. Cash efficiency for bank branches.

    Science.gov (United States)

    Cabello, Julia García

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

  2. Free Cash Flow and Mutual Fund Smart Money Effect%自由资金流动与基金智钱效应研究

    Institute of Scientific and Technical Information of China (English)

    申宇

    2015-01-01

    Over-marketing phenomena may exist in Chinese mutual fund market. We control cash flow of marketing effect and construct the free cash flow index( FCF) to study the smart money effect. Choosing the Chinese open-ended funds data from 2005 to 2012 and using Carhart four fac-tors model to adjust investment risk, we find that the yearly excess return of free cash inflows funds portfolios is 5. 2%—6. 6%, which outperformance 2. 3%—4. 9% than free cash outflow funds. This result confirms smart money effect exists in Chinese funds market. Considering the momturm effect and size effect, we set the static and dynamic panel data model, the results show that FCF is positive correlated with funds return in statistic and free cash flow increase 1 unit, funds return in-crease 4—13 bits. Further result shows that funds private information and depth index of asset allo-cation may account for mutual fund smart money effect.%本文构建基金营销与正常资金流动模型,修正我国基金自由资金流动指标,研究基金的智钱效应。选取2005—2012年的开放式基金数据,采用Carhart四因子模型对基金投资组合的研究发现,我国基金市场存在明显的智钱效应,自由资金流入的组合每年超额收益为5.2%—6.6%,比自由资金流出组合收益率显著高出2.3%—4.9%。固定效应和系统GMM模型结果表明,自由资金流动与基金业绩显著正相关,自由资金每提高1%,基金业绩提高0.04%—0.13%。进一步的研究发现,自由资金流动显著提高了基金资产配置的私有信息含量,也增加了基金资产组合投资的深度,本文的研究为智钱效应的原因提供了一种可能的解释。

  3. 我国银行类上市公司现金流量表分析%Our bank listing corporation cash flow analysis

    Institute of Scientific and Technical Information of China (English)

    董文杰; 毛春梅

    2014-01-01

    目前我国A股市场中严格以银行类上市公司有16家,通过对其中的四家公司2013年度的现金流量表进行结构分析,使用报表的数据来源于国泰安数据库,文章通过本期的现金流入、流出和结余情况,利用公式比率分析方法,选取一些指标,并对其进行估计和评价该银行的资产的流动性、获取现金能力和发展能力。%At present, China's A share market strictly to bank listing corporation 16, carries on the structure analysis of the four company one of the 2013 annual cash flow statement, using the report data from the Tai'an database, we through this period cash inflow, outflow and balances, analysis using the formula ratio, selecting some index, and makes evaluation and liquidity, the evaluation of the bank's assets to obtain cash ability and development ability of the.

  4. Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

    Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

  5. Research on the Supply Chain Coordination of Cash Flow Controlling in Context of Time-sensitive Demand%时间敏感型供应链的资金流协同问题研究

    Institute of Scientific and Technical Information of China (English)

    陈书智; 关旭; 马士华

    2011-01-01

    This paper briefly analyzes the concept of supply chain cash flow service provider and the effect of them in suppl chain cash flow operation. Considering a situation in a time-sensitive supply chain, the manufacturer could not achieve the optimal purchase and production decition due to the financial constraint. With the involvement of cash flow service provider, manufacturer can increase the purchase and production quantities by raising funds from the cash flow service providers. Firstly, the two-stage Stackelberg model about dynamic interactive decision-making behaviors between manufacturer and cash flow service provider is analyzed. Then an improved operation model that ensures the supply chain profits optimized through the way of effective cash flow controlling by cash flow service provider. Finally,a simulation example shows the effectiveness of the conclusion.%考虑在一个时间敏感型的供应链环境中,市场需求由制造商的承诺交货时间来确定.制造商由于自身资金有限无法实现最优的采购和生产决策,因此需要向资金流服务商贷款来增加其采购和生产的数量.在此模式下,首先分析了制造商和资金流服务商在主从博弈情况下各自的最优选择;然后提出改进模式:资金流服务商通过对供应链资金流的控制,促使供应链的整体收益达到最大.研究结果证明,快速地为企业提供资金支持能够有效增大供应链整体绩效.

  6. MONTHLY AVERAGE FLOW IN RÂUL NEGRU HYDROGRAPHIC BASIN

    Directory of Open Access Journals (Sweden)

    VIGH MELINDA

    2014-03-01

    Full Text Available Râul Negru hydrographic basin represents a well individualised and relatively homogenous physical-geographical unity from Braşov Depression. The flow is controlled by six hydrometric stations placed on the main collector and on two of the most powerful tributaries. Our analysis period is represented by the last 25 years (1988 - 2012 and it’s acceptable for make pertinent conclusions. The maximum discharge month is April, that it’s placed in the high flow period: March – June. Minimum discharges appear in November - because of the lack of pluvial precipitations; in January because of high solid precipitations and because of water volume retention in ice. Extreme discharge frequencies vary according to their position: in the mountain area – small basin surface; into a depression – high basin surface. Variation coefficients point out very similar variation principles, showing a relative homogeneity of flow processes.

  7. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    KABAKÇI, Ali

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  8. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    Ali KABAKÇI

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  9. Evaluation of Investment in Renovation to Increase the Quality of Buildings: A Specific Discounted Cash Flow (DCF Approach of Appraisal

    Directory of Open Access Journals (Sweden)

    Giuseppe Bonazzi

    2016-03-01

    Full Text Available The objective of this article is to develop and apply a specific discounting cash flow (DCF approach to evaluate investment in renovation to improve building quality, thus increasing energy efficiency. In this article, we develop and apply a specific net present value (NPV and an internal rate of return (IRR approach to quantify the value created for the owners of the building by the investment in renovation via energy-saving investments that produce positive externalities. The model has an applied interest because, in recent years, a lot of investments in real estate were made by owners in order to increase the green quality of the buildings, and several funds of public aid were provided by the government to stimulate these energy-saving investments. The model proposed here is applied to a case study of a 16-apartment building located in northern Italy considers the model attempts to quantify the initial investment value, the energy savings, the tax deduction of the initial investment and the terminal value of the investment as the increase in building value. The analysis shows that the model is consistent in evaluating investments to improve building quality, and investments within the context of the specific case study considered in the research have IRRs ranging from a minimum of 4.907% to a maximum of 12.980%. It could even be useful to consider a sample of cases to verify whether our results are representative of this specific case study. The model could represent a useful tool for consumers in evaluating their own investments in building renovation, from a stand-alone perspective and even by comparing them with other types of investment. The research could be developed in the future to quantify the social welfare generated by public spending via tax deductions to reduce the costs of investment in energy savings for buildings and could even be applied to new real estate projects in comparing different construction technologies and even

  10. Inflation, operating cycle, and cash holdings

    Institute of Scientific and Technical Information of China (English)

    Yanchao; Wang; Yu; Ji; Xu; Chen; Chunlei; Song

    2014-01-01

    A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash.At the macrolevel,firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation.At the microlevel,the operating cycle,which indicates the speed and turnover of corporate cash flow,also influences the corporate cash-holding strategy.Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment,which is referred to as the cash adjustment strategy.We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period.Consistent with our predictions,the empirical results indicate a significant negative association between cash holdings and the CPI,but the relationship is reversed when the CPI reaches a certain level.There is also a U-shaped relationship between operating cycle and cash holdings,and this relationship is similarly influenced by changes in the inflation level.In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously,our findings supplement the literature on firms’cash-holding strategies and provide theoretical and practical implications.

  11. Monthly to seasonal low flow prediction: statistical versus dynamical models

    Science.gov (United States)

    Ionita-Scholz, Monica; Klein, Bastian; Meissner, Dennis; Rademacher, Silke

    2016-04-01

    While the societal and economical impacts of floods are well documented and assessable, the impacts of lows flows are less studied and sometimes overlooked. For example, over the western part of Europe, due to intense inland waterway transportation, the economical loses due to low flows are often similar compared to the ones due to floods. In general, the low flow aspect has the tendency to be underestimated by the scientific community. One of the best examples in this respect is the facts that at European level most of the countries have an (early) flood alert system, but in many cases no real information regarding the development, evolution and impacts of droughts. Low flows, occurring during dry periods, may result in several types of problems to society and economy: e.g. lack of water for drinking, irrigation, industrial use and power production, deterioration of water quality, inland waterway transport, agriculture, tourism, issuing and renewing waste disposal permits, and for assessing the impact of prolonged drought on aquatic ecosystems. As such, the ever-increasing demand on water resources calls for better a management, understanding and prediction of the water deficit situation and for more reliable and extended studies regarding the evolution of the low flow situations. In order to find an optimized monthly to seasonal forecast procedure for the German waterways, the Federal Institute of Hydrology (BfG) is exploring multiple approaches at the moment. On the one hand, based on the operational short- to medium-range forecasting chain, existing hydrological models are forced with two different hydro-meteorological inputs: (i) resampled historical meteorology generated by the Ensemble Streamflow Prediction approach and (ii) ensemble (re-) forecasts of ECMWF's global coupled ocean-atmosphere general circulation model, which have to be downscaled and bias corrected before feeding the hydrological models. As a second approach BfG evaluates in cooperation with

  12. The Investment-Cash Flow Sensitivity of Internet Innovation%互联网式创新的投资-现金流敏感性研究

    Institute of Scientific and Technical Information of China (English)

    白骏骄; 李芮

    2015-01-01

    互联网企业创新投入的不确定性非常强,因而内部现金流的支持非常重要。不同模式创新的投资-现金流敏感性不同。狭义的互联网式创新不同于传统的科技式创新,主要以商业模式创新为主,这种创新形式的特殊性决定了其创新投资与现金流敏感性的独特关系。根据系统GM M法,上市互联网企业的创新投资与现金流之间存在显著正向关系,而且不同创新模式具有不同的创新投资-现金流敏感性,中外互联网企业的资金使用情况也有所不同。在互联网式创新理论分析和实证数据检验的基础上,应当看到中国目前典型的互联网式创新在利用现金流和中国人力资源等方面的优势,通过基础设施、政策法规、人才培养、管理体制四个方面,加快发展中国式互联网创新。%Internet companies'investment on innovation of is supported by cash flow .But different innovation models have distinct Innovative investment‐cash flow sensitivities . T he narrow definition of internet innovation is one kind of business model innovation and systematically differentiated with the technical innovation .Based on system GMM method ,publicly traded Internet firms have positive relation between innovative investment and cash flow and the difference between two models of internet innovations .Based on the internet innovation theory and empirical analysis ,it is clear that the China's unique version of internet innovation is good at using its current advantage in cash and human capital and other areas ,which further suggested that China should actively facilitate Internet innovation with stronger basic facilities ,law s regulations ,and human resources .

  13. Cash planning in community mental health agencies.

    Science.gov (United States)

    Williams, E

    1976-01-01

    Community mental health agencies often receive funds from a number of different sources with varying restrictions. Cash planning can help them manage these funds properly and avoid serious problems. The use of a projected cash flow statement may even help produce additional income for them.

  14. 自由现金流代理成本假说还是过度自信假说?——中国上市公司投资——现金流敏感性的实证研究%Free Cash Flow Agency Hypothesis or Managerial Overconfidence Hypothesis:Empirical research on Investment-cash Flow Sensitivities of Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    李云鹤; 李湛

    2011-01-01

    As one of the more focus issues of corporate finance today, corporate investment cash flow sensitivity is the important manifestation of corporate inefficiency capital allocation, and it also reflects the governing efficiency of corporate governance. There are two main different explanations to corporate investment-cash flow sensitivity from perspective of managerial behavior; those are Free Cash Flow Agency Cost Hypothesis and Managerial Overconfidence Hypothesis. However, the existing researches on corporate investment-free cash flow sensitivity are most tested from one angel of managerial behavior, as from managerial agency or managerial overconfidence, and the testing results are all significant. This makes the improvement of corporate governance which was designed on managerial behavior in trouble. So, it is essential for distinguishing the managerial behavior drivers of corporate investment-cash flow sensitivity.The paper grouped the China' s listed firm sample by making pair of the indexes of corporate free cash and firm growth, that is, the group charactering with higher free cash flow and lower growth opportunities will be more likely trapped by managerial agency, then, we definite such the group as free cash flow agency cost group; meanwhile, the group charactering with higher free cash flow and higher growth opportunities will be more likely trapped by managerial overconfidence, then, we definite such group as the managerial overconfidence group. Hereafter, we distinguish the two hypothesizes by empirically testing the hypothesis of free cash flow managerial agency cost and managerial overconfidence based on the structured empirical model.The testing outcomes indicate that the relationship between the cash flow and overinvestment is positive, and the relationship between managerial overconfidence and overinvestment is also positive, and the relationship is invariant even it being tested in the mixed model of the cash flow agency cost and managerial

  15. 公司治理视角下自由现金流持有水平研究%Research on Free Cash Flow Holding under the Perspective of Corporate Governance

    Institute of Scientific and Technical Information of China (English)

    刘想; 刘银国; 张琛

    2014-01-01

    自由现金流的持有会受到公司治理相关因素的影响。文章利用自由现金流持有水平在公司治理因素影响下的调整模型,以2003-2012年沪深两市639家上市公司的平衡面板数据为样本,就企业不同的公司治理因素如何影响自由现金流的持有水平进行实证检验。研究结果显示,我国上市公司自由现金流持有水平与最佳持有量存在一定差距;自由现金流持有水平的调整与企业投资水平、第一大股东持股比例呈正相关关系,与融资约束程度呈负相关关系;非国有企业的自由现金流持有水平调整速度快于国有企业。本文的研究可为企业确定最佳自由现金流持有水平并提高其使用效率提供参考。%Free cash flow holding is affected by corporate governance factors .T his paper uses the mod‐el of free cash flow holding under the influence of corporate governance factors ,selects 639 listed com‐panies in Shanghai and Shenzhen stock market in 2003~2012 as balance panel data ,and empirically tests how the different corporate governance factors affect the free cash flow holding .The results show that there is a gap between the free cash flow holding in Chinese listed companies and the best free cash flow holding ,the free cash flow holding adjustment is positively related with corporate in‐vestment level and the ratio of the largest shareholder and is negatively related with financial con‐straint ,and non‐state‐owned enterprise's free cash flow holding adjustment speed is faster than that of state‐owned enterprise .The research of this paper provides reference for the enterprise to determine the best free cash flow holding and improve the use efficiency .

  16. 高管激励与现金流操控关系及调节作用研究%Research on the Relationship between Senior Executive Incentive and Cash flow Manipulation and Its Moderating Effect

    Institute of Scientific and Technical Information of China (English)

    郭慧婷; 张俊瑞; 李彬

    2015-01-01

    This paper explores the reasons of cash flow manipulation from the perspective of senior executive incentive of list⁃ed companies, and classifies senior executive incentive into explicit incentive and implicit incentive. Meanwhile, the paper, taking three types of report motivation of cash flow manipulation as moderating variables, probes into whether the relationship between senior executive incentive and cash flow manipulation will be affected by the report motivation factors. After making an empirical test on the data of Chinese A-share market from 1999 to 2012, we find that senior executive incentive stimulates cash flow manipulation, the proportion of senior incentive shareholding restrains cash flow manipulation, implicit gains of se⁃nior executive reduce cash flow manipulation, and companies with a high senior executive turnover rate breed easily cash flow manipulation. We also notice that three types of report motivation moderate the relationship between senior executive incentive and cash flow manipulation significantly.%文章从上市公司高管激励的视角探求公司现金流操控行为产生的原因,具体将高管激励划分为显性激励和隐性激励,同时以现金流操控的三类报告动机为调节变量,探究高管激励与现金流操控的关系是否受到报告动机因素的干扰。通过对我国A股上市公司1999-2012年数据实证检验,发现高管薪酬刺激了现金流操控,高管持股比例能抑制现金流操控,高管隐性收益减少现金流操控,频繁的高管变更易滋生现金流操控;三类报告动机均显著调节了高管激励与现金流操控的关系。

  17. 基于本体归集的全凭证域现金流量表制作模型设计%Cash Flow Model from All of Vouchers Based on Ontology Attribution

    Institute of Scientific and Technical Information of China (English)

    郭星明; 陈开军; 胡玲敏; 何勇

    2012-01-01

    由于权责发生制会计分录会在转账中改变现金的最终实际流向,因此,有必要对全部的会计分录实施全凭证域现金流量分析.借助复式记账的借贷平衡结构和现金流量表本身的勾稽关系,设计建立“经营类、投资类、筹资类和汇率变动现金流量进出”模型和“经营活动产生现金流量净额与净利润间调整”模型,可以实现现金流量表及其附表项目的全部凭证直接法归集.在本体中间件理论及方法的支持下,能够通过表及其谓词演算的快速定义,实现现金流量表项目的归集,进而实现电算化操作,并能够随时查询和分析归集结果,从而能有效跟进企业经营业务的变化,实现对现金流量的控制运筹.%The conformation of cash flow table must be taken from all of vouchers because transferring accounting entries will change the final actual cash flow in the accrual. With the help of double-entry bookkeeping and cash flow structure, the model of cash flow turnover about "business, investment,financing and exchange rate changing" and the model of adjustment between "net income and net cash flows from business" were established,which can implement all the project in cash flow statement and its schedule from all of vouchers directly. With the theory and methods of ontology middleware, the conformation of cash flow statement is able to be quickly defined and operated by the table and its predicate calculus, and can be always checked or dissected to effectively follow up on business management in the control of cash flow.

  18. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

  19. The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

    OpenAIRE

    Guo, Yi

    2013-01-01

    Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

  20. 浅谈现金流量表与企业财务状况%Cash Flow Statement and Enterprises' Financial Situations

    Institute of Scientific and Technical Information of China (English)

    辛利清

    2012-01-01

    现金流量表是企业一定期间的经营活动、投资活动的动态财务报表,也是世界上通行的主要会计报表之一。是分析企业财务管理水平和制定营运资金计划,以加强财务管理和用好资金的重要依据。%The cash flow statement is the dynamic financial statement of the business and investment activities of enterprises in a certain period and one of the major accounting statements in the world.It is an important basis to analyze the levels of financial management of enterprises and to make plans of operating funds to enhance financial management and make better use of the operating funds.

  1. Straight talk: new approaches in healthcare. Are you ready to send HIPPA-compliant transactions? Your cash flow is at stake. Panel discussion.

    Science.gov (United States)

    Barrett, Lee B; Hanks, Tom; Zubeldia, Kepa; Cramer, Richard

    The deadlines are looming for compliance with the transaction and code set requirements set forth in the Health Insurance Portability and Accountability Act of 1996 (HIPAA). If your hospital filed for an extension in October 2002, you need to begin testing transactions by April 2003 and sending transactions by October 2003. But don't rely on your technology vendors to give you the ability to send compliant transactions. While vendors can provide the correct computer data format, they can't gather the correct information. If you can't send a compliant transaction, the Centers for Medicare and Medicaid Services could reject your claims, drying up a big percentage of your cash flow.

  2. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    OpenAIRE

    Irene Clara Pisón Fernández; Félix Puime Guillén; Miguel Ángel Crespo Cibrán

    2015-01-01

    En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégi...

  3. Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

    Directory of Open Access Journals (Sweden)

    Irene Clara Pisón Fernández

    2015-06-01

    Full Text Available En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégico dentro de la economía española de las próximas décadas.

  4. The research of investment-cash flow sensitivities:literature review%投资现金流敏感性研究:国内外文献综述

    Institute of Scientific and Technical Information of China (English)

    郭强

    2011-01-01

    The investment-Cash flow sensitivities are the focus of theoretical research of the modern enterprises to invest.This paper reviews the relevant literature of the investment-cash flow sensitivities,introduces theoretical basis of the research,then presents the direction,the empirical model,the motivation and the quantitative methods of the investment-cash flow sensitivities and finally mades recommendations on the research of the investment-cash flow sensitivities to provide reference for further research.%投资现金流敏感性研究是现代企业投资理论研究的热点。本文通过回顾投资现金流敏感性研究的国内外相关文献,主要介绍了投资现金流敏感性研究的理论基础,研究的方向、采用的实证模型以及动因甄别方法和计量方法,最后对投资现金流敏感性分析提出建议,以期对进一步的相关研究提供参考。

  5. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2011-01-01

    Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

  6. 基于财务报表项目的现金流量信息挖掘分析%Cash Flow Information Mining Analysis Based on the Items of the Financial Statements

    Institute of Scientific and Technical Information of China (English)

    许存兴

    2014-01-01

    针对现有企业现金流量信息分析的局限,拟从报表项目中挖掘现金流量信息。通过选取2010年1593家公司作为研究样本,利用资产负债表、利润表和现金流量表财务数据,构建现金流净额与资产负债报表和利润报表各项目之间的多元回归模型,并通过模型的拟合优度检验、模型的显著性检验和回归系数的显著性检验,得出货币资金等15个项目影响现金流净额的结论。%The cash flow information is excavated from the report Items because of the limitations of existing business cash flow analysis. 1593 Companies are selected as the study sample. Multiple regression models are built between the net cash flow and Items of statements of assets and liabilities and profit report through the financial data of balance sheet, income statement and cash flow. The model is tested by the model goodness of fit and significance and significance of the regression coefficient. It is conclusion that the net cash flow is affected by monetary funds and so on.

  7. Free Cash Flow, Control Structure and Investment%自由现金流、控制结构与投资——对A股和香港上市公司的比较研究

    Institute of Scientific and Technical Information of China (English)

    赵中伟

    2011-01-01

    文章从控制结构和市场环境角度对A股和香港上市公司的投资一现金流敏感性作了比较研究。本文的研究发现,A股和香港上市公司的投资与自由现金流存在显著的正相关关系。控制结构是投资一现金流敏感性的影响因素,多数制衡控制、多数独占控制和少数状态依存控制结构的投资一现金流敏感性依次增加。处在不同的市场环境中,投资一现金流敏感性水平也会表现出差异。香港本地股的投资与自由现金流之间的相关关系最强,其次为A+H股和A股。%The paper makes a comparative study of the investment-cash flow sensitivities of listed firms in A and Hong Kong market in terms of control structure and market environment. The result shows that there is a high positive correlation between the investment and the cash flow of listed firms in A and Hong Kong market. Control structure is an influence factor of the investment-cash flow sensitivities. The investment-cash flow sensitivities of majority balanced control, majority monopolistic control and minority contingent control increases in turn. Sorted by market environment, the correlation between the investment and the cash flow of Hong Kong local firms is the highest, and the one of A + H Stock is higher than the one of A stock.

  8. Optimization of Cash Flow and Enhancement of the Value-adding Ability of Small Enterprises%优化现金流程,提升小微企业增值能力

    Institute of Scientific and Technical Information of China (English)

    顾新莲; 张冰

    2014-01-01

    现金流犹如人体的血液贯穿于生产经营的各个环节,维系着企业的生存和发展。不同的现金流模式会产生不一样的经济效果,而流程的优化不仅可减少现金在运转路途中的漏损、控制现金流风险并及时预警,更有利于实现企业资源最佳配置,最大限度地创造价值。为此,作为在国民经济中占有重要地位的小微企业,应从现金流战略目标与日常控制等方面入手,不断优化现金流程,提升自身增值能力,为经济社会持续、有效的发展服务。%Cash flow,as blood running in human being,has played an important and basic role in keeping enterprises surviving and developing. Different cash-flow patterns could excert influence in different ways,yet an optimized process can not only considerably reduce loss of cash in operation,get the risks involved under control and give timely warnings,but also help enterprises best allocate their resources and create value as much as possible. As a result,as an important part of na-tional economy,small businesses are supposed to optimize their cash-flow process and improve their value-adding ability by means of setting the strategic objectives of cash flow and bettering daily management,so as to serve the sustainable and ef-fective development of our economic society.

  9. 延迟支付方式下的供应链现金流风险模型%A Cash Flow Risks Model of Supply Chain under Conditions of Permissible Delay in Payments

    Institute of Scientific and Technical Information of China (English)

    张保银; 车佳玮

    2014-01-01

    Based on cash conversion cycle theory, the model of cash flow risks caused by late collection of the manufacturer which is in the middle position of a closed supply chain system was established.Each payment was set and the discount rate was added to improve cash flow model.Meanwhile, cost of sales ratio represented costs.When the optimal model of net cash inflow was set up, the corresponding of proportion of each payment, cash discounts and discount rate could be obtained;and their rela-tions could also be analyzed.It is suggested that if the cost of sales ratio is constant and the company determines the proportion of each payment, in accordance with a net cash inflow of risk minimization analysis, there will be some corresponding cash discounts and discount rates.Cash discounts and installments payment ratio are positively correlated but with a steeper changes.The higher the cost, the more stringent payment terms enterprises require.%基于现金循环周期理论,针对封闭供应链系统中间位置的制造商,建立了其应收账款延迟支付下的现金流风险模型。设定每期付款比例和加入贴现率以改善现金流模型,并引入销售成本率表示成本。以净现金流入风险最小为目标,得到由每期付款比例、现金折扣和贴现率组成的解集,并分析其变化关系。研究表明,销售成本率一定,当企业确定每期支付比例时,在净现金流入风险最小的约束下,以一定的现金折扣和贴现率与之对应。现金折扣与每期付款比例正相关,且其变动幅度更大,成本越高,企业要求的付款条件越苛刻。

  10. The REFANI-N study protocol: a cluster-randomised controlled trial of the effectiveness and cost-effectiveness of early initiation and longer duration of emergency/seasonal unconditional cash transfers for the prevention of acute malnutrition among children, 6-59 months, in Tahoua, Niger.

    Science.gov (United States)

    Sibson, Victoria L; Grijalva-Eternod, Carlos S; Bourahla, Leila; Haghparast-Bidgoli, Hassan; Morrison, Joanna; Puett, Chloe; Trenouth, Lani; Seal, Andrew

    2015-12-23

    The global burden of acute malnutrition among children remains high, and prevalence rates are highest in humanitarian contexts such as Niger. Unconditional cash transfers are increasingly used to prevent acute malnutrition in emergencies but lack a strong evidence base. In Niger, non-governmental organisations give unconditional cash transfers to the poorest households from June to September; the 'hunger gap'. However, rising admissions to feeding programmes from March/April suggest the intervention may be late. This cluster-randomised controlled trial will compare two types of unconditional cash transfer for 'very poor' households in 'vulnerable' villages defined and identified by the implementing organisation. 3,500 children (6-59 months) and 2,500 women (15-49 years) will be recruited exhaustively from households targeted for cash and from a random sample of non-recipient households in 40 villages in Tahoua district. Clusters of villages with a common cash distribution point will be assigned to either a control group which will receive the standard intervention (n = 10), or a modified intervention group (n = 10). The standard intervention is 32,500 FCFA/month for 4 months, June to September, given cash-in-hand to female representatives of 'very poor' households. The modified intervention is 21,500 FCFA/month for 5 months, April, May, July, August, September, and 22,500 FCFA in June, providing the same total amount. In both arms the recipient women attend an education session, women and children are screened and referred for acute malnutrition treatment, and the households receive nutrition supplements for children 6-23 months and pregnant and lactating women. The trial will evaluate whether the modified unconditional cash transfer leads to a reduction in acute malnutrition among children 6-59 months old compared to the standard intervention. The sample size provides power to detect a 5 percentage point difference in prevalence of acute malnutrition between trial

  11. 浅析中小型建筑施工企业现金流的管理%Analysis on Management of Cash Flow in Small and Medium Construction Enterprises

    Institute of Scientific and Technical Information of China (English)

    张新成

    2016-01-01

    近年来中小型建筑施工企业因现金流的管理困局致使其资金链断裂的现象引起关注。文章在探析中小型建筑施工企业现金流特点基础上,分析其现金流管理中存在着项目过程占用资金较高以致形成大量资金沉淀,盲目追求项目数量及规模导致经营现金流为负数,现金流预算制度不健全,应收账款占用资金比重较大,融资能力不足等问题;最后提出了明确项目承接底线从源头防范资金风险,强化现金流预算管控,加强结算计量管理,提高结算效益等优化建议。%In recent years, the phenomenon of capital chain rupture of small and medium-sized construction enterprises caused by the management predicament of cash flow has been concerned. Based on the analysis of the characteristics of cash flow in small and medium-sized construction enterprises, this paper analyzes the problems in the process of cash flow management, such as the project process takes up a lot of money and forms the large funds precipitation, the blind pursuit of the number and size of the project makes the operating cash flow is negative, the cash flow budget system is not perfect, accounts receivable occupies a large proportion of funds, inadequate financing and other issues. Finally, the measure of preventing financial risks from project undertaking line is put forward to strengthen the control of cash flow budget management, strengthen the settlement measurement management and improve settlement efficiency.

  12. Management pay-performance sensitivity, internal cash flow and investment behavior: A test of the free cash flow theory and asymmetric information theory%管理层业绩报酬敏感度、内部现金流与企业投资行为——对自由现金流和信息不对称理论的一个检验

    Institute of Scientific and Technical Information of China (English)

    支晓强; 童盼

    2009-01-01

    The relationship between investment and financing,the two basic components of corporate finance,is of significant interest to researchers and practitioners alike.The free cash flow hypothesis and asymmetric information hypothesis are two important theories to explain the relationship between investment expenditure and cash flow.In this paper,we examine how consistency between the interests of management and shareholders influences investment-cash flow sensitivity,and how the nature of the controlling shareholder influences this relationship,so as to analyze how much the free cash flow hypothesis and asymmetric information hypothesis can explain the practice of investment and financing in China.We use pay-performance sensitivity as a proxy for the degree of consistency between shareholders and management interests.We find that investment-cash flow sensitivity is affected not only by financial constraints that caused by asymmetric information,but also by the shareholder-manager agency problem.It is found that the asymmetric information theory has more explanatory power than the shareholder-manager agency theory.In addition,the relationship between investment-cash flow sensitivity and pay-performance sensitivity is affected by the nature of controlling shareholders.Specifically,in the state-owned enterprises,the investment-cash flow sensitivity is mainly ascribed to information asymmetry problems,but in the non-state-owned enterprises,the investment-cash flow sensitivity mainly results from free cash flow.%作为企业理财行为中的两大重要组成部分,企业投资和融资行为之间的关系一直备受理论与实务界人士的关注.自由现金流假说和信息不对称假说是解释企业投资支出与现金流之间关系的两种重要理论.我们考察了管理层与股东利益的拉近程度对投资现金流敏感度的影响,以及控股股东性质对这一关系的影响,从而分析了自由现金流假说和信息不对称假说对我

  13. L’impact de l’affectation du free cash flow sur la création de valeur actionnariale : le cas de la politique d’endettement et de dividendes des entreprises françaises cotées

    OpenAIRE

    Thierry Poulain-Rehm

    2005-01-01

    (VF)Selon la théorie du free cash flow, l’endettement, tout comme la distribution de dividendes, en réduisant le free cash flow, permettraient de limiter le pouvoir discrétionnaire des dirigeants, et contribueraient à la création de valeur actionnariale. Cette théorie est infirmée par cette recherche selon laquelle l’affectation du free cash flow au service du remboursement de la dette exerce une influence négative, statistiquement significative, sur la richesse des actionnaires. Dans le même...

  14. Flow Durations, Low-Flow Frequencies, and Monthly Median Flows for Selected Streams in Connecticut through 2005

    Science.gov (United States)

    Ahearn, Elizabeth A.

    2008-01-01

    Flow durations, low-flow frequencies, and monthly median streamflows were computed for 91 continuous-record, streamflow-gaging stations in Connecticut with 10 or more years of record. Flow durations include the 99-, 98-, 97-, 95-, 90-, 85-, 80-, 75-, 70-, 60-, 50-, 40-, 30-, 25-, 20-, 10-, 5-, and 1-percent exceedances. Low-flow frequencies include the 7-day, 10-year (7Q10) low flow; 7-day, 2-year (7Q2) low flow; and 30-day, 2-year (30Q2) low flow. Streamflow estimates were computed for each station using data for the period of record through water year 2005. Estimates of low-flow statistics for 7 short-term (operated between 3 and 10 years) streamflow-gaging stations and 31 partial-record sites were computed. Low-flow estimates were made on the basis of the relation between base flows at a short-term station or partial-record site and concurrent daily mean streamflows at a nearby index station. The relation is defined by the Maintenance of Variance Extension, type 3 (MOVE.3) method. Several short-term stations and partial-record sites had poorly defined relations with nearby index stations; therefore, no low-flow statistics were derived for these sites. The estimated low-flow statistics for the short-term stations and partial-record sites include the 99-, 98-, 97-, 95-, 90-, and 85-percent flow durations; the 7-day, 10-year (7Q10) low flow; 7-day, 2-year (7Q2) low flow; and 30-day, 2-year (30Q2) low-flow frequencies; and the August median flow. Descriptive information on location and record length, measured basin characteristics, index stations correlated to the short-term station and partial-record sites, and estimated flow statistics are provided in this report for each station. Streamflow estimates from this study are stored on USGS's World Wide Web application 'StreamStats' (http://water.usgs.gov/osw/streamstats/connecticut.html).

  15. 现金流量法在海域使用权价值评估中的应用%Application of Cash Flow Methodology in Evaluating the Right of Sea Use

    Institute of Scientific and Technical Information of China (English)

    徐伟; 梁湘波; 岳奇

    2011-01-01

    The paper in applies the FCFF evaluation principles the valuating the right of use sea, and conducts such an evaluation of a dock basin. For the purpose of matching the discount rate with the cash flow, the calculation method of cash flow is adjusted.%将企业自由现金流量价值评估的原理应用于海域的使用权价值评估,对某港池的海域使用权价值进行了评估。为使折现率与现金流量相匹配,对现金流量的计算方法进行了调整。

  16. Quantifying the value of investing in distributed natural gas and renewable electricity systems as complements: Applications of discounted cash flow and real options analysis with stochastic inputs

    Energy Technology Data Exchange (ETDEWEB)

    Pless, Jacquelyn; Arent, Douglas J.; Logan, Jeffrey; Cochran, Jaquelin; Zinaman, Owen

    2016-10-01

    One energy policy objective in the United States is to promote the adoption of technologies that provide consumers with stable, secure, and clean energy. Recent work provides anecdotal evidence of natural gas (NG) and renewable electricity (RE) synergies in the power sector, however few studies quantify the value of investing in NG and RE systems together as complements. This paper uses discounted cash flow analysis and real options analysis to value hybrid NG-RE systems in distributed applications, focusing on residential and commercial projects assumed to be located in the states of New York and Texas. Technology performance and operational risk profiles are modeled at the hourly level to capture variable RE output and NG prices are modeled stochastically as geometric Ornstein-Uhlenbeck (OU) stochastic processes to capture NG price uncertainty. The findings consistently suggest that NG-RE hybrid distributed systems are more favorable investments in the applications studied relative to their single-technology alternatives when incentives for renewables are available. In some cases, NG-only systems are the favorable investments. Understanding the value of investing in NG-RE hybrid systems provides insights into one avenue towards reducing greenhouse gas emissions, given the important role of NG and RE in the power sector.

  17. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  18. 论现金流量表在企业财务分析中的作用%On the Role of Cash Flow Statement for Financial Analysis

    Institute of Scientific and Technical Information of China (English)

    卢雪英

    2011-01-01

    In the past we often use a single financial ratios analysis method when we evaluate and analysis financial statements.However,the simple contrast cannot give good explanation.Therefore,it is necessary to introduce a cash flow statement analysis for the financial analysis for a more accurate reflection of the company's financial position and operating yields.We tried to discuss views on this issue.%对财务报表进行分析评价时,以往我们常常采用单一的财务比率分析的方法,简单对照并不能很好地说明问题。因此,在财务分析时很有必要引入现金流量表分析来作为财务分析的补充,以便更加确切地反映企业的财务状况和经营成果。本文试对此问题谈自己的一些看法。

  19. Analisis Pengaruh Ukuran KAP, Free Cash Flow, Debt to Total Assets, Return on Assets (ROA), dan Size Perusahaan terhadap Manajemen Laba pada Perusahaan Pertambangan, Perkebunan, dan Perikanan yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2014

    OpenAIRE

    Sembiring, Astrid Crisinda

    2016-01-01

    The purpose of this research is to analyze the influence of public accounting firm size, free cash flow , debt to total assets, return on assets (roa), and firm size to the earning management. Earning management is measured by discretionary accruals using Modified Jones Method. This study uses secondary data were taken from the mining, plantation and fishery company which were listed in Indonesain Stock Exchange. The population in this research are 60 mining, plantation and fishery compani...

  20. Pengaruh Firm Size, Leverage, Return On Investment (Roi) Free Cash Flow (Fcf), Dividend Payout Ratio (Dpr),Dan Price Earning Ratio (Per) Terhadap Earning Management Pada Perusahaan Manufakturyang Terdaftar Di Bursa Efek Indonesia

    OpenAIRE

    Siallagan, Evi Handayani

    2015-01-01

    The purpose of this research is to analyze the influence of firm size, leverage, free cash flow, return on investment, dividend payout ratio, and price earning ratio on earning management. Earning management is measured by discretionary accruals using Kaznik Model. This study uses secondary data were taken from the manufacturing companies which are listed in . Sample selection is done by purposive sampling method and sample obatained from this researh were 36 of a total 141 companies. Met...

  1. Research on Relationship between Investment and Cash Flow of Listed Manufacturing Companies of Different Scale%不同规模制造业上市公司投资与现金流关系研究

    Institute of Scientific and Technical Information of China (English)

    朱洁

    2012-01-01

    本文对制造业上市公司在不同规模下投资与现金流关系进行了理论分析;其次以我国沪深两市制造业上市公司2004~2007年的财务数据为样本,以企业规模为分组标准,利用实证检验投资与现金流之间的关系.通过理论分析和实证研究,得知与大规模企业相比,小规模企业投资对现金流依赖性更强.%this paper conducted the theoretical analysis on investment and cash flow for listed manufacturing companies in different scale, and then examined the relationship between investment and cash flow with the enterprise scale as grouping criteria, taking financial data of China's Shanghai and Shenzhen listed manufacturing companies during 2004 to 2007 as sample. Through theoretical analysis and empirical research, it obtains small-scale enterprises have stronger dependence on cash flow compared with large-scale enterprises.

  2. Study on the Financial Risk of Chinese Three Major Oil Companies based on Cash Flow%基于现金流的我国三大石油公司财务风险研究

    Institute of Scientific and Technical Information of China (English)

    庞明; 吴红梅

    2015-01-01

    In recent years, cash flow risk as a significant financial risk to oil companies has attracted much at-tention.The financial data (2001~2013) of Petro China, Sinopec and CNOOC, which are all listed in Stock Ex-change of Hong Kong, are selected in this paper to analysis the financial risk from the point of view of cash flow by using multiple regression analysis.The empirical study shows that, the growth rate of cash flow from operating ac-tivities and the structural ratio of total inflows from investing activities are positively correlated to financial risk , and negatively correlated to the variation trend of financial risk;even though the net profit cash ratio and other factors are limited by the sample capacity, they still have a positive correlation with financial risk.%财务风险作为石油行业面临的重要风险具有影响全局的作用。采用多元回归分析方法,以我国三大石油公司2001~2013(香港联合交易所)年度财务报告数据为基础,基于现金流视角研究财务风险。实证研究结果表明:经营活动现金流量增长率、投资活动总流入结构比率与财务风险的变化趋势成反比;净利润现金比率、全部现金流量比率、筹资活动总流入结构比率显著影响财务风险。

  3. Reconstruction, prediction and simulation of multiple monthly stream-flow series

    Directory of Open Access Journals (Sweden)

    L. TORELLI

    1976-06-01

    Full Text Available The logarithms of monthly stream-flows are usually found to have a Normal distribution. Stream-flow series are auto-correlated up to a given time lag s. Moreover stream-flow series of the same region are cross correlated.

  4. The investigation of the difference between accounting data error in future operational cash flow predication , before and after adjust, due to inflation in accepted companies in Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Daryoush Javid

    2014-07-01

    Full Text Available The present research examines the difference between accounting data error in future operational cash flow predication before and after adjust due to inflation the population in this research include the accepted companies in Tehran stock exchange. The sample member companies financial statements by mean of current value – constant Rials were adjusted and were accounting data error in future and before adjust due to accounting inflation. After examination of the accounting data prediction before and after adjust, statistical data were tested by means of jariko method so that their normality by examined. The obtained results of jariko-Bera test indicate that the statistical data distribution is not normal. Therefore the sample couple signal Nonparametic test is used for investigation of difference between accounting data error in future cash floe prediction before and after adjust. the research hypothesis is : The accounting data error based on historical values is move than accounting data error based on current values in future period operational cash flow. The obtained results of sample even signal in relation to research hypothesis indication that we can accept the research hypothesis Normal 0 false false false EN-US X-NONE AR-SA

  5. On the Application of Net Cash Flow in Investment Assessment of Oil and Gas Projects Overseas%论净现金流在海外油气项目投资效益评估中的应用

    Institute of Scientific and Technical Information of China (English)

    赵东; 郭鹏; 栾海亮

    2011-01-01

    随着经营管理工作的深入,传统油气投资效益评估指标的局限性逐步凸显:内部收益率指标易受投资规模和现金流量模式的影响,容易导致计算结果失灵;净现值指标无法直接反映项目累计收益水平,对分年的现金压力情况或资金富余等情况也无法进行有效说明:投资回收期指标未反映资金的时间价值,且因未考虑到回收期满后继续发生的现金流。因而不能反映不同投资节奏对项目整体效益产生的影响。累计净现金流具有直观表达项目整体创造效益的规模.准确反映年度资金压力和资金富裕程度以及科学指导油气项目投资目标优化的优点。可作为油气项目传统效益评价指标体系的有益补充。%With the improvement of business management, the traditional economic evaluation indicators have been showing limitation in oil and gas industry : the indicator of internal rate of return is so susceptive of investment size and cash flow style that it invalidates sometimes, the indicator of net cash flow does not reflect the cumulative profitability and the annual cash shortage effectively, the indicator of payback period does not consider the time value of capital and the cash flow after paybaek period, so it does not reflect the effect of different investment arrangement on the whole beneficial result of project. According to the writer's research in oil and gas industry, the indicator of cumulative net cash flow could be absorbed in the indicator system of economic evaluation because it is able to create effective visual expression of the overall size of the project, accurately reflect the annual financial pressure and financial wealth, which help to scientifically compare and select the project technical solutions and guide the optimization of investment objectives in the oil and gas projects.

  6. 中国上市公司现金流管理研究——兼对中美市场现金流管理行为比较研究%Cash flow management in the Chinese stock market: An empirical assessment with comparison to the U.S. Market

    Institute of Scientific and Technical Information of China (English)

    张然

    2009-01-01

    为了研究中国股市经营现金流量管理行为,运用Burgstahler and Dichev (1997)、Degeorge et al.(1999)的方法和最佳拟合曲线模型,通过考察1998-2005年问中国上市公司财务数据及1993--2005年间I/B/E/S数据库中中国上市公司的每股现金流量预测数据,发现企业报告的经营现金流量,像盈余一样,受到了公司管理层的控制和操纵.这不同于与以往"现金为王"、"现金流量不可操纵"的观点.由此,提出了与"盈余管理"相对应的概念:"现金流管理".进一步的研究显示:0点,往年的经营现金流量和分析师对现金流量的预测是中国上市公司现金流分布的三个显著的阈值点.16.41%的报告微正现金流量的公司是通过操纵行为来达到报告正现金流量的目的,此外,分别有16.64%和9.81%的报告微正变化和微正预测差异的公司同样是通过操纵行为来达到往年现金流量和分析师预测现金流量的目的.对比分析显示,中国A股上市公司前两个阈值点的现金流管理比美国上市公司更普遍.%This paper examines cash flow management in the Chinese market and compares it to that in the U.S. market. It adopts Burgstahler and Dichev (1997) and Degeorge et al.'s (1999) method and the best-fitted distribution model to analyze the financial data of Chinese listed firms during 1998-2005 and the forecasted cash flow per share (CPS) data for Chinese firms in the I/B/E/S database during 1993-2005. Results reveal that cash flows reports are not as reliable as people think, and managers manipulate cash flows just as they manipulate earnings.Further analyses show that zero point, last year's cash flow and analyst cash flow forecast are the three thresholds that influence managers' decision when they report cash flow performance. Over 16% of the firms with small positive cash flows manipulate their cash flow. Moreover, 16.64% of the firms with small changes in cash flow and 9.81% of the firms with small

  7. 基于现金流均衡目标的多模式项目调度问题研究%Multi-mode Project Scheduling Problems with Cash Flow Balanced Objectives

    Institute of Scientific and Technical Information of China (English)

    何正文; 刘人境; 徐渝

    2011-01-01

    A contractor needs to spend capital on project-related resources before receiving payment from customers for services delivered at each milestone. However, contractors have varying capital availabilities when implementing different projects. Thus,balancing cash inflows and outflows throughout the project life cycle is critical to project success for contractors.This paper studies multi-mode project scheduling problems with the goal of balancing cash inflows and outflows. We use the event-based method to represent a contractor's project schedule in the activity-on-node mode, and distribute project expenses to their beginning and ending activities. The objective of this exercise is to minimize the gap of a contractor's cumulative capital flows given the constraint of a fixed project deadline.We define two groups of decision variables in order to determine the modes of performing activities and the actual delivery date of events. A0-1 programming model is established to address cash flow problems. A simulated annealing heuristic algorithm with two nested loops is developed to solve cash flow problems. These two nested loops include inner and outer loops. The inner loop searches for a desirable vector of an event's completion time under a given activity's performing mode. The outer loop seeks the desirable vector of an event's completion time established by the inner loop. The simulation results show desirable solutions for cash problems in inner and outer loops. A contracted superhighway construction project is used as a case study to illustrate the use of our proposed simulated algorithm. This project is able to develop a satisfactory schedule. We compare the developed schedule with the actual schedule regarding key cash flow parameters, including project deadline, payment proportion, advance payment proportion, deposit rate of security payment, and objective function values.A contractor can maximize its cumulative capital gap by reducing the procrastination of

  8. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm's high quality. The implications of the models are consistent with several important empirical facts about dividends and share......Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...... repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends financed...

  9. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these twomeans are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides...... repurchases. Thus, this paper's main contribution is to examine a range of new signaling models that provides a role for taxable cash dividends and share repurchases and to derive their empirical implications.Key words: Dividends, Share Repurchases, Signaling, Single-Crossing Property, Money Burning...

  10. Research on Management Shareholding, Free Cash Flow and Enterprise Excessive Investment%管理层持股、自由现金流与企业过度投资行为研究

    Institute of Scientific and Technical Information of China (English)

    骆希亚; 施文

    2015-01-01

    Under the modern enterprise system, management shareholding can transform the entrenchment effect between shareholders and managers into convergence interest effect, and reduce the excessive investment behavior of managers. Empirical research shows that there is conical relationship between management shareholding and enterprise excessive investment-free cash flow. There is a positive u-shaped relationship sensitivity between the excessive investment of free cash flow and management shareholding. When the management shareholding reaches a certain proportion, enterprise excessive investment has minimum sensitivity to free cash flow, so it has the maximum effect to restrain excessive investment at this point.%在现代企业制度下,通过管理层持股将股东与管理层之间的堑壕效应转化为利益协同效应,能有效减少管理层的过度投资行为。通过实证研究发现,管理层持股与企业过度投资—自由现金流存在二次曲线关系,过度投资对自由现金流的敏感性与管理层持股呈正U型关系。当管理层持股达到一定比例时,企业过度投资对自由现金流敏感度最低,对企业抑制过度投资的作用最大。

  11. Crafty Concept Cashes In

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Hundreds of young Beijing artisans display and sell their arts and crafts through an innovative outlet It’s a strange sight being in a store without sales counters,cash registers and legions of over-zealous sales staff.Instead,the Fengguo Box,covering an area of 200 square meters in Zhongguancun Plaza in north

  12. The Importance of Cash in Conditional Cash Transfer Programs for Child Health, Growth and Development:

    Science.gov (United States)

    Fernald, Lia C. H.; Gertler, Paul J.; Neufeld, Lynnette M.

    2009-01-01

    Background Many governments around the world have implemented conditional cash transfer (CCT) programs with the goal of improving options for poor families through interventions in health, nutrition and education. Families enrolled in CCT programs receive cash in exchange for complying with “conditionalities” – preventive health requirements and nutrition supplementation, education and monitoring designed to improve health outcomes and promote positive behavior change. A great challenge in evaluating the effectiveness of CCT programs has been disaggregating the effects of the cash transfer component from that of the conditionalities. Methods In an intervention that began in 1998 in Mexico, low-income communities (n=506) were randomly assigned to be enrolled in a CCT program (Oportunidades, formerly Progresa) immediately or 18 months later. In 2003, children (n=3793), aged 24–72 months who had been enrolled in the program their entire lives, were assessed for a wide variety of outcomes. The analyses reported here separated out the association of the cash transfer component of Oportunidades with several outcomes in children from the program conditionalities, while controlling for a wide range of covariates including many measures of household socio-economic status. Findings An increase in the cash transfer to the household was associated with higher height-for-age z-score and hemoglobin concentration, lower prevalence of stunting, and lower prevalence of overweight. Children in families whose households received a greater quantity of cash also performed better on a scale of motor development (McCarthy Test of Children’s Abilities), three scales of cognitive development (sub-scales of the Woodcock-Muñoz, including working memory), and receptive language (Test de Vocabulario en Imágenes Peabody). Interpretation The results suggest that the cash transfer component of Oportunidades is associated with better outcomes in child health and development. PMID

  13. Cash flow balanced project scheduling optimization based on different payment conditions%基于不同支付条件的现金流均衡项目调度优化

    Institute of Scientific and Technical Information of China (English)

    何正文; 刘人境; 徐渝

    2011-01-01

    以现金流均衡为目标,研究不同支付条件下的项目调度问题.在对所研究问题进行界定的基础上,构建了基于里程碑事件支付条件的优化模型,并将其扩展为基于累计时间、累计挣值和累计费用等支付条件的优化模型;针对问题的强NP-hard属性,设计禁忌搜索启发式算法;在随机生成的标准算例集合上对算法进行测试,并与其他两种启发式算法进行比较;最后用一个算例对研究进行说明,比较分析支付条件对承包商现金流均衡目标的影响.研究结论如下:不同支付条件下的现金流均衡结果差异显著,随着支付次数、支付比例和项目截止日期的增大,承包商更易实现现金流出与流入的均衡.%Taking cash flow balance as the objective, this paper studies the project scheduling problem under different payment conditions. Based on the identification of the studied problem, the authors construct the optimization model under the milestone event payment condition and then extend it to the cumulative time, cumulative earned value, and cumulative expense payment conditions. Because of the strong NP-hardness of the problem, a tabu search heuristic algorithm is developed. The algorithm is tested and compared with other two heuristic algorithms on a data set generated randomly. Ultimately, an example is used to illustrate the method and the influences of the payment conditions on the objective of cash flow balance are analyzed. The conclusions are as follows; Payment conditions may exert an important influence on cash flow balance, and with the increase of payment number, payment proportion, and project deadline, it becomes easier for contractor to balance cash outflows and inflows.

  14. Daily disaggregation of simulated monthly flows using different rainfall datasets in southern Africa

    Directory of Open Access Journals (Sweden)

    D.A. Hughes

    2015-09-01

    New hydrological insights for the region: There are substantial regional differences in the success of the monthly hydrological model, which inevitably affects the success of the daily disaggregation results. There are also regional differences in the success of using global rainfall data sets (Climatic Research Unit (CRU datasets for monthly, National Oceanic and Atmospheric Administration African Rainfall Climatology, version 2 (ARC2 satellite data for daily. The overall conclusion is that the disaggregation method presents a parsimonious approach to generating daily flow simulations from existing monthly simulations and that these daily flows are likely to be useful for some purposes (e.g. water quality modelling, but less so for others (e.g. peak flow analysis.

  15. 企业非相关多元化经营的现金流定量研究%The Quantitative Study of the Cash Flow Condition in the Unrelated Diversification

    Institute of Scientific and Technical Information of China (English)

    王丹; 郑文燕

    2015-01-01

    结合企业非相关多元化经营特点,研究了非相关多元化经营对现金流状况的影响。选取代表性指标作为解释变量,以非相关多元化水平为被解释变量,利用 SPSS 19进行了多元回归模型分析。分析结果表明,过高的非相关多元化水平对现金流状况产生负面影响。根据研究结果,企业可以采取更有效、更有针对性的措施降低财务风险。%In combination with the characteristics of the unrelated diversification enterprise, it studies the unrelated diversification impact on the cash flow condition.Representative indicators are selected as the independent variables,while the unrelated diversification level as the dependent variable.And then it does the multiple regression model analysis by using SPSS 1 9.Analysis results show that high level of unrelated diversification will have a negative effect on cash flow situation.On the basis of the quantitative study,enterprises can adopt more effective and targeted measures to reduce financial risk.

  16. Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-06-01

    Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

  17. Otimização de fluxos em rede na gestão financeira do caixa: aplicação em uma empresa agroindustrial Cash management network flow optimization: application within an agroindustrial company

    Directory of Open Access Journals (Sweden)

    José Vinícius de Avila Pacheco

    2010-01-01

    Full Text Available Neste estudo, formulou-se o problema de gestão do fluxo de caixa encontrado em uma típica empresa agroindustrial como um modelo de otimização de fluxos em rede (com perdas e ganhos proposto em Golden, Liberatore e Lieberman (1979. O objetivo é maximizar o retorno dos recursos financeiros do caixa no final de um horizonte de planejamento multiperíodos e finito. Dois exemplos são estudados aplicando-se programação linear: no primeiro, o modelo original de fluxos em rede é usado para apoiar decisões operacionais de fluxo de caixa e, no segundo, o modelo é estendido para tratar de um planejamento tático de pagamentos de empréstimos. Os modelos matemáticos são resolvidos usando-se a ferramenta de otimização de um software de planilha eletrônica bem conhecido na prática de empresas. Os resultados numéricos obtidos mostram que os modelos são flexíveis e eficazes, sendo capazes de gerar soluções tão boas ou melhores do que as da tesouraria da empresa.In this study we formulate the cash flow management problem encountered in a typical agroindustrial company as a network flow optimization model (with gains and losses proposed in Golden, Liberatore e Lieberman (1979. The objective is to maximize the cash return of the financial resources at the end of a multi-period and finite planning horizon. Two examples are studied applying linear programming: in the first, the original network flow model is used to support operational cash flow decisions and in the second, the model is extended to deal with a tactical planning of loan payments. The mathematical models are solved using the optimization tool of a widely-used software spreadsheet package. The numerical results obtained show that the models are flexible and effective, being able to generate solutions, equal to or superior to the company solutions.

  18. Análise empírica de modelos de valuation no ambiente brasileiro: fluxo de caixa descontado versus modelo de Ohlson (RIV Empirical analysis of valuation models in the brazilian environment: discounted cash flow versus Ohlson's model

    Directory of Open Access Journals (Sweden)

    Fernando Caio Galdi

    2008-08-01

    Full Text Available Dentro do contexto controverso de comparações entre modelos de valuation, o presente trabalho investiga, baseado nas projeções dos analistas de mercado de capitais para empresas brasileiras, se existem diferenças entre os valores de uma empresa estimados pelo modelo de fluxo de caixa descontado (DCF e pelo modelo de Ohlson (modelo de lucros residuais - RIV. Essa abordagem é inovadora à medida que trabalhos já realizados visando à comparação entre esses modelos consideram o valor da empresa calculado com base nas informações publicadas/divulgadas pela empresa e não com base na expectativa dos agentes de mercado (como por exemplo, o analista de mercado de capitais. Entretanto, a correta implementação dos modelos em análise deve ser realizada considerando-se as expectativas dos agentes de mercado. Adicionalmente, são realizadas regressões para verificar qual dos modelos (DCF ou OHLSON explica melhor a relação preço/valor patrimonial (P/B de uma empresa em períodos futuros. As conclusões obtidas foram: i existem diferenças estatisticamente significantes para o valor estimado das empresas pelo fluxo de caixa descontado e pelo modelo de Ohlson (RIV e ii os índices P/B, calculados a partir das estimativas dos analistas (que utilizam o DCF, apresentam maior poder explicativo dos índices P/B futuros da empresa do que as estimativas do índice P/B feitas pelo modelo de Ohlson (RIV.This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are significant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF and the residual income model (OHLSON. The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i

  19. Application of Discounted Cash Flow Method to Listing Coal Company%贴现现金流量法在煤炭上市公司价值评估中的应用

    Institute of Scientific and Technical Information of China (English)

    张朋程

    2012-01-01

    The paper introduced the discounted cash flow rate method applied to evaluate the resources value of a listing coal company and thus further to realize the evaluation of the listing company value.Meanwhile think this method was applied to evaluate the resource value of Jingyuan Coal and Electric Power Company and the listing company value.%介绍了采用贴现现金流量法评价煤炭上市公司资源价值,从而进一步实现对上市公司价值的评价的方法。同时使用该方法对靖远煤电公司的资源价值以及上市公司价值进行了评估。

  20. Research on monthly flow uncertain reasoning model based on cloud theory

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    In view of the mid and long term runoff forecasting containing many uncertain factors,this paper constructs a uncertain reasoning model (UR) based on the cloud theory to solve the problem of uncertain reasoning.Firstly,in the proposed model,a classification method,i.e.,attribute oriented induction maximum variance (MaxVar),is used to divide the runoff series into different intervals,which are softened and described by the cloud membership with expected value (Ex),entropy (En) and hyper-entropy (He),then an uncertain reasoning rule set is constructed by means of the runoff value generalization and applied to monthly flow for uncertain prediction.Next,a new modification formula is used to calculate He in runoff forecasting,and a confident level probability prediction interval is obtained by statistical method.Finally,this paper takes the monthly flow of Manwan station in China as an example and uses UR model,LSSVM model,and ARMA model to calculate the monthly flow,respectively.The results show that the UR model has the highest prediction accuracy compared to other models,and that it not only provides random output but also supports probability interval prediction.

  1. 治理环境、两权分离与公司投资行为%Governance Environment, Separation of Control Right and Cash Flow Right and Corporate Investment Behaviour

    Institute of Scientific and Technical Information of China (English)

    汪剑锋

    2011-01-01

    本文以我国上市公司2004-2008年的数据为样本,结合我国特有的制度背景,对我国上市公司的投资行为进行探讨。结果表明,我国上市公司更多的是发生了过度投资行为,而非投资不足;并且随着最终控制人两权分离程度的加大,过度投资将更加严重。而最终控制人拥有的现金流权的增加却能对过度投资行为起到一定的缓解作用;同时,良好的公司治理环境对公司的过度投资行为也能起到显著的抑制作用。%Using the data of listed companies in China from 2004 to 2008, this paper analyses the investment behaviour of listed companies under China's special institutional background. The results show that listed companies frequently display over-investment behaviour rather than under-investment behaviour, and the separation of control right and cash flow right of the ultimate controllers aggravates the over-investment. But the increase of cash flow right of ultimate controllers can mitigate over-investment to some extent. At the same time, the improvement of governance environment also can markedly restrain the over-investment behaviour.

  2. Empirical Studies on Cash Payments

    NARCIS (Netherlands)

    J. Kippers (Jeanine)

    2004-01-01

    textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency in cas

  3. 自由现金流的代理成本效应检验:基于在职消费视角%Cost Effect of Free Cash Flow:Based on Position-related Consumption

    Institute of Scientific and Technical Information of China (English)

    刘银国; 张琛

    2012-01-01

    Free cash flow (FCF) is cash flow in excess of that required to fund all projects that have positive net present values when discounted at the relevant cost of capital. Jensen published a treatise named "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers" in 1986, puts forward FCF agency costs hypothesis, opened the link between FCF and agency costs, corporate governance. Because of the separation of ownership and manage- ment rights in modem enterprise, managers always make their own benefit maximization, and then resulting in the principal-agent problem and high agency costs. Managers have an incentive to use FCF for the excessive invest- ment, low efficiency acquisitions and discretionary revenue expenditure, and cause the decline in corporate per- formance finally. Is Jensen's agency costs hypothesis exists in the real China? How to control the Chinese state- owned enterprises' FCF reasonably; reduce position-related consumption and over-investment in senior manage- ment; and improve corporate performance, which becomes common issues need to address in the field of finance and corporate governance. This paper selected the sample of 2007 ~ 2010 Shanghai-listed company data, and em- pirically tested the correlation between FCF and position-related consumption, corporate performance in China's lis- ted companies. On this basis, the paper proposed the policy recommendations of optimization and control of FCF, and improvement of the corporate governance structure. From the study, we could see that Companies hold certain cash flow, indicating that companies have the ability to reward investors and selfvmanagement, but because incon- sistent with the objectives and information asymmetry between business owners and operators, there is differences in using FCF. Excess cash flow can often make the executives more easily for personal gain or the lack of due care and full consideration in disposing cash flow. At the same time as the management contract in

  4. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    Directory of Open Access Journals (Sweden)

    Mustapha Gimba Kumshe

    2013-04-01

    Full Text Available The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all times for efficient and unconstrained implementation of the annual budget. The primary goals of a good cash management system are to maintain adequate cash at hand to meet the daily cash requirements of the local government while maximizing the amount available for investment and to obtain the maximum earnings on invested funds while ensuring their safety. The local governments obtain their revenue through internal and external sources, the external sources of revenue includes federal statutory allocations and loans obtained from financial institutions and other agencies; while among the internal sources are revenue from market fees, fees collected from motor parks, street hawking fees, shop fees and other miscellaneous sources. Some of the cost effective methods of revenue collections are contracting out of revenue collections to private collection agency, designating collection points for convenience, application of e-collection method where the local governments device a means of allowing tax payers to pay their taxes online. It is recommended that proper management of funds, efficient accounting and auditing system is necessary for proper cash management.

  5. E-Cash Payment Protocols

    Directory of Open Access Journals (Sweden)

    Shweta Srivastava

    2012-09-01

    Full Text Available E-cash is a payment system designed and implemented for making purchases over open networks such as the Internet. Need of a payment system which enables the electronic transactions are growing at the same time that the use of Internet is growing in our daily life. Present days electronic payment systems have a major problem, they cannot handle the security and the users anonymity and at the same time these systems are secure on the cost of their users anonymity. This paper shows the payment protocols for digital cash and discusses how a digital cash system can be formed by presenting a few of the present days digital cash systems in details. We also provide a comparison and determine them together to see which one of them fulfils the properties for digital cash and the required security level.

  6. The REFANI-S study protocol: a non-randomised cluster controlled trial to assess the role of an unconditional cash transfer, a non-food item kit, and free piped water in reducing the risk of acute malnutrition among children aged 6-59 months living in camps for internally displaced persons in the Afgooye corridor, Somalia.

    Science.gov (United States)

    Jelle, Mohamed; Grijalva-Eternod, Carlos S; Haghparast-Bidgoli, Hassan; King, Sarah; Cox, Cassy L; Skordis-Worrall, Jolene; Morrison, Joanna; Colbourn, Timothy; Fottrell, Edward; Seal, Andrew J

    2017-07-06

    The prevalence of acute malnutrition is often high in emergency-affected populations and is associated with elevated mortality risk and long-term health consequences. Increasingly, cash transfer programmes (CTP) are used instead of direct food aid as a nutritional intervention, but there is sparse evidence on their nutritional impact. We aim to understand whether CTP reduces acute malnutrition and its known risk factors. A non-randomised, cluster-controlled trial will assess the impact of an unconditional cash transfer of US$84 per month for 5 months, a single non-food items kit, and free piped water on the risk of acute malnutrition in children, aged 6-59 months. The study will take place in camps for internally displaced persons (IDP) in peri-urban Mogadishu, Somalia. A cluster will consist of one IDP camp and 10 camps will be allocated to receive the intervention based on vulnerability targeting criteria. The control camps will then be selected from the same geographical area. Needs assessment data indicates small differences in vulnerability between camps. In each trial arm, 120 households will be randomly sampled and two detailed household surveys will be implemented at baseline and 3 months after the initiation of the cash transfer. The survey questionnaire will cover risk factors for malnutrition including household expenditure, assets, food security, diet diversity, coping strategies, morbidity, WASH, and access to health care. A community surveillance system will collect monthly mid-upper arm circumference measurements from all children aged 6-59 months in the study clusters to assess the incidence of acute malnutrition over the duration of the intervention. Process evaluation data will be compiled from routine quantitative programme data and primary qualitative data collected using key informant interviews and focus group discussions. The UK Department for International Development will provide funding for this study. The European Civil Protection and

  7. Air Force Working Capital Fund: Actions Needed to Manage Cash Balances to Required Levels

    Science.gov (United States)

    2014-07-01

    may transfer budget authority only as authorized by law. “ cash levels should be maintained at 7 to 10 days of operational cost and six months of...USTRANSCOM documentation to ascertain the reasons.6 To address the second objective, we obtained and analyzed AFWCF budget documents and cash ...requirement, we analyzed DOD budget and accounting reports to determine the dollar amount of transfers made for the period. We analyzed cash transfers

  8. 银行承兑汇票业务对现金流量表的影响 ——以A公司为例%Bank Acceptance Bill Business on Influence of Cash Flow Statement——Take A Company as an Example

    Institute of Scientific and Technical Information of China (English)

    冯凯; 邓先柏

    2016-01-01

    以A公司为例,就银行承兑汇票业务对现金流量表的影响进行分析和探讨,银行承兑汇票业务一定程度上对现金流量表的可理解性产生了影响.因此,从加强现金流量表分析和利用的角度,应进一步增强财务报告中银行承兑汇票接收和使用情况披露,完善现金比率指标的计算.%Take A company as an example, this paper analyzed and discussed the effect of BA on cash flow statement, pointed out that the use of BA has affect the comprehensibility of cash flow statement. Therefore, from the perspective of strengthening the analysis and use of the cash flow statement, we should further enhance the disclosure of bank acceptance and use of the financial report, and improve the calculation of the cash ratio index.

  9. Decadal variability in core surface flows deduced from geomagnetic observatory monthly means

    DEFF Research Database (Denmark)

    Whaler, K. A.; Olsen, Nils; Finlay, Chris

    2016-01-01

    itself changes slowly, its time derivative can be locally (temporally and spatially) large, in particular when and where core surface secular acceleration peaks. Spherical harmonic expansion coefficients of the flows are not well resolved, and many of them are strongly correlated. Averaging functions......Monthly means of the magnetic field measurements at ground observatories are a key data source for studying temporal changes of the core magnetic field. However, when they are calculated in the usual way, contributions of external (magnetospheric and ionospheric) origin may remain, which make them...

  10. Techniques for cash management in scheduling manufacturing operations

    Science.gov (United States)

    Morady Gohareh, Mehdy; Shams Gharneh, Naser; Ghasemy Yaghin, Reza

    2017-10-01

    The objective in traditional scheduling is usually time based. Minimizing the makespan, total flow times, total tardi costs, etc. are instances of these objectives. In manufacturing, processing each job entails a cost paying and price receiving. Thus, the objective should include some notion of managing the flow of cash. We have defined two new objectives: maximization of average and minimum available cash. For single machine scheduling, it is demonstrated that scheduling jobs in decreasing order of profit ratios maximizes the former and improves productivity. Moreover, scheduling jobs in increasing order of costs and breaking ties in decreasing order of prices maximizes the latter and creates protection against financial instability.

  11. Techniques for cash management in scheduling manufacturing operations

    Science.gov (United States)

    Morady Gohareh, Mehdy; Shams Gharneh, Naser; Ghasemy Yaghin, Reza

    2016-10-01

    The objective in traditional scheduling is usually time based. Minimizing the makespan, total flow times, total tardi costs, etc. are instances of these objectives. In manufacturing, processing each job entails a cost paying and price receiving. Thus, the objective should include some notion of managing the flow of cash. We have defined two new objectives: maximization of average and minimum available cash. For single machine scheduling, it is demonstrated that scheduling jobs in decreasing order of profit ratios maximizes the former and improves productivity. Moreover, scheduling jobs in increasing order of costs and breaking ties in decreasing order of prices maximizes the latter and creates protection against financial instability.

  12. THE CASH CONVERSION CYCLE IN ROMANIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    ANDONE DIANA

    2016-02-01

    Full Text Available In this paper, we conducted a research on the equilibrium of cash operating cycle phases, between two moments: cash inflow and cash outflow. The research methodology is based on system financial ratios of 20 companies listed on Bucharest Stock Exchange in the energy industry. In this research paper it’s demonstrate how the cash conversion cash ratios system conducts to the short term company’s equilibrium.

  13. Modeling summer month hydrological drought probabilities in the United States using antecedent flow conditions

    Science.gov (United States)

    Austin, Samuel H.; Nelms, David L.

    2017-01-01

    Climate change raises concern that risks of hydrological drought may be increasing. We estimate hydrological drought probabilities for rivers and streams in the United States (U.S.) using maximum likelihood logistic regression (MLLR). Streamflow data from winter months are used to estimate the chance of hydrological drought during summer months. Daily streamflow data collected from 9,144 stream gages from January 1, 1884 through January 9, 2014 provide hydrological drought streamflow probabilities for July, August, and September as functions of streamflows during October, November, December, January, and February, estimating outcomes 5-11 months ahead of their occurrence. Few drought prediction methods exploit temporal links among streamflows. We find MLLR modeling of drought streamflow probabilities exploits the explanatory power of temporally linked water flows. MLLR models with strong correct classification rates were produced for streams throughout the U.S. One ad hoc test of correct prediction rates of September 2013 hydrological droughts exceeded 90% correct classification. Some of the best-performing models coincide with areas of high concern including the West, the Midwest, Texas, the Southeast, and the Mid-Atlantic. Using hydrological drought MLLR probability estimates in a water management context can inform understanding of drought streamflow conditions, provide warning of future drought conditions, and aid water management decision making.

  14. Small business, cash budgets and general practice.

    Science.gov (United States)

    Jackson, A R

    1991-01-01

    In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

  15. Discounted cash flow evaluation method in mineral right value evaluation applicability analysis%折现现金流评估方法在矿业权价款评估中适用性分析

    Institute of Scientific and Technical Information of China (English)

    张延庆

    2015-01-01

    Using discounted cash flow evaluation method to calculate the expected value is the value of the mineral right ,the right of the mine in the future within a certain period (generally no more than 30 years) ,the total net income gained by the investors or mineral right person .Main parameters is designed , the evaluation value is influenced by market factors ,and along with the change of parameters change;Price of mineral right evaluation is a kind of traceability assessment ,the purpose is to calculate the state in the past a period in the exploration of the value of the investment in the present stage ,the main parameter is the actual record ,objective .Therefore ,discounted cash flow evaluation method is only suitable for evaluation (secondary market) ,is not suitable for mineral right evaluation price (primary market) .Price of mineral right evaluation conforms to the time value of money theory ,formula should be further research .%采用折现现金流评估方法计算的矿业权价值是期望值,即该矿权在未来一定期限(一般不超过30年)内,投资人或矿业权人所获得的净收益总和。主要参数是设计的,评估值受市场因素影响,并随参数的变化而改变;矿业权价款评估是一种追溯性评估,目的是计算国家在过去某一时期在勘查阶段的投资在现在的价值,主要参数是实际记录的,客观的。因此,折现现金流评估方法仅适于价值评估(二级市场),不适用于矿业权价款评估(一级市场)。矿业权价款评估符合资金时间价值理论,计算公式应另行研究。

  16. Limiting the Use of Cash for Big Purchases: Assessing the Case for Uniform Cash Thresholds

    OpenAIRE

    Sands, Peter; Weisman, Benjamin; Campbell, Haylea; Keatinge, Tom

    2017-01-01

    For all the hype about electronic payment systems, cash remains by far the world’s most popular mechanism. However, over the past year we have seen an intensification of the discussion about the role of cash in society. Cash has great advantages: it is familiar, simple to use and ubiquitously accepted. However, cash also has downsides. Because cash transactions leave no record, cash plays a critical role in money laundering, tax evasion and terrorist financing. This debate generates strong fe...

  17. Role of cash in conditional cash transfer programmes for child health, growth, and development: an analysis of Mexico's Oportunidades.

    Science.gov (United States)

    Fernald, Lia C H; Gertler, Paul J; Neufeld, Lynnette M

    2008-03-08

    Many governments have implemented conditional cash transfer (CCT) programmes with the goal of improving options for poor families through interventions in health, nutrition, and education. Families enrolled in CCT programmes receive cash in exchange for complying with certain conditions: preventive health requirements and nutrition supplementation, education, and monitoring designed to improve health outcomes and promote positive behaviour change. Our aim was to disaggregate the effects of cash transfer from those of other programme components. In an intervention that began in 1998 in Mexico, low-income communities (n=506) were randomly assigned to be enrolled in a CCT programme (Oportunidades, formerly Progresa) immediately or 18 months later. In 2003, children (n=2449) aged 24-68 months who had been enrolled in the programme their entire lives were assessed for a wide variety of outcomes. We used linear and logistic regression to determine the effect size for each outcome that is associated with a doubling of cash transfers while controlling for a wide range of covariates, including measures of household socioeconomic status. A doubling of cash transfers was associated with higher height-for-age Z score (beta 0.20, 95% CI 0.09-0.30; pOportunidades is associated with better outcomes in child health, growth, and development.

  18. Investigation of Shannon and PolyWog Wavelet Neural Networks In Monthly River Flow Modeling

    Science.gov (United States)

    Abghari, H.; van de Giesen, N.; Noury, M.

    2009-04-01

    Intelligence models consist of distributed parallel processors that learn to reproduce the relationship between input and output signals and present the best topology of patterns simulation. Due to nonlinearity of hydrological events the learning process has restrictions . In this study, using a combination of Wavelet theory and a Multi Layer Perceptron Network, two Wavelet Neural Network models for monthly flow of Nazloochaei River basin in Iran were developed. Instead of using common sigmoid activation functions in the MLP network a wavelet function was used, The hybrid wavelet neural network (WNNs) employing a nonlinear wavelet basis was developed as an alternative approach to nonlinear fitting. Result of MLP base model show the 86% in training and 79% in model testing. Results of the MLP base model show a goodness of fit of 86% in training and 79% in model testing. Results shows that the Polywog neural network with the best topology has a 94% accuracy in the training phase and 89% in testing of model. The Shannon neural network with the best topology produces 79% accuracy in training phase and 61% in testing of model. Comparison of WNN and MLP shows that Polywog wavelet could have better accuracy in time series modeling. Classic sigmoid activation functions in the MLP network show better results than the Shannon wavelet. Keywords: Shannon and PolyWog Wavelet, Wavelet Neural Networks, Nazloochaei River Basin, River Flow Modeling.

  19. Use and Impact of a Cash Subsidy Program.

    Science.gov (United States)

    Herman, Sandra E.

    1991-01-01

    The use and impact of a $256 monthly cash subsidy by 1,283 Michigan families with children with severe disabilities were examined. Families reported such uses as the purchase of clothing, toys, sitters, special foods, adaptive equipment, and professional services. Families indicated that the subsidy had improved family life, eased financial…

  20. Short-term variations in core surface flow resolved from an improved method of calculating observatory monthly means

    DEFF Research Database (Denmark)

    Olsen, Nils; Whaler, K. A.; Finlay, Chris

    2014-01-01

    Monthly means of the magnetic field measurements taken by ground observatories are a useful data source for studying temporal changes of the core magnetic field and the underlying core flow. However, the usual way of calculating monthly means as the arithmetic mean of all days (geomagnetic quiet...... as well as disturbed) and all local times (day and night) may result in contributions from external (magnetospheric and ionospheric) origin in the (ordinary, omm) monthly means. Such contamination makes monthly means less favourable for core studies. We calculated revised monthly means (rmm...... a secular variation spherical harmonic model. The main field is specified by the CHAOS-4 model. Data from up to 128 observatories between 1997 and 2013 were used to calculate 185 flow models from the omm and rmm, for each possible set of three consecutive months. The full 3x3 (non-diagonal) data covariance...

  1. Free Cash Flow and Position-related Consumption: Empirical Study Based on the Ownership and Corporate Governance%自由现金流与在职消费——基于所有制和公司治理的实证研究

    Institute of Scientific and Technical Information of China (English)

    刘银国; 张琛

    2012-01-01

    Free cash flow(FCF) is the cash flow freely dominated by corporate executives. The more free cash flow corporate has, the more likely corporate executives are to impair the interest of the owners. This may lead to position-related excessive consumption and uhimately lead to performance decline. This paper selects the 2006-2010 data of Shanghai-listed companies, empirically tests the relationship between free cash flow and the degree of position-related consumption in China's listed companies, and further tests the ownership' s and the level of corporate governance' s impact on the relationship between FCF and position-related consumption. Finally, this paper provides policy suggestions for improving corporate governance structure and constraining agent behavior reasonably.%自由现金流量是企业高管可以自由支配的现金流量。自由现金流量越多,企业高管越有可能出现损害所有者利益的行为,过度在职消费,从而最终导致企业绩效下降。本文选取2006—2010年沪市上市A股企业数据为样本,实证检验我国上市公司自由现金流和在职消费程度的关系,并进一步考察不同的所有制性质和公司治理水平对自由现金流和在职消费之间关系的影响。为完善公司治理结构、合理约束代理人行为提供政策建议。

  2. Modeling and Treatment Applicable in the Establishment of the Necessary Variables for Testing the Mathematical Model Regarding the Contribution of the Amortization Method to The Estimation of the Cash Flows from the Use of Fixed Assets – Case Study Applied to the Groups of Societies within the European Space

    Directory of Open Access Journals (Sweden)

    Marinela - Daniela MANEA

    2012-11-01

    Full Text Available The paper sets out to tackle with the problem of modeling the variables necessary for testing the suggested mathematical model – the net cash flows from using the tangible fixed assets for the year of analysis, the discount rate of the future cash flows, respectively the annual and cumulative amortization. In our attempt to prove that, starting from a given set of rules regarding amortization and complying with the considerations of the American implicit interest depreciation method, we can obtain a model through which the net cash flow from exploitation of an asset/group of assets can be expressed according to measure of the annual amortization, we considered it necessary to gradually present the successive steps of modeling the above mentioned aggregates in the practice of the societies within the European area. Likewise, there have been mentioned the limitations encountered in our research process in the set of annual financial situations of the groups of societies within the European area connected to the measurement of the above mentioned variables.

  3. Initial public offerings in Brazil (2004-2006: Valuation with the use of multiples and discounting of cash flows using the appropriate cost of equity

    Directory of Open Access Journals (Sweden)

    Luiz Felipe Jacques da Motta

    2008-10-01

    Full Text Available The pricing process of new shares in IPOs has been under study in several countries. This paper initially looks at the valuation process using multiples and seeks to classify the new shares under two categories: underpriced or overpriced at the time of the IPOs. Analysis of the cost of equity, comparing betas at the time of the offerings (usually calculated as the betas of comparable companies and the betas of the companies after 12 months of trading, is also carried out. Companies in the sample are those that went public between 2004 and 2006. Results indicated that companies were not undervalued, even after some high short-term returns. However there is no statistical evidence that they were overvalued. Finally, results indicated that betas after twelve months of trading are significantly higher than the comparable companies’ betas used at the time of the IPOs.

  4. The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Muncef Guizani

    2017-09-01

    Full Text Available This paper investigates the determinants of the cash holdings for a sample of Saudi firms over the period 2006–2014, using static and dynamic panel models. Our results show that leverage, firm size, capital expenditure, net working capital and cash flow volatility are important in determining cash holdings. When we divide our sample into two sub-samples: petrochemical and non-petrochemical firms, our results show a significant difference between the determinants of cash holdings of the two groups of firms. We also investigate the characteristics of high liquid firms (conservative firms. The results indicate that conservative firms are less leveraged, have large size, have low investment expenditures and have low cash flow fluctuation. Furthermore, dynamic panel estimation indicates that Saudi firms adjust their liquidity holdings quickly towards an endogenous target cash ratio.

  5. 基于现金流量的企业财务预警实证研究——来自我国房地产业上市公司数据%Financial early-warning research based on cash flow on real estate industry

    Institute of Scientific and Technical Information of China (English)

    张艳秋

    2012-01-01

    Financial crisis is the fundamental threat of a going-concern enterprise.Financial early-warning plays more important role in the business operation especially after global financial crisis.Cash is the blood of business and cash flow information can forecast financial crisis effectively as the direct reflection of business financial condition.The thesis takes empirical research on real estate industry using selected cash flow indicators,then establish cash flows financial early-warning model for real estate industry,can put forward thought to prevent financial crisis combined with real estate industry practice.%财务危机是威胁企业持续经营的根本性危机,财务预警作为经济运行的晴雨表和企业经营的警示灯,在全球金融危机后其重要性更加凸显。现金是企业的血液,现金流量信息作为企业实体资源和财务状况最直接的反映,对企业财务危机具有较强的财务判别和预警能力。本文以现金流量指标对房地产企业进行实证研究,建立房地产业的现金流财务预警模型并检验其预测财务危机能力,为房地产企业提供可操作的规避财务风险的思路。

  6. A Distributed Monthly Water Balance Model for Analyzing Impacts of Land Cover Change on Flow Regimes

    Institute of Scientific and Technical Information of China (English)

    XIA Jun; WANG Gang-Sheng; YE Ai-Zhong; NIU Cun-Wen

    2005-01-01

    The Miyun Reservoir is the most important water source for Beijing Municipality, the capital of China with a population of more than 12 million. In recent decades, the inflow to the reservoir has shown a decreasing trend, which has seriously threatened water use in Beijing. In order to analyze the influents of land use and cover change (LUCC)upon inflow to Miyun Reservoir, terrain and land use information from remote sensing were utilized with a revised evapotranspiration estimation formula; a water loss model under conditions of human impacts was introduced; and a distributed monthly water balance model was established and applied to the Chaobai River Basin controlled by the Miyun Reservoir. The model simulation suggested that not only the impact of land cover change on evapotranspiration, but also the extra water loss caused by human activities, such as the water and soil conservation development projects should be considered. Although these development projects were of great benefit to human and ecological protection, they could reallocate water resources in time and space, and in a sense thereby influence the stream flow.

  7. A LITERATURE REVIEW OF COMPANIES CASH HOLDINGS

    Directory of Open Access Journals (Sweden)

    Iuliana Oana Mihai

    2015-05-01

    Full Text Available The purpose of this article is to investigate the scientific literature related to cash holdings of non-financial companies. We concentrated in our work on motives, determinants and theories of cash holding. The result of this study will enhance understanding of cash holding determinants and relevance of postulated theories in Romanian context. The main objective is to.

  8. 汇率风险对公司现金流和股票收益影响的实证研究--来自中国纺织行业的经验数据%An Empirical Research of the Exchange Rate Risk on Cash Flow and Stock Returns--The Empirical Data from Textile Industry of China

    Institute of Scientific and Technical Information of China (English)

    刘义鹃; 施敏; 蒋元; 兰茹佳

    2013-01-01

    On one hand,the exchange rate risk caused by exchange rate movement will change future cash flows of interna⁃tional enterprises,on the other hand,it will influence numerical value of financial statement and stock price,thus affecting stock returns of investors in capital market. Nowadays,appreciation of the RMB has become the focus of the international eco⁃nomic and public opinion.So it is clear that the study of exchange fluctuations has important significance for cash flows and stock returns of international enterprises,it is helpful to strengthen cash flow management in frequently exchange rate fluctuat⁃ing environment,improve business performance and reduce stock returns variation.Based on above,this paper selects pub⁃lic company of textile industry from 2006 to 2011 which are engaged in international business as samples,studies the influence of stock returns and cash flow from exchange rate risk.The empirical results show that compared with stock returns,the ex⁃change rate has a more significant effect on cash flow.%  汇率变动引起的汇率风险一方面会使国际经营企业未来现金流量发生变化,另一方面通过影响公司财务报表数值而引起股价变动,进而影响投资者在资本市场的股票收益。当前人民币升值已成为国际经济和社会舆论的焦点,研究汇率波动对从事国际经营企业在汇率频繁变动的市场环境下加强现金流管理、提高企业绩效以及减少投资者股票收益变动有重要意义。基于此,文章以2006-2011年从事国际经营的纺织行业上市公司为样本,实证研究汇率变动产生的汇率风险对股票收益和现金流的影响,结果表明:汇率变动对投资者股票收益有显著负影响,而对现金流的影响更为显著。

  9. Entrepreneurial Vision, Information, and Cash

    NARCIS (Netherlands)

    A. Boot; V. Vladimirov

    2014-01-01

    We analyze when entrepreneurial firms hoard more cash and when instead they raise more external financing to co-finance new investments. Our simple dynamic model focuses on differences in vision between the firm's manager and financiers: they may disagree about the attractiveness of new investment o

  10. Pawn Shop,Cash Cow

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    An expat in Beijing once wrote these words on his blog,"If you are anxious to exchange your valuables for cash,or want to collect some treasures in Beijing,you may visit Bao Rui Tong Pawn Shop which features agreeable environment,reliable credit,guaranteed quality and profes- sional service."That releases the com-

  11. 出口退税政策与出口型外贸企业现金流运行均衡管理研究%A Research on Export Tax Rebate Policy and Balanced Management of Cash Flow of Export-oriented Foreign Trade Enterprises

    Institute of Scientific and Technical Information of China (English)

    陶云龙; 施汉忠; 章贵桥

    2014-01-01

    The previous studies on export tax rebate pay much more attention to the regulatory role of export tax rebate policy in macro-economy,there is little research literature on how the policy conducts and affects cash flow of microscopic export enter-prises. The paper starts from analyzing and comparing the export tax rebate policy before and after the financial crisis,based on this,then it analyzes how the export tax rebate policy adjusted comprehensively affects cash flow run of microscopic export-ori-ented foreign trade enterprises. It tentatively explores the rules and characteristics of cash flow of China’s export-oriented for-eign trade enterprises based on the export tax rebate policy after the financial crisis, in order to generalize and summarize the general characteristics of how the export tax rebate policy conducts and influences cash flow of export-oriented foreign trade en-terprises. The paper also puts forward different cash flow management measures and strategies for different situations in order to provide some insights for export-oriented foreign trade enterprises to achieve balanced management of cash flow and prevent the drying up risk of cash flow in the post-crisis era.%对于出口退税研究以往较多关注出口退税政策对宏观经济调控作用,但其如何传导及影响微观出口型企业现金流,学者们对此领域的研究文献却不多见,文章分析与比较了危机前后的出口退税政策,并以此展开研究,分析调整后的出口退税政策如何综合作用于微观外贸出口型企业现金流运行。尝试性探索金融危机后基于我国出口退税政策特质出口型外贸企业现金流运行规律与特征,以期归纳与总结出出口退税政策如何传导并作用于出口型外贸企业现金流运行的一般特性,并针对性提出不同现金流管理措施与策略,以期为后危机时代外贸出口型企业实现现金流运行均衡管理,防范现金流运行

  12. A joint stochastic-deterministic approach for long-term and short-term modelling of monthly flow rates

    Science.gov (United States)

    Stojković, Milan; Kostić, Srđan; Plavšić, Jasna; Prohaska, Stevan

    2017-01-01

    The authors present a detailed procedure for modelling of mean monthly flow time-series using records of the Great Morava River (Serbia). The proposed procedure overcomes a major challenge of other available methods by disaggregating the time series in order to capture the main properties of the hydrologic process in both long-run and short-run. The main assumption of the conducted research is that a time series of monthly flow rates represents a stochastic process comprised of deterministic, stochastic and random components, the former of which can be further decomposed into a composite trend and two periodic components (short-term or seasonal periodicity and long-term or multi-annual periodicity). In the present paper, the deterministic component of a monthly flow time-series is assessed by spectral analysis, whereas its stochastic component is modelled using cross-correlation transfer functions, artificial neural networks and polynomial regression. The results suggest that the deterministic component can be expressed solely as a function of time, whereas the stochastic component changes as a nonlinear function of climatic factors (rainfall and temperature). For the calibration period, the results of the analysis infers a lower value of Kling-Gupta Efficiency in the case of transfer functions (0.736), whereas artificial neural networks and polynomial regression suggest a significantly better match between the observed and simulated values, 0.841 and 0.891, respectively. It seems that transfer functions fail to capture high monthly flow rates, whereas the model based on polynomial regression reproduces high monthly flows much better because it is able to successfully capture a highly nonlinear relationship between the inputs and the output. The proposed methodology that uses a combination of artificial neural networks, spectral analysis and polynomial regression for deterministic and stochastic components can be applied to forecast monthly or seasonal flow rates.

  13. Análise da Produção Científica sobre os fluxos de caixa e a demonstração dos fluxos de caixa: um estudo da Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009 = Analysis of Scientific Literature on the Cash Flows and the Cash Flows Statement: a study of the Journal of Accounting and Finance, of the University of São Paulo from 1989 to 2009

    Directory of Open Access Journals (Sweden)

    Débora Gomes Machado

    2011-09-01

    Full Text Available Em mercados cada vez mais competitivos, as empresas precisam de um diferencial que lhes traga vantagens em relação à concorrência. Esse diferencial deve contribuir para que a empresa se mantenha saudável no mercado e para com a administração, no intento de gerir de forma eficaz os seus fluxos de caixa. Neste enfoque, o presente estudo situa-se na gestão financeira e tem como objetivo verificar a produção científica sobre os fluxos de caixa e a Demonstração dos Fluxos de Caixa – DFC, na Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009. O estudo foi realizado por meio de uma pesquisa bibliométrica, procurando identificar as características dos artigos analisados. Trata-se de uma pesquisa descritivo-exploratória, documental e de abordagem qualitativa. Verificou-se que as publicações científicas referentes aos fluxos de caixa e a Demonstração dos Fluxos de Caixa, na Revista Contabilidade e Finanças, não possuem um número expressivo de publicações relacionadas ao assunto, nos últimos 21 anos. Dentre as publicações identificou-se a quantidade de autores por artigo, as instituições de ensino superior a qual os mesmos estão vinculados, o autor seminal do tema, o tipo e origem das referências utilizadas e os principais temas abordados.In increasingly competitive markets, companies need a differential that will bring them advantages over the competition. This differential should help the company to remain healthy for the market and with the administration, in an attempt to effectively manage their cash flows. In this approach, this study lies in financial management and aims to verify the scientific literature on the cash flows and the Cash Flows Statement, in the Journal of Accounting and Finance, University of São Paulo, from 1989 to 2009. The study was conducted through a bibliometric research, aiming to identify the characteristics of the articles analyzed. This is a

  14. Monthly river flow forecasting using artificial neural network and support vector regression models coupled with wavelet transform

    Science.gov (United States)

    Kalteh, Aman Mohammad

    2013-04-01

    Reliable and accurate forecasts of river flow is needed in many water resources planning, design development, operation and maintenance activities. In this study, the relative accuracy of artificial neural network (ANN) and support vector regression (SVR) models coupled with wavelet transform in monthly river flow forecasting is investigated, and compared to regular ANN and SVR models, respectively. The relative performance of regular ANN and SVR models is also compared to each other. For this, monthly river flow data of Kharjegil and Ponel stations in Northern Iran are used. The comparison of the results reveals that both ANN and SVR models coupled with wavelet transform, are able to provide more accurate forecasting results than the regular ANN and SVR models. However, it is found that SVR models coupled with wavelet transform provide better forecasting results than ANN models coupled with wavelet transform. The results also indicate that regular SVR models perform slightly better than regular ANN models.

  15. Fair Electronic Cash Based on Double Signatures

    Institute of Scientific and Technical Information of China (English)

    陈晓峰; 王常杰; 王育民

    2002-01-01

    In order to decrease crimes such as money laundering, blackmailing etc. inelectronic cash systems, fair electronic cash has been a major focus of academic research inelectronic commence. When a bank finds some dubious cash or owner, the trusted entity ortrustee can help him to revoke the anonymity of the cash. In the previous protocols, the trusteeknows all the information of the cash whether he is trusted or not, that is, he can trace the useror cash unconditionally. Furthermore, the dishonest trustee may deceive a user, which meansthat he may withdraw cash while tracing other users. Such cases are unfair to the honest users.A new fair electronic cash protocol based on untrustworthy trustees is proposed in thispaper. The key idea is that the coin structure should include the signatures of both the trusteeand the bank so that the trustee shares the information of the cash with the bank, while we donot use the secret sharing scheme. In contrast with the previous protocols, neither the trusteenor the bank can trace the money without the help of the other entity. In this way, the privacyof the user is protected furthest. Also, the trustee is off-line in the protocol, which meansthat he will not be involved in withdrawing the cash. Therefore, the protocol is efficient forimplementation.

  16. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  17. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...

  18. Empirical Analysis on the Effect of Financial Derivatives---From the Perspective of Risk Management of Cash Flow%企业金融衍生工具使用效果的实证分析--基于现金流动风险监控视角

    Institute of Scientific and Technical Information of China (English)

    李连华; 杨晨杰

    2014-01-01

    The relationship between the effect of financial derivatives and firm value has been one of the issues of common concern for the academic community and practitioners as well .Although there is abundant research literature , no consistent conclusions have been reached yet .From the perspective of the regulatory effect on cash flow , the empirical study of this paper finds that businesses can use derivatives to reduce cash flow volatility , enhance cash flow stability , and thus improve the company's value and performance .With less intervention and regulation , non-state-owned enterprises gain better results in the use of the derivatives than state-owned enterprises .%金融衍生工具使用效果与公司价值之间的关系,一直是学术界和实务界共同关心的问题之一。已有研究虽文献丰富,但并未形成一致的研究结论。本文以现金流的调控效应为研究视角,通过实证研究发现,企业运用金融衍生工具能够减少现金流的波动幅度,增强现金流的稳定性,并由此提升公司的价值和业绩;而且非国有企业由于其所受的干预和监管较少,在金融衍生工具的使用和选择上具有较多的自主性,从而与国有企业相比具有更好的使用效果。

  19. Measuring the Default Rate of Chinese Listed Real Estate Companies Based on Cash Flow Simulation%基于现金流量模拟的我国房地产上市公司违约率测度

    Institute of Scientific and Technical Information of China (English)

    赵昕; 李明宝

    2014-01-01

    The real estate industry is a capital intensive business which relies heavily on loans from commercial banks for financing.Meanwhile,the estate sale is quite vulnerable to the market and credit risks.All the traits mentioned above bring the liquidity problem to top agenda during their daily operation.Based on the analysis of cash flows in each property enterprise,this model sets the default threshold on the basis of the method of American options,and simulates the randomness in the sales of estate and the credit status of homebuyers in method of Wiener process.This paper gets the default probability for each listed real estate company by employing Monte Carlo simulations based on financial data of each company in 2012.The empirical results show that the model could identify the default risk in listed real estate companies with great fitness,which could be broadly utilized in practice.%房地产行业属资金密集型产业,银行贷款为其主要融资方式,其销售又面临市场与购房者信用风险,以上使得房产企业流动性问题突出.本文基于美式期权分析得出企业的违约条件,并运用维纳过程对房产的销售收入以及购房者信用状况变化的随机性进行模拟,得出企业各期现金流量.模型结合2012年各上市房地产公司的财务数据得出其违约概率.结果表明,该模型能较好地识别上市房地产公司的信用风险,具有较强的应用价值.

  20. Uma Análise comparativa dos indicadores financeiros da Petrobras por meio da avaliação da demonstração dos fluxos de caixa do período de 2005 a 2007 = A Comparative Analysis of Petrobrás Inc. Financial Indicators Through an Evaluation of its Cash Flow Statement from 2005 to 2007

    Directory of Open Access Journals (Sweden)

    Letícia Goulart dos Santos

    2009-03-01

    Full Text Available Uma das principais mudanças ocorridas no cenário atual foi a aprovação da Lei 11.638/07, que, entre outras alterações, determina a substituição da Demonstração de Origense Aplicações de Recursos – DOAR pela Demonstração dos Fluxos de Caixa – DFC. Essa, mudança é considerada benéfica para os investidores e usuários da informação por ser considerada de linguagem mais simples e clara. O objetivo do presente estudo é demonstrar a situação financeira da empresa Petrobras, no período de 2005, 2006 e2007, por meio da análise dos indicadores vinculados à Demonstração dos Fluxos de Caixa, que avaliam a liquidez. Uma ferramenta ainda pouco utilizada pelos acionistas são alguns indicadores que facilitam a interpretação da situação financeira da empresa por meio do fluxo de caixa. Os índices foram classificados em quatro grupos, relacionados à cobertura do caixa, à qualidade do resultado, ao dispêndio de capital e ao retorno do fluxo de caixa. Esses têm o propósito de avaliar desde a capacidade de pagamento a téas taxas de retorno de caixa. Em termos metodológicos, a pesquisa caracteriza-se, quanto os objetivos, como um estudo descritivo, e, quanto aos procedimentos, como um estudo de caso. Por meio deste estudo pode-se por fim demonstrar a importância dessa análise comparativa para que os envolvidos tenham uma visão mais profunda da verdadeiras atuação da empresa e das condições de continuidade do seu negócio.One of the most important changes that happened on the present economical scenery itwas the approval to the law n. 11.638/07, which sets, among other alterations, thereplacement of the Statements of Source and Application of Funds for the Cash FlowStatement.This switch is considered a benefit for both investors and users of this termdue to its simple and clear words. In this way, the purpose of this study is to report onthe financial situation of the Petrobras Inc. over the period of 2005,2006 and

  1. Finance theory and hospital cash balances.

    Science.gov (United States)

    Rivenson, Howard L; Smith, Dean G

    2013-01-01

    Competing financial theories have been offered to understand hospitals' cash holding with scant recent evidence. Using data from a national sample of 608 not-for-profit hospitals, we find support for the trade-off theory which posits targeted cash balances. We do not find support for the financial hierarchy theory which posits a preference for use of cash to pay for capital investments. Findings apply to holdings of cash and marketable securities, but not board-designated funds where no model provided meaningful explanatory power.

  2. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  3. Cash Transfers, Basic Income and Community Building

    Directory of Open Access Journals (Sweden)

    Evelyn L. Forget

    2013-09-01

    Full Text Available The austerity movement in high-income countries of Europe and North America has renewed calls for a guaranteed Basic Income. At the same time, conditional and unconditional cash transfers accompanied by rigorous impact evaluations have been conducted in low- and middle-income countries with the explicit support of the World Bank. Both Basic Income and cash transfer programs are more confidently designed when based on empirical evidence and social theory that explain how and why cash transfers to citizens are effective ways of encouraging investment in human capital through health and education spending. Are conditional cash transfers more effective and/or more efficient than unconditional transfers? Are means-tested transfers effective? This essay draws explicit parallels between Basic Income and unconditional cash transfers, and demonstrates that cash transfers to citizens work in remarkably similar ways in low-, middle- and high-income countries. It addresses the theoretical foundation of cash transfers. Of the four theories discussed, three explicitly acknowledge the interdependence of society and are based, in increasingly complex ways, on ideas of social inclusion. Only if we have an understanding of how cash transfers affect decision-making can we address questions of how best to design cash transfer schemes.

  4. Future Flows Hydrology: an ensemble of daily river flow and monthly groundwater levels for use for climate change impact assessment across Great Britain

    Directory of Open Access Journals (Sweden)

    C. Prudhomme

    2012-12-01

    Full Text Available The dataset Future Flows Hydrology was developed as part of the project "Future Flows and Groundwater Levels" to provide a consistent set of transient daily river flow and monthly groundwater levels projections across England, Wales and Scotland to enable the investigation of the role of climate variability on river flow and groundwater levels nationally and how this may change in the future.

    Future Flows Hydrology is derived from Future Flows Climate, a national ensemble projection derived from the Hadley Centre's ensemble projection HadRM3-PPE to provide a consistent set of climate change projections for the whole of Great Britain at both space and time resolutions appropriate for hydrological applications. Three hydrological models and one groundwater level model were used to derive Future Flows Hydrology, with 30 river sites simulated by two hydrological models to enable assessment of hydrological modelling uncertainty in studying the impact of climate change on the hydrology.

    Future Flows Hydrology contains an 11-member ensemble of transient projections from January 1951 to December 2098, each associated with a single realisation from a different variant of HadRM3 and a single hydrological model. Daily river flows are provided for 281 river catchments and monthly groundwater levels at 24 boreholes as .csv files containing all 11 ensemble members. When separate simulations are done with two hydrological models, two separate .csv files are provided.

    Because of potential biases in the climate-hydrology modelling chain, catchment fact sheets are associated with each ensemble. These contain information on the uncertainty associated with the hydrological modelling when driven using observed climate and Future Flows Climate for a period representative of the reference time slice 1961–1990 as described by key hydrological statistics. Graphs of projected changes for selected hydrological indicators are also provided for

  5. Future Flows Hydrology: an ensemble of daily river flow and monthly groundwater levels for use for climate change impact assessment across Great Britain

    Directory of Open Access Journals (Sweden)

    C. Prudhomme

    2013-03-01

    Full Text Available The dataset Future Flows Hydrology was developed as part of the project "Future Flows and Groundwater Levels'' to provide a consistent set of transient daily river flow and monthly groundwater level projections across England, Wales and Scotland to enable the investigation of the role of climate variability on river flow and groundwater levels nationally and how this may change in the future. Future Flows Hydrology is derived from Future Flows Climate, a national ensemble projection derived from the Hadley Centre's ensemble projection HadRM3-PPE to provide a consistent set of climate change projections for the whole of Great Britain at both space and time resolutions appropriate for hydrological applications. Three hydrological models and one groundwater level model were used to derive Future Flows Hydrology, with 30 river sites simulated by two hydrological models to enable assessment of hydrological modelling uncertainty in studying the impact of climate change on the hydrology. Future Flows Hydrology contains an 11-member ensemble of transient projections from January 1951 to December 2098, each associated with a single realisation from a different variant of HadRM3 and a single hydrological model. Daily river flows are provided for 281 river catchments and monthly groundwater levels at 24 boreholes as .csv files containing all 11 ensemble members. When separate simulations are done with two hydrological models, two separate .csv files are provided. Because of potential biases in the climate–hydrology modelling chain, catchment fact sheets are associated with each ensemble. These contain information on the uncertainty associated with the hydrological modelling when driven using observed climate and Future Flows Climate for a period representative of the reference time slice 1961–1990 as described by key hydrological statistics. Graphs of projected changes for selected hydrological indicators are also provided for the 2050s time slice

  6. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  7. School District Cash Management. Program Audit.

    Science.gov (United States)

    New York State Legislative Commission on Expenditure Review, Albany.

    New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

  8. School District Cash Management. Program Audit.

    Science.gov (United States)

    New York State Legislative Commission on Expenditure Review, Albany.

    New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

  9. A Good President Rates a Cash Bonus.

    Science.gov (United States)

    Dane, Roger; Koenig, Allen E.

    1981-01-01

    Emerson College's board rewarded its president for outstanding performance with a cash bonus of 36 percent of salary. The cash bonus idea is offered as one novel compensation plan for college presidents, but it is suggested that trustees can act as opinion leaders for implementing other creative compensation plans. (MLW)

  10. Secure Electronic Cash Scheme with Anonymity Revocation

    Directory of Open Access Journals (Sweden)

    Baoyuan Kang

    2016-01-01

    Full Text Available In a popular electronic cash scheme, there are three participants: the bank, the customer, and the merchant. First, a customer opens an account in a bank. Then, he withdraws an e-cash from his account and pays it to a merchant. After checking the electronic cash’s validity, the merchant accepts it and deposits it to the bank. There are a number of requirements for an electronic cash scheme, such as, anonymity, unforgeability, unreusability, divisibility, transferability, and portability. Anonymity property of electronic cash schemes can ensure the privacy of payers. However, this anonymity property is easily abused by criminals. In 2011, Chen et al. proposed a novel electronic cash system with trustee-based anonymity revocation from pairing. On demand, the trustee can disclose the identity for e-cash. But, in this paper we point out that Chen et al.’s scheme is subjected to some drawbacks. To contribute secure electronic cash schemes, we propose a new offline electronic cash scheme with anonymity revocation. We also provide the formally security proofs of the unlinkability and unforgeability. Furthermore, the proposed scheme ensures the property of avoiding merchant frauds.

  11. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will...

  12. A Good President Rates a Cash Bonus.

    Science.gov (United States)

    Dane, Roger; Koenig, Allen E.

    1981-01-01

    Emerson College's board rewarded its president for outstanding performance with a cash bonus of 36 percent of salary. The cash bonus idea is offered as one novel compensation plan for college presidents, but it is suggested that trustees can act as opinion leaders for implementing other creative compensation plans. (MLW)

  13. International evidence of nexus between positive operating cash activities and cost of debt

    Directory of Open Access Journals (Sweden)

    Harit Satt

    2015-08-01

    Full Text Available This paper identifies the affiliation between the ending cash balance of the operating section in the cash flow statement and the bonds ratings. Our sample includes 600 companies from 26 countries. The study was conducted over a period of 18 years. An Ordered Probit regression analysis had been applied to identify how the positive cash balance of the operating section in the cash flow statement shapes the probability of escalating the bonds ratings. We find burly proof that the positive operating cash balance considerably affects the bonds ratings. In other words, when a company is able to generate enough cash from its main operating activities, the likelihood of having higher bonds ratings raises;  this entails a low cost of debt since higher bond ratings have been proven to lessen the company’s cost for raising funds (in the form of bonds. The results add more confirmation to the creditors’ rights shields and how it affects the cost of debt.

  14. An Internet Based Anonymous Electronic Cash System

    Directory of Open Access Journals (Sweden)

    Israt Jahan

    2015-04-01

    Full Text Available There is an increase activity in research to improve the current electronic payment system which is parallel with the progress of internet. Electronic cash system is a cryptographic payment system which offers anonymity during withdrawal and purchase. Electronic cash displays serial numbers which can be recorded to allow further tracing. Contrary to their physical counterparts, e-cash have an inherent limitation; they are easy to copy and reuse (double-spending. An observer is a tamper-resistant device, issued by the Internet bank, which is incorporated with the Internet user’s computer that prevents double-spending physically, i.e., the user has no access to her e-cash and therefore he cannot copy them. In this paper, we shall present an anonymous electronic cash scheme on the internet which incorporates tamper-resistant device with user-module.

  15. Divulgação voluntária da demonstração dos fluxos de caixa no mercado de capitais Brasileiro Voluntary disclosure of statement of cash flows in the Brazilian capital market

    Directory of Open Access Journals (Sweden)

    Bruno Meirelles Salotti

    2008-12-01

    Full Text Available Este trabalho avalia os motivos da divulgação voluntária da DFC, Demonstração dos Fluxos de Caixa, no mercado de capitais brasileiro. Para tal, utiliza o referencial teórico da Teoria da Divulgação Voluntária. A partir do modelo proposto por Verrecchia (2001, são elaboradas cinco hipóteses relacionando a divulgação voluntária da DFC a outras variáveis. Essas hipóteses são testadas a partir dos dados das companhias abertas com ações listadas na BOVESPA, Bolsa de Valores de São Paulo, as quais divulgaram voluntariamente a DFC no período de 2000 a 2004. Utilizam-se testes estatísticos univariados de diferenças de médias e multivariados, a partir da aplicação do modelo da regressão logística. As evidências empíricas sugerem que a divulgação voluntária da DFC tem forte correlação positiva com a divulgação voluntária passada da DFC e positiva com a importância dada pela empresa às percepções dos outsiders. Percebe-se, ainda, correlação positiva com o desempenho da empresa; negativa com os custos de divulgação e negativa com o nível de assimetria informacional. Também é empregada uma variável de controle relacionada à participação das empresas nos programas de ADRs, American Depositary Receipts, notandose uma correlação positiva entre a divulgação da DFC e a participação das empresas nos programas de ADRs.This paper analyzes companies' motives to voluntarily disclose the SCF - Statement of Cash Flows in the Brazilian capital market, using the theoretical frame of Voluntary Disclosure Theory. Based on Verrecchia's (2001 model, five hypotheses are constructed to relate voluntary disclosure of SCF to other variables. These hypotheses are tested with data from public companies listed on BOVESPA, Bolsa de Valores de São Paulo, which voluntarily disclosed SCF from 2000 to 2004. Univariate statistical mean difference tests and multivariate logistic regression are used. Empirical evidence suggests a

  16. Demonstração dos fluxos de caixa – uma análise de artigos científicos publicados em periódicos nacionais = Cash flows statement - an analysis of scientific papers published in national journals

    Directory of Open Access Journals (Sweden)

    Mariana Costa da Roza

    2012-07-01

    to analyze scientific articles that addressed the Cash Flow Statement - DFC, which were published during the period 2005 to 2009 in national journals, evaluated by the Coordination of Improvement of Higher Education Personnel - CAPES, graded B1 and B2 in the area of concentration 27 - Administration, Accounting and Tourism. The methodology of this research, towards its goals, is descriptive as to the procedures is a documentary research and on the approach to the problem, is characterized as a qualitative research. Among the population of 11 national scientific journals, totaling 1305 analyzed articles, less than 1% of these have focused on the DFC.

  17. Dual-System Families: Cash Assistance Sequences of Households Involved with Child Welfare.

    Science.gov (United States)

    Kang, JiYoung; Romich, Jennifer L; Hook, Jennifer L; Lee, JoAnn S; Marcenko, Maureen

    2016-01-01

    Dual-system families, those involved with the child welfare system and receiving public cash assistance, may be more vulnerable than families only connected to either of the two systems. This study advances our understanding of the heterogeneous and dynamic cash assistance histories of dual-system families in the post-welfare reform era. With merged administrative data from [state name removed] over the period 1998 to 2009, we use cluster analysis to group month-to-month sequences of cash assistance use among households over the 37-month period surrounding child removal. Close to two thirds of families who received any assistance either had a short spell of Temporary Assistance for Needy Families (TANF) or lost TANF. Smaller percentages had steady support. Families who lose assistance are less likely than average to reunify while those who connect to benefits are more likely, suggesting coordination between systems may serve dual-system families well.

  18. Anonymous Fingerprinting Based on Electronic Cash

    Institute of Scientific and Technical Information of China (English)

    CHENXiaofeng; ZHANGFangguo; WANGJilin; WANGYumin

    2003-01-01

    A new anonymous fingerprinting protocol based on the principle of electronic cash is proposed in this paper.Redistributing a data item is equal to doublespending electronic cash.Contrasting with the previous coin-based anonymous fingerprinting protocol,we use the real electronic cash to trace traitors instead of the "coins" which serve only as a cryptographic primitive and have no monetary value,so it is easily understood and the bank does not need key-distribution and registration to prepare the "coina".

  19. Conditional Cash Transfers and HIV/AIDS Prevention: Unconditionally Promising?

    Science.gov (United States)

    Kohler, Hans-Peter; Thornton, Rebecca

    2012-06-01

    Conditional cash transfers (CCT) have recently received considerable attention as a potentially innovative and effective approach to the prevention of HIV/AIDS. We evaluate a conditional cash transfer program in rural Malawi which offered financial incentives to men and women to maintain their HIV status for approximately one year. The amounts of the reward ranged from zero to approximately 3-4 months wage. We find no effect of the offered incentives on HIV status or on reported sexual behavior. However, shortly after receiving the reward, men who received the cash transfer were 9 percentage points more likely and women were 6.7 percentage points less likely to engage in risky sex. Our analyses therefore question the "unconditional effectiveness" of CCT program for HIV prevention: CCT Programs that aim to motivate safe sexual behavior in Africa should take into account that money given in the present may have much stronger effects than rewards offered in the future, and any effect of these programs may be fairly sensitive to the specific design of the program, the local and/or cultural context, and the degree of agency an individual has with respect to sexual behaviors.

  20. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  1. Transthoracic coronary flow reserve and dobutamine derived myocardial function: a 6-month evaluation after successful coronary angioplasty

    Directory of Open Access Journals (Sweden)

    Pardo Moira

    2004-12-01

    Full Text Available Abstract After percutaneous transluminal coronary angioplasty (PTCA, stress-echocardiography and gated single photon emission computerized tomography (g-SPECT are usually performed but both tools have technical limitations. The present study evaluated results of PTCA of left anterior descending artery (LAD six months after PTCA, by combining transthoracic Doppler coronary flow reserve (CFR and color Tissue Doppler (C-TD dobutamine stress. Six months after PTCA of LAD, 24 men, free of angiographic evidence of restenosis, underwent standard Doppler-echocardiography, transthoracic CFR of distal LAD (hyperemic to basal diastolic coronary flow ratio and C-TD at rest and during dobutamine stress to quantify myocardial systolic (Sm and diastolic (Em and Am, Em/Am ratio peak velocities in middle posterior septum. Patients with myocardial infarction, coronary stenosis of non-LAD territory and heart failure were excluded. According to dipyridamole g-SPECT, 13 patients had normal perfusion and 11 with perfusion defects. The 2 groups were comparable for age, wall motion score index (WMSI and C-TD at rest. However, patients with perfusion defects had lower CFR (2.11 ± 0.4 versus 2.87 ± 0.6, p m at high-dose dobutamine (p m of middle septum (r = 0.55, p In conclusion, even in absence of epicardial coronary restenosis, stress perfusion imaging reflects a physiologic impairment in coronary microcirculation function whose magnitude is associated with the degree of regional functional impairment detectable by C-TD.

  2. 47 CFR 36.182 - Cash working capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES JURISDICTIONAL SEPARATIONS... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if...

  3. 基于现金流量的综合财务指标实证研究——以制造业上市公司为例%Consolidated Financial Indicators of Empirical Research Based on Cash Flow ——Listed manufacturing companies,for example

    Institute of Scientific and Technical Information of China (English)

    刘志辉; 杨方文

    2012-01-01

    Vulnerable to the impact of earnings management accrual basis financial indicators,which may cause the index does not reflect the actual situation of the company's actual financial.This article is based on the cash basis,the main indicators of multiple cash flow statement into an integrated financial indicators,objective evaluation of the company's financial position,and finally select the overall performance of the top 50 in 33 manufacturing listed by principal component analysis as the sample,the consistency of empirical financial indicators to judge.%以权责发生制为基础设计的财务综合指标容易受盈余管理的影响,由此可能导致指标不能反映公司实际财务实际状况。本文以收付实现制为基础,通过主成份分析方法将多个现金流量表主要指标组合成一个综合财务指标,客观评价公司财务状况,最后选取综合绩效排名前50位中的33家制造业上市公司为样本,实证综合财务指标判断的一致性。

  4. Cashing in for Growth; Corporate Cash Holdings as an Opportunity for Investment in Japan

    OpenAIRE

    Galen Sher

    2014-01-01

    Over the last two decades, cash holdings in nonfinancial firms around the world have increased. This phenomenon is particularly concerning in Japan, where the success of Abenomics depends on a transition from stimulus-driven to self-sustaining growth based on private consumption and investment. This paper finds that Japanese nonfinancial firms have accumulated cash at the expense of investment and dividends, hampering this transition. The evidence suggests that cash accumulation is due to fin...

  5. Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

    OpenAIRE

    Nyborg, Kjell G.; Wang, Zexi

    2013-01-01

    The paper contributes to the literature on corporate cash holdings by showing that there is a financial markets channel that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we advance the hypothesis that firms with more liquid stocks hold more cash, ceteris paribus, as ammunition to defend against negative cascades or stimulate positive ones. This contrasts with an alternative view that firms with more liquid stocks are less financi...

  6. ATM cash management using genetic algorithm

    Directory of Open Access Journals (Sweden)

    Ahmadreza Ghodrati

    2013-07-01

    Full Text Available Automatic teller machine (ATM is one of the most popular banking facilities to do daily financial transactions. People use ATM services to pay bills, transfer funds and withdraw cash. Therefore, we can treat ATM as a tradition inventory problem and use simulation technique to analysis the amount of cash required on different occasions such as regular days, holidays, etc. The proposed model of this paper uses genetic algorithm to determine the replenishment cash strategy for each ATM. The survey uses all transactions accomplished during the fiscal years of 2011-2012 on one of Iranian banks named Ayande. The study categorizes various ATM based on the average daily transactions into three groups of low, medium and high levels. The preliminary results of our survey indicate that it is possible to do setup different strategies to manage cash in various banks, optimally.

  7. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  8. Forecasting Daily Demand in Cash Supply Chains

    National Research Council Canada - National Science Library

    Michael Wagner

    2010-01-01

    ...: This study contrasted competing techniques of forecasting daily demand in cash supply chains in order to determine the overall performance and the potential of joint forecasting for integrated planning...

  9. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  10. Cash Advance Accounting: Accounting Regulations and Practices

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2012-12-01

    Full Text Available It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate, used in the assessment for reflecting in the accounting operations concerning cash advance reimbursements in a foreign currency, has on the information presented in the financial statement. Therewith, we signal some aspects from the content of the accounting regulations, with reference at defining the cash advances, meaning, and the presentation in the balance sheet of cash advances, which, in our opinion, impose clarifications.

  11. Determination of Optimal Cash Position of Mutual Fund

    Institute of Scientific and Technical Information of China (English)

    陈铭新; 张世英

    2003-01-01

    Cash position, held by mutual fund with purpose to satisfy investors′ redemption, will inevitably generate certain amount of cost. In this paper, the total cost caused by cash position is divided into opportunity cost and shortage cost, and a model is constructed to describe the relationship between total cost and cash position along with investors′ purchase and redemption, from which the formula of optimal cash position is deduced. Finally, the adjustment of optimal cash position in different market situations is discussed.

  12. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  13. Do business groups affect corporate cash holdings?Evidence from a transition economy

    Institute of Scientific and Technical Information of China (English)

    Weixing Cai; Cheng(Colin) Zeng; Edward Lee; Neslihan Ozkan

    2016-01-01

    We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs.State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investmentcash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than statecontrolled firms propped up by the government.

  14. Corporate Social Responsibility,Free Cash Flow and Corporate Value——An Empirical Research Based on the Mediating Effect%企业社会责任、自由现金流与企业价值——基于中介效应的实证研究

    Institute of Scientific and Technical Information of China (English)

    周兵; 徐辉; 任政亮

    2016-01-01

    文章利用2009-2014年我国沪深两市A股上市公司的平衡面板数据,基于中介效应,引入中介变量——企业自由现金流,探究了企业社会责任如何影响对企业价值.结果表明,企业承担社会责任可以推进企业价值的改善;同时,企业承担社会责任可以显著地提高企业自由现金流水平,而企业自由现金流的提升进一步增强了对提升企业价值的抑制作用,进而间接地抑制了企业价值的提升,即企业自由现金流在企业社会责任对企业价值的影响机制中发挥部分中介效应的作用,而且对直接正效应具有抑制作用.实践层面上,研究结果有利于厘清企业社会责任对企业价值的作用机制,可为提升企业价值和制定公司治理政策创新提供思路启发和技术支撑.%Based on the mediating effect,this paper uses the balanced panel data of A-share listed companies in Shanghai and Shenzhen in China from 2009 to 2014,introduces the mediating variable—enterprise free cash flow,and explores the im-pact of corporate social responsibility on corporate value. The results show that corporate social responsibility can promote the improvement of corporate value. Moreover,corporate social responsibility can significantly promote the level of enterprise free cash flow,whereas the promotion of enterprise free cash flow further enhances the inhibitory impact on the promotion of corpo-rate value,and thus indirectly suppresses the promotion of corporate value. That is to say,enterprise free cash flow plays a par-tial mediating role in the influencing mechanism of corporate social responsibility on corporate value ,and has the inhibitory ef-fect on the direct positive effect. In practice,the study results are conducive to clarifying the mechanism of corporate social re-sponsibility on corporate value,which can provide ideas and technical support to enhance corporate value and make corporate governance policy innovation.

  15. El flujo de caja como determinante de la estructura financiera de las empresas españolas. Un análisis en tiempos de crisis || Cash flow as determinant of financial structure of Spanish firms. Analysis in a crisis period

    Directory of Open Access Journals (Sweden)

    Rodríguez-Masero, Natividad

    2016-06-01

    Full Text Available Este trabajo propone el uso de la variable Flujo de Caja Contable de la Explotación (FCE como un factor con incidencia significativa en la estructura financiera de la empresa española en un periodo (2008-2012 caracterizado por dificultades para la financiación empresarial. En la literatura previa son escasos los trabajos que tienen en cuenta esta variable, midiendo la liquidez en la mayoría de los casos con datos obtenidos del Balance y la Cuenta de Resultados y no del Estado de Flujos de Efectivo (EFE. Metodológicamente se usa un análisis multivariante con datos de panel aplicados a una muestra de grandes empresas españolas no cotizadas. Adicionalmente, este trabajo se inserta en el debate teórico existente en la literatura acerca de los factores determinantes de la estructura financiera de las empresas. Los resultados indican que un modelo basado en datos del EFE, principalmente el FCE tiene capacidad predictiva de dicha estructura financiera. || This paper proposes the use of the Cash Flow from Operations (CFO obtained from Cash Flow Statement (CFS as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012 that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.

  16. 基于现金流量的财务预警实证研究--来自上海证券交易所A股数据%An Empirical Research of Financial Early Warning Based on Cash Flow---With A-share Data from Shanghai Stock Exchange

    Institute of Scientific and Technical Information of China (English)

    牟伟明

    2013-01-01

      文章首先阐述财务风险、财务危机和财务预警理论,指出建立以现金流量为基础的财务预警的优势,接着按照随机原则选取上海证券交易所54家资产规模相近的 ST 和非 ST 上市公司为样本,基于2010年的财报数据,运用因子分析法提取公共因子,并在此基础上建立了 F 预警模型,进而对该模型进行有效性测试。研究结果表明:以现金流量指标为基础的财务预警模型能够对企业的财务危机起到有效的预警作用。%After the analysis of the financial risk,the financial crisis and the financial early warning theo-ry,the paper highlights the advantages of establishing a cash flow-based financial early warning.54 ST and non-ST listed companies,which are almost the same size,are randomly sampled,and based on 2010 financial statements,the factor analysis approach is used to extract the common factors and an F-warning model is re-sultantly established and tested in terms of validity.The research result shows that the financial early warning model based on cash flow indicators can play an effective role in early warning of the enterprise′s financial crisis.

  17. 人民币汇率波动、成本粘性与企业自由现金流--来自A股上市公司2003-2011年经验证据%RMB Exchange Rate Fluctuations, Cost Stickiness and Free Cash Flow of Corporations

    Institute of Scientific and Technical Information of China (English)

    章贵桥

    2015-01-01

    人民币汇率波动对进出口商品价格具有显著传导效应,研究发现,当企业销售量下降、营业收入减少时,企业成本粘性增强,企业自由现金流下降明显,这表明我国上市公司确实存在成本粘性行为,宏观经济政策调控是导致企业成本粘性行为之一。当企业存在成本粘性特质时,研究发现,企业收入呈负增长,人民币升值幅度较快,成本粘性加剧,企业自由现金流下降趋势更加显著,人民币汇率波动作用于微观企业现金流或通过成本粘性机制来实现。%Fluctuations of RMB exchange rate have a significant conductive effect against the import and export commodi-ty prices, and generate impact on the cost, sales and income of export-oriented enterprises.In this study it is found that when business sales falls and operational income decreases, corporate free cash flow decreases significantly and corporate costs stick-iness is enhanced.This demonstrates that there are indeed cost sticky behaviors in companies in China.The study finds that in businesses with a cost sticky quality, corporate free cash flow declines quickly and cost stickiness intensifies significantly when the corporate income shows negative growth during rapid appreciation of RMB.

  18. A Fair E-Cash Payment Scheme Based on Credit

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    A new fair e-cash payment scheme based on credit is present in this paper. In the scheme, an overdraft credit certificate is issued to user by bank. Using the overdraft credit certificate, user can produce e-cash himself to pay in exchanges. Merchant can verify the e-cash received from user. Bank can make a fair dispute resolution when there is a dissension between user and merchant. It can avoid the problem of partition e-cash for changes, prevent from reusing e-cash and faking e-cash. It fits justice, anonymity, non-deny and impartiality.

  19. Comparison of the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program on household food security and dietary diversity in the face of rising food prices: ways forward for a more nutrition-sensitive program.

    Science.gov (United States)

    Baye, Kaleab; Retta, Negussie; Abuye, Cherinet

    2014-09-01

    In light of the continuing rise in food prices during and after the 2008 world food crisis, whether food and cash transfers are equally effective in improving food security and diet quality is debatable. To compare the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program (PSNP) on household food security and dietary diversity. Data on household dietary diversity, child anthropometry, food security, and preference of transfer modalities (food, cash, or mixed) were generated from a cross-sectional survey of 195 PSNP beneficiary households (67 receiving food and 128 receiving cash) in Hawella Tulla District, Sidama, southern Ethiopia. Most beneficiaries (96%) reported food shortages, and 47% reported food shortages that exceeded 3 months. Households receiving cash had better household dietary diversity scores (p = .02) and higher consumption of oils and fats (p = .003) and vitamin A-rich foods (p = .002). Compared with households receiving food, households receiving cash were more affected by increases in food prices that forced them to reduce their number of daily meals (p food (82%) preferred to continue receiving food, households receiving cash (56%) preferred a mix of food and cash. Households receiving cash had better household dietary diversity than households receiving food, a result suggesting that cash transfers may be more effective. However, the continuing rise infood prices may offset these benefits unless cash transfers are index-linked to food price fluctuations.

  20. VAT Cash Accounting Scheme in Romania

    Directory of Open Access Journals (Sweden)

    BUNEA-BONTAS Cristina Aurora

    2013-05-01

    Full Text Available VAT cash accounting enables the small enterprises to account for VAT on the basis of payments received and made, instead of on tax invoices issued and received. Accordingly, the VAT payable or repayable for each accounting period is the difference between the total amount of VAT included in payments received from the customers and the total amount of VAT included in payments made to the suppliers. The VAT cash accounting scheme, recently introduced for the Romanian companies by Government Ordinance no. 15/2012, entered into force on January 1st, 2013. This article reviews the basic principles of VAT cash accounting and highlights its benefits and disadvantages. It also discusses the impact and the challenges for the Romanian companies, due to the particularities of the system.

  1. An Efficient Fair Electronic Cash System

    Institute of Scientific and Technical Information of China (English)

    Guo Tao(郭涛); Li Zhitang; Tan Yunmeng; Wu Shizhong

    2003-01-01

    In this paper, an efficient fair e-cash system is presented. Based on the improved Brands' e-cash scheme, it is expanded by adding two roles, government and judges. The user can keep unconditionally anonymous in normal transactions. Authorized by the judges, the government can remove the identity of an illegal user with the help of the bank. So such misuse as blackmailing or money laundering can be prevented. Therefore, this scheme is more efficient, more suitable for adopting pre-processing and post-processing and more practical. In the paper, the details of the scheme are described, its security is proved, and its efficiency is analyzed.

  2. Mexico’s conditional cash transfer programme increases cesarean section rates among the rural poor

    Science.gov (United States)

    2010-01-01

    Background: Caesarean section rates are increasing in Mexico and Latin America. This study evaluates the impact of a large-scale, conditional cash transfer programme in Mexico on caesarean section rates. The programme provides cash transfers to participating low income, rural households in Mexico conditional on accepting health care and nutrition supplements. Methods: The primary analyses uses retrospective reports from 979 women in poor rural communities participating in an effectiveness study and randomly assigned to incorporation into the programme in 1998 or 1999 across seven Mexican states. Using multivariate and instrumental variable analyses, we estimate the impact of the programme on caesarean sections and predict the adjusted mean rates by clinical setting. Programme participation is measured by beneficiary status, programme months and cash transfers. Results: More than two-thirds of poor rural women delivered in a health facility. Beneficiary status is associated with a 5.1 percentage point increase in caesarean rates; this impact increases to 7.5 percentage points for beneficiaries enrolled in the programme for ≥6 months before delivery. Beneficiaries had significantly higher caesarean delivery rates in social security facilities (24.0 compared with 5.6% among non-beneficiaries) and in other government facilities (19.3 compared with 9.5%). Conclusion: The Oportunidades conditional cash transfer programme is associated with higher caesarean section rates in social security and government health facilities. This effect appears to be driven by the increases in disposable income from the cash transfer. These findings are relevant to other countries implementing conditional cash transfer programmes and health care requirements. PMID:19933778

  3. Mexico's conditional cash transfer programme increases cesarean section rates among the rural poor.

    Science.gov (United States)

    Barber, Sarah L

    2010-08-01

    Caesarean section rates are increasing in Mexico and Latin America. This study evaluates the impact of a large-scale, conditional cash transfer programme in Mexico on caesarean section rates. The programme provides cash transfers to participating low income, rural households in Mexico conditional on accepting health care and nutrition supplements. The primary analyses uses retrospective reports from 979 women in poor rural communities participating in an effectiveness study and randomly assigned to incorporation into the programme in 1998 or 1999 across seven Mexican states. Using multivariate and instrumental variable analyses, we estimate the impact of the programme on caesarean sections and predict the adjusted mean rates by clinical setting. Programme participation is measured by beneficiary status, programme months and cash transfers. More than two-thirds of poor rural women delivered in a health facility. Beneficiary status is associated with a 5.1 percentage point increase in caesarean rates; this impact increases to 7.5 percentage points for beneficiaries enrolled in the programme for >or=6 months before delivery. Beneficiaries had significantly higher caesarean delivery rates in social security facilities (24.0 compared with 5.6% among non-beneficiaries) and in other government facilities (19.3 compared with 9.5%). The Oportunidades conditional cash transfer programme is associated with higher caesarean section rates in social security and government health facilities. This effect appears to be driven by the increases in disposable income from the cash transfer. These findings are relevant to other countries implementing conditional cash transfer programmes and health care requirements.

  4. Impact of cash cropping and perennial crops on food crop ...

    African Journals Online (AJOL)

    , ... Moreover, more intensive coffee production is associated with more intensive enset ... Keywords: Ethiopia, Cash crops, Food crops, Productivity, Enset. ... household food security at the household level is often based on the income cash.

  5. Cash Transfers to Increase Antenatal Care Utilization in Kisoro ...

    African Journals Online (AJOL)

    AJRH Managing Editor

    Cash Transfers Antenatal Care, Uganda. African Journal of ... We examined whether modest cash transfers for participation in antenatal ... maternal mortality rates has been debated, it is ..... Outcome effectiveness of community health workers: ...

  6. Cash sub-additive risk measures and interest rate ambiguity

    OpenAIRE

    El Karoui, Nicole; Ravanelli, Claudia

    2009-01-01

    A new class of risk measures called cash sub-additive risk measures is introduced to assess the risk of future financial, non financial and insurance positions. The debated cash additive axiom is relaxed into the cash sub-additive axiom to preserve the original difference between the numeraire of the current reserve amounts and future positions. Consequently, cash sub-additive risk measures can model stochastic and/or ambiguous interest rates or defaultable contingent claims. Practical exampl...

  7. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  8. Cash Sub-additive Risk Measures and Interest Rate Ambiguity

    OpenAIRE

    El Karoui, Nicole; Ravanelli, Claudia

    2007-01-01

    A new class of risk measures called cash sub-additive risk measures is introduced to assess the risk of future financial, non financial and insurance positions. The debated cash additive axiom is relaxed into the cash sub-additive axiom to preserve the original difference between the numeraire of the current reserve amounts and future positions. Consequently, cash sub-additive risk measures can model stochastic and/or ambiguous interest rates or defaultable contingent claims. Practical exampl...

  9. 12 CFR 952.5 - Community Investment Cash Advance Programs.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Community Investment Cash Advance Programs. 952... OFF-BALANCE SHEET ITEMS COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS § 952.5 Community Investment Cash... targeted community lending at the appropriate targeted income levels. (3) Each Bank may offer RDF...

  10. 19 CFR 10.40 - Refund of cash deposits.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 1 2010-04-01 2010-04-01 false Refund of cash deposits. 10.40 Section 10.40... TREASURY ARTICLES CONDITIONALLY FREE, SUBJECT TO A REDUCED RATE, ETC. General Provisions Temporary Importations Under Bond § 10.40 Refund of cash deposits. (a) When a cash deposit is made in lieu of surety,...

  11. 25 CFR 141.19 - Check cashing.

    Science.gov (United States)

    2010-04-01

    ... INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES BUSINESS PRACTICES ON THE NAVAJO, HOPI AND ZUNI RESERVATIONS General Business Practices § 141.19 Check cashing. (a) A reservation business... order. A reservation business may not give scrip, credit or other substitute for U.S. currency...

  12. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  13. Conditional Cash Transfers and School Dropout Rates

    Science.gov (United States)

    Dearden, Lorraine; Emmerson, Carl; Frayne, Christine; Meghir, Costas

    2009-01-01

    This paper evaluates a United Kingdom pilot study designed to test whether a means-tested conditional cash transfer paid to 16- to 18-year-olds for staying in full-time education is an effective way of reducing the proportion of school dropouts. The transfer's impact is substantial: In the first year, full-time education participation rates…

  14. Keep a Tight Fist on Petty Cash.

    Science.gov (United States)

    Shannon, Thomas A., Jr.

    1979-01-01

    The listed guidelines for keeping track of petty cash in the schools are organized into three areas--making sure each school has an adequate method of collecting and banking money, adopting a simple and uniform bookkeeping system, and promoting fiscal responsibility. (IRT)

  15. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  16. Conditional Cash Transfers and School Dropout Rates

    Science.gov (United States)

    Dearden, Lorraine; Emmerson, Carl; Frayne, Christine; Meghir, Costas

    2009-01-01

    This paper evaluates a United Kingdom pilot study designed to test whether a means-tested conditional cash transfer paid to 16- to 18-year-olds for staying in full-time education is an effective way of reducing the proportion of school dropouts. The transfer's impact is substantial: In the first year, full-time education participation rates…

  17. 家族企业外聘 CEO 类型、两权分离度与企业特质信息披露%Non-family CEO Type,the Separation between Control Right and Cash Flow Right,and Firm Specific Information Disclosure in Family Firms

    Institute of Scientific and Technical Information of China (English)

    许静静

    2015-01-01

    Specific information disclosure is the basis of efficient firm investment decision and resources allocation of stock market ,so relevant regulatory authorities and other stock market participants should pay attention to the effect of external big shareholder engaged to be CEO on specific information disclosure .This paper studies the effect of non-family CEO type on firm spe‐cific information disclosure based on family firms in Chinese SM E board from 2005 to 2012 ,to discuss the economic consequences of different sources of non-family CEO in family firms .Specif‐ically speaking ,it pays attention to firm specific information disclosure w hen non-family CEOs are the big ten non-family natural person shareholders and the effect of the separation between control right and cash flow right as for family controlling shareholders on this relationship .It shows that compared to non-family CEO from other sources ,firms with the big ten non-family natural person shareholders engaged to be CEOs have less firm specific information disclosure and this correlation is only found in family firms with the separation between control right and cash flow right .The results demonstrate that big ten non-family natural person shareholders engaged to be CEOs give rise to the reduction in information asymmetry between controlling and non-con‐trolling shareholders ,the attenuation of more serious second-layer agency problem resulting from the separation between control right and cash flow right ,thereby decreasing the demand for firm specific information disclosure .%特质信息披露是企业有效投资决策及市场有效资源配置的基础,因此有关监管方及市场参与者对于外部大股东担任CEO对特质信息披露的影响应当予以关注。文章基于中国中小板2005-2012年家族企业样本,重点关注家族企业外聘CEO类型对企业特质信息披露的影响,借以探讨家族企业不同来源外聘高管的经济后果。文章重点

  18. 宏观经济运行对企业投资现金流敏感性有影响吗?——基于1993至2004面板数据的实证研究%Does macro-economy have any effect on firm investment-cash flow sensitivities?——An empirical study based on panel data, 1993-2004

    Institute of Scientific and Technical Information of China (English)

    应惟伟

    2007-01-01

    对1993-2004年的上市公司投资现金流敏感性进行实证研究,发现宏观经济运行对企业投资现金流敏感性有显著影响.还发现样本公司在经济不景气的1998-2001年阶段,为了保持一定水平的固定资产投资,大幅度减少营运资本,即通过调整营运资本水平来使固定资产投资平滑化,而经济不景气阶段企业固定投资对现金和销售收入的敏感性系数并没有系统性地高于经济景气的阶段.%We conduct an empirical study on Chinese listed firms' investment- cash flow sensitivities in different stages of the macroeconomic cycle during 1993-2004, and find that macro-economy has a significant effect on investment- cash flow sensitivities. When economic slowdown occurred between 1998 and 2001, sample firms reduced working capital substantially to maintain some necessary investment level of fixed assets, that is, firms stabilized fixed assets investment by adjusting working capital. However, the sensitivity coefficients of fixed assets investment to cash or sales revenue were not systematically higher in the depressed stage than in the booming stage.

  19. The gender, social and cultural influences on the management and use of unconditional cash transfers in Niger: a qualitative study.

    Science.gov (United States)

    Scott, Jennifer; Marquer, Caroline; Berthe, Fatou; Ategbo, Eric-Alain; Grais, Rebecca F; Langendorf, Céline

    2017-06-01

    The current qualitative study aimed to identify gender, social and cultural influences on the management and use of unconditional cash transfers as part of a prospective intervention study in Niger. In February to March 2012, focus group discussions and semi-structured individual interviews were conducted with female caregivers of children aged 6 to 23 months who received unconditional cash transfers. Discussion and interview transcripts were analysed using content thematic analysis. The study was conducted in the Madarounfa district in Maradi region of Niger. Among forty-eight intervention villages, fourteen were selected for the qualitative study. Participants were randomly selected from eligible households. In total, 124 women participated in focus group discussions or interviews. The majority reported giving the cash transfer to the male head of household who primarily managed cash at the household level. Women reported using a portion of the money to purchase foods for the target child. Feeding the household was the primary use of the cash transfer, followed by health care, clothing, gifts or ceremonies. Gender, social and cultural norms influenced management and usage of the cash transfer at the household level. The results highlight the importance of integrating gender-sensitive indicators into interventions. Information and awareness sessions should be an integral component of large-scale distributions with a special emphasis on gender equality and the importance of women's empowerment to improve agriculture and family health.

  20. Regional regression equations for the estimation of selected monthly low-flow duration and frequency statistics at ungaged sites on streams in New Jersey

    Science.gov (United States)

    Watson, Kara M.; McHugh, Amy R.

    2014-01-01

    Regional regression equations were developed for estimating monthly flow-duration and monthly low-flow frequency statistics for ungaged streams in Coastal Plain and non-coastal regions of New Jersey for baseline and current land- and water-use conditions. The equations were developed to estimate 87 different streamflow statistics, which include the monthly 99-, 90-, 85-, 75-, 50-, and 25-percentile flow-durations of the minimum 1-day daily flow; the August–September 99-, 90-, and 75-percentile minimum 1-day daily flow; and the monthly 7-day, 10-year (M7D10Y) low-flow frequency. These 87 streamflow statistics were computed for 41 continuous-record streamflow-gaging stations (streamgages) with 20 or more years of record and 167 low-flow partial-record stations in New Jersey with 10 or more streamflow measurements. The regression analyses used to develop equations to estimate selected streamflow statistics were performed by testing the relation between flow-duration statistics and low-flow frequency statistics for 32 basin characteristics (physical characteristics, land use, surficial geology, and climate) at the 41 streamgages and 167 low-flow partial-record stations. The regression analyses determined drainage area, soil permeability, average April precipitation, average June precipitation, and percent storage (water bodies and wetlands) were the significant explanatory variables for estimating the selected flow-duration and low-flow frequency statistics. Streamflow estimates were computed for two land- and water-use conditions in New Jersey—land- and water-use during the baseline period of record (defined as the years a streamgage had little to no change in development and water use) and current land- and water-use conditions (1989–2008)—for each selected station using data collected through water year 2008. The baseline period of record is representative of a period when the basin was unaffected by change in development. The current period is

  1. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  2. 现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

    Institute of Scientific and Technical Information of China (English)

    刘衡; 苏坤; 李彬

    2013-01-01

    In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

  3. Introductory small cash incentives to promote child spacing in India.

    Science.gov (United States)

    Stevens, J R; Stevens, C M

    1992-01-01

    The Ammanpettai Family Welfare Program began in 1985 as a pilot program to determine whether offering small monthly cash incentives for a limited period would be a cost-effective way to increase the use of modern temporary methods of contraception among rural Indian women who do not want to become pregnant but are not ready to adopt sterilization. The program has demonstrated that a modest cash incentive for 3-5 months attracts very large numbers of women to a clinic where they learn about and are provided with the pill, condoms, or the IUD. In catchment areas where official government reports showed temporary-methods prevalence rates of 3-5 percent at best, the Ammanpettai incentive program has attracted up to 70 percent of eligible women to join the program and try the method of their choice. By requiring that participants bring their youngest child to the clinic, the program provides for mother and child health surveillance, including immunizations. The great majority of rural women who join the program work as field laborers, have little or no schooling, and have little knowledge of or experience with modern contraceptive methods. Continuation rates are 25-50 percent at one year if follow-up is maintained by village resident women distributors. The program has been extended to several rural primary health centers in Thanjavur District, to 14 government health posts in the city of Madras, and to a semiurban area and several rural areas in Bihar. The cost-effectiveness of this program compares favorably with that of the current government family welfare program.

  4. Determination of Boundary Parameters of Cash Flows Regulation of Bank Contractors Using Methods of Financial Analysis Определение предельных параметров регулирования движения денежных потоков контрагентов банка

    OpenAIRE

    Azarenkova Galina M.; Piskunov Roman A.

    2012-01-01

    The selected risk forming factors of cash flow value is determined with the help of hierarchical system of interconnected methods and models of different types. The boundary parameters of cash flows regulation between economic agents by taking into account the coefficient of credit resource of bank contractor in the period of lending bank service for contractor is determined by expansion of parametric model.В исследовании с помощью иерархической системы взаимосвязанных методов и моделей разны...

  5. Poker Cash Game: a Thermodynamic Description

    CERN Document Server

    Javarone, Marco Alberto

    2015-01-01

    Poker is one of the most popular card games, whose rational investigation represents also one of the major challenges in several scientific areas, spanning from information theory and artificial intelligence to game theory and statistical physics. In principle, several variants of Poker can be identified, although all of them make use of money to make the challenge meaningful and, moreover, can be played in two different formats: tournament and cash game. An important issue when dealing with Poker is its classification, i.e., as a `skill game' or as gambling. Nowadays, its classification still represents an open question, having a long list of implications (e.g., legal and healthcare) that vary from country to country. In this study, we analyze Poker challenges, considering the cash game format, in terms of thermodynamics systems. Notably, we propose a framework to represent a cash game Poker challenge that, although based on a simplified scenario, allows both to obtain useful information for rounders (i.e., ...

  6. Portfolio Optimization with Random Parameters and Stochastic Cash Flow for Quadratic Utility Maximization%随机参数和随机资金流环境下基于二次效用函数的投资组合优化

    Institute of Scientific and Technical Information of China (English)

    常浩; 荣喜民

    2011-01-01

    研究完全市场下基于二次效用最大化的带有随机资金流的动态投资组合选择问题,其中假设无风险利率、股票收益率和波动率矩阵都是一致有界随机过程.通过应用线性二次控制方法和向后随机微分方程理论得到了最优投资组合的解析表达式.%This paper is concerned with a dynamic portfolio selection problem with stochastic cash flow in a complete financial market for quadratic utility maximization, in which interest rate, appreciation rates and volatility coefficients are allowed to be uniformly bounded stochastic processes. The optimal portfolio in the explicit forms is constructed via linear quadratic control technique and results from backward stochastic differential equations (BS-Des) theory.

  7. COMPARATIVE STUDY ON ACCOUNTING MODELS "CASH" AND "ACCRUAL"

    OpenAIRE

    Tatiana Danescu; Luminita Rus

    2013-01-01

    Accounting, as a source of information, can recognize the economic transactionstaking into account the time of payment or receipt thereof, as soon as they occur. There are twobasic models of accounting: accrual basis and cash basis. In the cash accounting method thetransactions are recorded only when cash is received or paid, shall not make the difference betweenthe purchase of an asset and the payment of expenditure - both of which are considered"payments". Accrual accounting achieves this d...

  8. Ranking of States and Commodities by Cash Receipts, 1991

    OpenAIRE

    Strickland, Roger P.; Johnson, Cheryl; Williams, Robert P.

    1992-01-01

    This publication identifies the 25 leading agricultural commodities produced in each State and the United States, ranked by the value of cash receipts. The major producing States, ranked by cash receipts, for each of the 25 leading commodities in the United States and for several major commodity groups are also identified. The information is derived from U.S. Department of Agriculture's cash receipts statistics for the marketing of agricultural commodities within States. The ranking of commod...

  9. A NEW ANONYMITY CONTROLLED E-CASH SCHEME

    Institute of Scientific and Technical Information of China (English)

    Zhang Fangguo; Wang Changjie; Wang Yumin

    2002-01-01

    E-cash is a type of very important electronic payment systems. The complete anonymity of E-cash can be used for criminal activities, so E-cash should be anonymity controlled.Moreover, Elliptic Curve Cryptography(ECC) has been regard as the mainstream of current public cryptography . In this paper, a new anonymity controlled E-cash scheme based on ECC for the first time and using a new technology-one-time key pairs digital signature is designed, and its security and efficiency are analyzed. In our scheme, the coin tracing and owner tracing can be implemented.

  10. Assessment of the potential forecasting skill of a global hydrological model in reproducing the occurrence of monthly flow extremes

    NARCIS (Netherlands)

    Candogan Yossef, N.A.N.N.; Beek, L.P.H. van; Kwadijk, J.C.J.; Bierkens, M.F.P.

    2012-01-01

    As an initial step in assessing the prospect of using global hydrological models (GHMs) for hydrological forecasting, this study investigates the skill of the GHM PCRGLOBWB in reproducing the occurrence of past extremes in monthly discharge on a global scale. Global terrestrial hydrology from 1958

  11. CERN Fellows, don’t splash that cash!

    CERN Multimedia

    Anaïs Schaeffer

    2013-01-01

    When their CERN contracts expire and they leave the Organization, Fellows recoup the amounts paid into the Pension Fund by and for them every month. If they invest this money well, right from the outset, it can grow into a nice little nest-egg by the time they reach retirement age.   As employed members of the CERN personnel, Fellows are members of the Organization’s Pension Fund. Accordingly, a specific amount is withheld from their salary every month (see first box) and, as the months go by, this gradually accumulates into their transfer value (i.e. their capital). When their contracts expire, Fellows may opt to transfer that money directly into another pension fund (subject to the national laws of the destination country and, unfortunately, not possible everywhere), or take it in cash. This is because only employed members of the personnel who have at least five years of service with the Organization are entitled to remain beneficiaries of the CERN Pension Fund for life*. But the capi...

  12. 上市公司现金储备量的实证研究%An Empirical Study on Public Company Cash Reserves

    Institute of Scientific and Technical Information of China (English)

    熊风; 龚群子

    2014-01-01

    通过利用2003~2013年中国上市公司的面板数据,研究影响上市公司现金储备量的因素,并对比金融危机前后公司的现金储备行为。研究发现,公司现金流量、资产负债率和净资产收益率的增加会引起公司现金储备量的增加,并且公司规模越小,现金储备比例越大,托宾q与公司现金储备无明显关系,金融危机使上市公司现金储备偏好进一步增强。%The study presenting public companies between 2003 and 2013, examines the factors and their respective impacts on cash reserves held by public company in China, as well as the cash reserves changes in global financial crisis. The empirical result shows that the increase of cash reserves can be caused by the rise of cash flow, asset-liability ratio or ROE. Moreover, the smaller the company’s size, the more the cash reserves added. There is an ambiguous relation between Tobin q and cash reserves. Increasing cash reserves happened after financial crisis.

  13. Higher magnitude cash payments improve research follow-up rates without increasing drug use or perceived coercion.

    Science.gov (United States)

    Festinger, David S; Marlowe, Douglas B; Dugosh, Karen L; Croft, Jason R; Arabia, Patricia L

    2008-07-01

    In a prior study [Festinger, D.S., Marlowe, D.B., Croft, J.R., Dugosh, K.L., Mastro, N.K., Lee, P.A., DeMatteo, D.S., Patapis, N.S., 2005. Do research payments precipitate drug use or coerce participation? Drug Alcohol Depend. 78 (3) 275-281] we found that neither the mode (cash vs. gift card) nor magnitude ($10, $40, or $70) of research follow-up payments increased rates of new drug use or perceptions of coercion. However, higher payments and payments in cash were associated with better follow-up attendance, reduced tracking efforts, and improved participant satisfaction with the study. The present study extended those findings to higher payment magnitudes. Participants from an urban outpatient substance abuse treatment program were randomly assigned to receive $70, $100, $130, or $160 in either cash or a gift card for completing a follow-up assessment at 6 months post-admission (n congruent with 50 per cell). Apart from the payment incentives, all participants received a standardized, minimal platform of follow-up efforts. Findings revealed that neither the magnitude nor mode of payment had a significant effect on new drug use or perceived coercion. Consistent with our previous findings, higher payments and cash payments resulted in significantly higher follow-up rates and fewer tracking calls. In addition participants receiving cash vs. gift cards were more likely to use their payments for essential, non-luxury purchases. Follow-up rates for participants receiving cash payments of $100, $130, and $160 approached or exceeded the FDA required minimum of 70% for studies to be considered in evaluations of new medications. This suggests that the use of higher magnitude payments and cash payments may be effective strategies for obtaining more representative follow-up samples without increasing new drug use or perceptions of coercion.

  14. Cash on Demand: A Framework for Managing a Cash Liquidity Position.

    Science.gov (United States)

    Augustine, John H.

    1995-01-01

    A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

  15. Cash on Demand: A Framework for Managing a Cash Liquidity Position.

    Science.gov (United States)

    Augustine, John H.

    1995-01-01

    A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

  16. Relative efficacy of cash versus vouchers in engaging opioid substitution treatment clients in survey-based research.

    Science.gov (United States)

    Topp, Libby; Islam, M Mofizul; Day, Carolyn Ann

    2013-04-01

    Concerns that cash payments to people who inject drugs (PWID) to reimburse research participation will facilitate illicit drug purchases have led some ethical authorities to mandate department store/supermarket vouchers as research reimbursement. To examine the relative efficacy of the two forms of reimbursement in engaging PWID in research, clients of two public opioid substitution therapy clinics were invited to participate in a 20-30 min, anonymous and confidential interview about alcohol consumption on two separate occasions, 4 months apart. Under the crossover design, at Time 1, clients of Clinic 1 were offered $A20 cash as reimbursement, while clients of Clinic 2 were offered an $A20 voucher; at Time 2, the form of reimbursement was reversed. Using clinic records to determine the denominator (number of clients dosed), we found that compared with clients offered a voucher, a significantly higher proportion of clients who were offered cash participated in the survey (58% (139/241) vs 74% (186/252); χ(2)=14.27; p=0.0002). At first participation, respondents most commonly reported planning to purchase food/drinks/groceries (68%), cigarettes (21%) and transport/fuel (11%) with their payments, with those reimbursed in cash more likely to report planning to fund transport/fuel (19% vs 1%; ppayment. Results demonstrate that modest cash payments enhanced recruitment of this group, an important consideration given the challenges of delineating the parameters of a population defined by illegal activity, seemingly without promoting excessive additional drug use.

  17. Influência do cálculo de depreciação no imposto de renda e no fluxo de caixa de uma atividade de transporte florestal Influence of methods for calculating depreciation on the income tax and cash flow of a forest transportion activity

    Directory of Open Access Journals (Sweden)

    Luis Carlos de Freitas

    2007-04-01

    Full Text Available Este trabalho buscou ilustrar um cenário de alternativas na cobrança de impostos, baseado em diferentes métodos de depreciação. A referência foi a atividade de transporte florestal, sendo o estudo desenvolvido para o caminhão bitrem. O fluxo de caixa foi calculado antes e depois dos impostos, sendo estes determinados com base num porcentual incidido sobre a renda tributável, que variou em função das metodologias utilizadas no cálculo da depreciação. Após a elaboração do fluxo de caixa pós-impostos, realizou-se um estudo econômico utilizando o Valor Presente Líquido (VPL. O impacto do imposto de renda ocasionou retrações na VPL de 53,36%, 52,22%, 50,54%, 48,07% e 47,72% quando se consideraram, respectivamente, os seguintes métodos de depreciação: soma inversa dos dígitos, fundo de renovação, linear, exponencial e soma dos dígitos. A metodologia mais compatível para o bitrem foi a mesma que apresentou maior VPL (soma dos dígitos, indicando que o método adotado pelo governo pode acarretar sobrecarga tributária. Isso reflete a necessidade de se estabelecerem critérios mais justos na cobrança de impostos, através da adoção de metodologias mais adequadas às realidades dos equipamentos.This work sought to illustrate a scenario of alternatives to taxation, based on different methods of depreciation. The parameter was the forest transportation activity, being the study developed for the Bitrem truck. Cash flow was calculated before and after taxation, which values were determined on the basis of a percentage on the taxable income, varying according to the methodologies used for calculating depreciation. After drawing up the post-taxation cash flow, an economic study was carried out using Net Present Value (NPV. The impact of the income tax caused a reduction in NPV of 53.36%, 52.22%, 50.54%, 48.07% and 47.72% respectively when considering the following methods of depreciation: inverse sum of the digits ; sinking fund

  18. Cash transfer program and education investment: A model for social evolution

    Science.gov (United States)

    Schimit, P. H. T.; Monteiro, L. H. A.; Omar, N.

    2014-03-01

    Assume that the households of a country are socially classified according to the monthly total income, and that they can be part of a lower, a middle or an upper class. By using multi-agent systems, here we model and simulate the economic evolution of households which earn a wage, pay taxes and invest in education. The return of the education investment is monthly added to the salary of the family, and it is function of the corresponding grand total put in education along the time. When a family is unemployed, we consider that it receives cash due to a social program made by the government. The time evolution of the percentages of households belonging to each class is investigated by varying the government investment in such a program of cash transfer and the proportion of employed households in the population. We show that the government should invest in the unemployed lower class if it intends a growth of the middle class. We also propose and analyze a mean-field approximation written in terms of ordinary differential equations. In addition, we verify that our model fits real data from Brazil, in the period between 2003 (when the cash transfer program Bolsa Família was launched) and 2011.

  19. Creditor rights, country governance, and corporate cash holdings

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2016-01-01

    This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much cas

  20. 31 CFR 206.6 - Cash management planning and review.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Cash management planning and review... planning and review. (a) An agency shall periodically perform cash management reviews to identify areas...) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY...

  1. Do Consumers Pay More Using Debit Cards than Cash?

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits of the pr...

  2. 7 CFR 273.20 - SSI cash-out.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false SSI cash-out. 273.20 Section 273.20 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM CERTIFICATION OF ELIGIBLE HOUSEHOLDS § 273.20 SSI cash-out. (a) Ineligibility. No individual who receives supplemental security income (SSI) benefits and/or State supplementary...

  3. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... may not receive a cash working capital adjustment to its rate base unless the company or other... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital..., DEPARTMENT OF ENERGY REGULATIONS UNDER NATURAL GAS ACT RATE SCHEDULES AND TARIFFS Material To Be Filed...

  4. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

    We conduct an incentivized experiment to study the effect of the payment method on spending. We find that the willingness to pay is higher when subjects pay with debit cards compared to cash. The result is robust to controlling for cash-on-hand constraints, spending type, price familiarity and co...

  5. Income Transfers and Maternal Health: Evidence from a National Randomized Social Cash Transfer Program in Zambia.

    Science.gov (United States)

    Handa, Sudhanshu; Peterman, Amber; Seidenfeld, David; Tembo, Gelson

    2016-02-01

    There is promising recent evidence that poverty-targeted social cash transfers have potential to improve maternal health outcomes; however, questions remain surrounding design features responsible for impacts. In addition, virtually no evidence exists from the African region. This study explores the impact of Zambia's Child Grant Program on a range of maternal health utilization outcomes using a randomized design and difference-in-differences multivariate regression from data collected over 24 months from 2010 to 2012. Results indicate that while there are no measurable program impacts among the main sample, there are heterogeneous impacts on skilled attendance at birth among a sample of women residing in households having better access to maternal health services. The latter result is particularly interesting because of the overall low level of health care availability in program areas suggesting that dedicated program design or matching supply-side interventions may be necessary to leverage unconditional cash transfers in similar settings to impact maternal health.

  6. Cash-based interventions: lessons from southern Somalia.

    Science.gov (United States)

    Mattinen, Hanna; Ogden, Kate

    2006-09-01

    Commodity distributions, the predominant relief response, are subject to growing criticism, while donors and humanitarian actors are increasingly viewing cash-based interventions as a viable alternative. This paper aims to contribute to the current debate on cash-based interventions by drawing on the experience of Action Contre la Faim in southern Somalia, where it has implemented cash for work programmes since 2004. The authors conclude that cash-based interventions are a feasible option in complex emergencies as well as in highly insecure environments as long as appropriate modalities are employed and objectives are clearly set in accordance with the needs and the context. Cash as a relief response offers wide-reaching possibilities for the future from both the perspective of the donor/agency and the standpoint of the beneficiary. It enables the beneficiaries to take control of the relief themselves and to adapt it to their individual requirements in a timely manner.

  7. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

  8. El-Niño/Southern Oscillation (ENSO) influences on monthly NO 3 load and concentration, stream flow and precipitation in the Little River Watershed, Tifton, Georgia (GA)

    Science.gov (United States)

    Keener, V. W.; Feyereisen, G. W.; Lall, U.; Jones, J. W.; Bosch, D. D.; Lowrance, R.

    2010-02-01

    SummaryAs climate variability increases, it is becoming increasingly critical to find predictable patterns that can still be identified despite overall uncertainty. The El-Niño/Southern Oscillation is the best known pattern. Its global effects on weather, hydrology, ecology and human health have been well documented. Climate variability manifested through ENSO has strong effects in the southeast United States, seen in precipitation and stream flow data. However, climate variability may also affect water quality in nutrient concentrations and loads, and have impacts on ecosystems, health, and food availability in the southeast. In this research, we establish a teleconnection between ENSO and the Little River Watershed (LRW), GA., as seen in a shared 3-7 year mode of variability for precipitation, stream flow, and nutrient load time series. Univariate wavelet analysis of the NINO 3.4 index of sea surface temperature (SST) and of precipitation, stream flow, NO 3 concentration and load time series from the watershed was used to identify common signals. Shared 3-7 year modes of variability were seen in all variables, most strongly in precipitation, stream flow and nutrient load in strong El Niño years. The significance of shared 3-7 year periodicity over red noise with 95% confidence in SST and precipitation, stream flow, and NO 3 load time series was confirmed through cross-wavelet and wavelet-coherence transforms, in which common high power and co-variance were computed for each set of data. The strongest 3-7 year shared power was seen in SST and stream flow data, while the strongest co-variance was seen in SST and NO 3 load data. The strongest cross-correlation was seen as a positive value between the NINO 3.4 and NO 3 load with a three-month lag. The teleconnection seen in the LRW between the NINO 3.4 index and precipitation, stream flow, and NO 3 load can be utilized in a model to predict monthly nutrient loads based on short-term climate variability

  9. Differential Effects of Acetylcholinesterase Inhibitors on Clinical Responses and Cerebral Blood Flow Changes in Patients with Alzheimer's Disease: A 12-Month, Randomized, and Open-Label Trial

    Directory of Open Access Journals (Sweden)

    Soichiro Shimizu

    2015-04-01

    Full Text Available Background/Aims: The present study evaluated the differences in treatment outcomes and brain perfusion changes among 3 types of acetylcholinesterase inhibitors (AchEIs, i.e. donepezil, rivastigmine, and galantamine. Methods: This was a prospective, longitudinal, randomized, open-label, 3-arm (donepezil, rivastigmine, or galantamine, parallel-group, 12-month clinical trial carried out in 55 patients with AD. Results: At 6 months, the results of the Mini-Mental State Examination (MMSE and the Trail Making Test (TMT-Part A showed an improvement versus baseline in the donepezil treatment group. All groups showed a significant increase in regional cerebral blood flow (rCBF, mainly in the frontal lobe. Significant rCBF reduction was observed in the temporal lobe and cingulate gyrus in all 3 groups. Conclusion: AchEI treatment prevents the progression of cognitive impairment and increases the relative rCBF in the frontal lobe.

  10. An asthma patient with steroid-resistant decrease in peak expiratory flow after the Great East Japan earthquake showing spontaneous recovery after 1 month.

    Science.gov (United States)

    Yanagimoto, Shintaro; Haida, Michiko; Suko, Matsunobu

    2012-01-01

    People living in Japan were affected in various ways after the Great East Japan earthquake of March 11, 2011. A 52-year-old female asthma patient not directly affected by the disaster experienced a decrease in peak expiratory flow (PEF) immediately after the earthquake. Despite increasing the inhaled and oral corticosteroid doses, her PEF did not recover. One month later, her PEF level abruptly returned to normal with minimal medications, which were previously ineffective, and the asthma-related symptoms vanished. The stabilization of her state of mind and actual social state seemed to be a part of the reason for the patient's recovery.

  11. Monthly energy review, September 1997

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-09-01

    This publication presents an overview of the Energy Information Administration`s recent monthly energy statistics. The statistics cover the major activities of U.S. production, consumption, trade, stocks, and prices for petroleum, natural gas, coal, electricity, and nuclear energy. Information is also provided on international energy, including petroleum production, consumption, and stocks and nuclear electricity gross generation. This issues provides a brief industry overview and a detailed analysis of the spring 1996 gasoline price runup, crude oil supply issues, U.S. crude oil imports, petroleum stocks, futures markets, refining cash margin trends, and the financial performance of U.S. refining and marketing firms. 37 figs., 73 tabs.

  12. Piping cash out of provincial pockets

    Energy Technology Data Exchange (ETDEWEB)

    Vanagas, S.

    1996-01-01

    The Vancouver Island Gas Pipeline Project (VIGAS) received funding in 1988, but the project ran into political delays, environmental impact studies and design changes. By the time it was finished in 1991 VIGAS was $110 million over its capital budget of $250 million. Furthermore, it was facing losses of as much as $449 million, a risk that the Province was unwilling to take on. Under a new agreement with Westcoast Energy Inc., the province will pay $120 million cash to Pacific Coast Energy Co., and cede future gas royalties to Centra Gas Inc. It will also defer repayment of $75 million in interest-free loans. The province will then phase out its subsidy for VIGAS customers over the next six years, at which point the pipeline will become an entirely commercial venture with prices based on the market rate.

  13. Rush for cash crops and forest protection

    DEFF Research Database (Denmark)

    Vongvisouk, Thoumthone; Broegaard, Rikke Brandt; Mertz, Ole

    2016-01-01

    forest cover and prepares for REDD+ (reducing deforestation and forest degradation). This paper explores how the recent boom in cash crops is impacting land use and livelihoods of local communities, as well as affecting forest conservation in Hua Meuang District of Huaphan Province in northeastern Laos...... and have achieved an increase in both income and household assets. Maize has replaced upland rice cultivation as well as primary and secondary forests. Although the government policies aim to spare land for forest conservation by intensifying agriculture, the result is rapid agricultural expansion...... and no spared forest. Moreover, the traditional land-sharing landscapes with forest, fallows, and fields are being transformed, creating landscapes that are increasingly dominated by agriculture. This may still be in line with economic development policies, but it is at odds with forest conservation policies...

  14. Atomic and efficient e-cash transaction protocol

    Institute of Scientific and Technical Information of China (English)

    王茜; 杨德礼

    2004-01-01

    Atomicity is necessary for reliable and secure electronic commerce transaction and to guarantee the participants'interests. An atomic and efficient e-cash (electronic cash) transaction protocol based on the classical e-cash scheme is presented. The delivery of digital goods is incorporated into the process of payment in the protocol. Apart from ensuring all three levels of atomicity, the novel protocol features high efficiency and practicability with unfavorable strong assumption removed. Furthermore, the proposed protocol provides non-repudiation proofs for any future disputes. At last, analysis of the atomicity and efficiency is illustrated.

  15. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  16. NO-CASH PAYMENTS IN ROMANIA AND EU AREA

    Directory of Open Access Journals (Sweden)

    RADULESCU MAGDALENA

    2017-02-01

    Full Text Available In this paper we present the non-cash payment methods used in Romania against other European Union countries to stress the main differences of the latest developments in this specific area since the crisis errupted up to present. In Romania, the most common payment method is transfer credit, because of its simplicity and because it is less risky than the other non-cash payment methods, while in EU direct debit and credit cards are more common. However, the value per transaction for any type of non-cash instruments (except for cheques is smaller in Romania than in other EU countries.

  17. Cash incentives improve participation rate in a face-to-face survey: an intervention study.

    Science.gov (United States)

    Chen, Ke; Lei, Han; Li, Ge; Huang, Wei; Mu, Lihong

    2015-02-01

    Our study examined the effect of a ChinaYuan (CNY) 10 cash incentive on the participation rate in a face-to-face health survey among the general Chinese population. Subjects older than 15 years of age and had been living in the two selected districts for more than 6 months were selected using multistage random sampling. Participants from only one district received a cash incentive (CNY 10) for completing the survey. The participation rates in the nonincentive and incentive groups were 39.9% and 61.2%, respectively, P rate (54.4%); no significant difference was found between men (39.4%) and women (40.5%), P = 0.59. In the incentive group, the highest participation rate was observed in the ≥75 years (78.1%) age group. The cost for a completed interview was CNY 34.5 in the incentive group and CNY 35.8 in the nonincentive group. Cash incentives might increase participation rates in face-to-face surveys in China. The absolute cost was higher for the incentive group, whereas cost for a completed interview was actually the lowest. Furthermore, participation rate did not differ between men and women, but elders were more likely to participate in health surveys. Copyright © 2015 Elsevier Inc. All rights reserved.

  18. Cash Component of Conditional Cash Transfer Program Is Associated with Higher Body Mass Index and Blood Pressure in Adults12

    Science.gov (United States)

    Fernald, Lia C. H.; Gertler, Paul J.; Hou, Xiaohui

    2008-01-01

    The cash component of Oportunidades, a large conditional cash transfer (CCT) program in Mexico, has previously been shown to be associated with better outcomes for child growth and development. The objective of this analysis was to determine whether the cash transfers were also associated with positive outcomes for adult health. Oportunidades was originally randomized across 506 rural (Oportunidades's requirements for the entire period, but some received higher cumulative cash transfers because they were living in communities randomized to begin receiving transfers earlier and/or they accumulated cash at a faster rate because they had more school-aged children at baseline. Our primary findings were that a doubling of cumulative cash transfers to the household was associated with higher BMI (β = +0.83, 95% CI 0.46, 1.20; P Oportunidades has been portrayed as a model for CCT programs worldwide, but the results reported here support the notion that the cash component of Oportunidades may be negatively associated with some adult health outcomes. PMID:18936227

  19. Cash component of conditional cash transfer program is associated with higher body mass index and blood pressure in adults.

    Science.gov (United States)

    Fernald, Lia C H; Gertler, Paul J; Hou, Xiaohui

    2008-11-01

    The cash component of Oportunidades, a large conditional cash transfer (CCT) program in Mexico, has previously been shown to be associated with better outcomes for child growth and development. The objective of this analysis was to determine whether the cash transfers were also associated with positive outcomes for adult health. Oportunidades was originally randomized across 506 rural (Oportunidades's requirements for the entire period, but some received higher cumulative cash transfers because they were living in communities randomized to begin receiving transfers earlier and/or they accumulated cash at a faster rate because they had more school-aged children at baseline. Our primary findings were that a doubling of cumulative cash transfers to the household was associated with higher BMI (beta = +0.83, 95% CI 0.46, 1.20; P Oportunidades has been portrayed as a model for CCT programs worldwide, but the results reported here support the notion that the cash component of Oportunidades may be negatively associated with some adult health outcomes.

  20. 38 CFR 6.14 - Cash value; other than special endowment at age 96 plan policy.

    Science.gov (United States)

    2010-07-01

    ... American Experience Table of Mortality, with interest at the rate of 31/2 percent per annum. The cash value... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Cash value; other than... DEPARTMENT OF VETERANS AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Cash Value § 6.14 Cash value;...

  1. Evidence of eligibility manipulation for conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    Sergio Firpo

    2014-09-01

    Full Text Available This paper assesses whether eligibility for conditional cash transfer programs has been manipulated, as well as the impact of this phenomenon on time allocation within households. To perform this analysis, we use data from the 2006 PNAD (Brazilian national household survey and investigate the eligibility manipulation for the Bolsa Família (Family Stipend program during this time period. The program assists families with a monthly per capita income of around R$120.00 (US$60.00. By applying the tests developed by McCrary (2008, we find suggestive evidence that individuals manipulate their income by voluntarily reducing their labor supply in order to become eligible to the program. Moreover, the reduction in labor supply is greater among women, especially single or divorced mothers. This evidence raises some concern about the unintended consequences related to the eligibility criteria utilized by Bolsa Família, as well as the program's impact on individuals living in extreme poverty.

  2. Are Corporate Cash Holdings and Debt Mutual Substitutes?%公司持有现金和负债是相互替代的吗?

    Institute of Scientific and Technical Information of China (English)

    韩忠雪; 尚娟; 程蕾

    2012-01-01

    Using the 2001-2008 financial data of Chinese listed companies and GMM dynamic panel analysis,this paper researches the company's cash holdings and debt ratio in changing of cash flow situation.Although empirical results show that,all listed firms have evidently positive cash-cash flow sensitivity and negative debt-cash flow sensitivity and substitute relations between cash and debt,the preference of cash holding and debt varies largely when financial constrain and hedging demand are considered.Furthermore,strict relation of substitution exits mainly in the low cash flow firms to be financially constrained.This shows that listed companies in China have similar cash flow management policy as those in developed countries,and there is also our own financial best financial behavior according to our imperfect capital market.%通过利用2001-2008年上市公司财务数据,采用GMM动态面板分析方法,研究了公司持有现金和债务比例的相互关系以及两者随现金流变动的变化规律。尽管总体样本表明,我国上市公司都存在显著的正的现金-现金流敏感性和负的债务-现金流敏感性,且现金持有和负债存在显著的替代关系。但是,在逐步考虑融资约束和对冲需求的条件下,公司持有现金和降低债务的偏好随之发生较大的差异和分化,而且,现金和债务的严格替代关系主要存在于未来现金流紧张的融资约束公司中。这些实证结果说明,我国上市公司既有与发达国家相似的持有现金与债务择机而变的现金流管理政策,同时也存在与我国资本市场不完善条件下自有的财务最优行为。

  3. The Determinants of Cash Flows in Greek Bond Mutual Funds

    Directory of Open Access Journals (Sweden)

    Christos Grose

    2011-03-01

    Full Text Available This paper examines the factors that affect inflows – outflows of capital in bond mutual funds that operated in the Greek market during the period 1997-2005. Investors in bond mutual funds do not seek for high gross returns in order to determine their investment decisions incontrast with investors in the stock market. The risk weighted returns however represent a crucial factor in investment decision making. Bond mutual funds that invest primarily in government bonds, appear to be more affected by commissions charged by mutual fundmanagers, since investors avoid mutual funds charging high commissions, while on the other hand investors that prefer corporate bonds show reduced sensitivity in the commissions charged by mutual funds. Investors in government bonds increase their investment positions when stock markets experience small or negative returns, a clue that shows they seek for safe heavens for their investments. This phenomenon is more evident when investors face a temporary period of low stock market returns and is not as strong when low returns in the stock markets are extended to a period of years. In these cases investment positions in bond mutual funds appear to be part of a more permanent investment policy where bond investments are considered to be an integral part of a diversified portfolio.

  4. Credit and Debit Card Usage and Cash Flow Management Control ...

    African Journals Online (AJOL)

    First Lady

    understanding on the impact of use of debit and credit cards on customers‟ ... credit cards in developing countries which are yet to advance in technology. ... Their study attributed the expectations of future financial positions as a major.

  5. Mathematical Analysis of Replication by Cash Flow Matching

    Directory of Open Access Journals (Sweden)

    Jan Natolski

    2017-02-01

    Full Text Available The replicating portfolio approach is a well-established approach carried out by many life insurance companies within their Solvency II framework for the computation of risk capital. In this note,weelaborateononespecificformulationofareplicatingportfolioproblem. Incontrasttothetwo most popular replication approaches, it does not yield an analytic solution (if, at all, a solution exists andisunique. Further,althoughconvex,theobjectivefunctionseemstobenon-smooth,andhencea numericalsolutionmightthusbemuchmoredemandingthanforthetwomostpopularformulations. Especially for the second reason, this formulation did not (yet receive much attention in practical applications, in contrast to the other two formulations. In the following, we will demonstrate that the (potential non-smoothness can be avoided due to an equivalent reformulation as a linear second order cone program (SOCP. This allows for a numerical solution by efficient second order methods like interior point methods or similar. We also show that—under weak assumptions—existence and uniqueness of the optimal solution can be guaranteed. We additionally prove that—under a further similarly weak condition—the fair value of the replicating portfolio equals the fair value of liabilities. Based on these insights, we argue that this unloved stepmother child within the replication problem family indeed represents an equally good formulation for practical purposes.

  6. Breaking up the transcription logjam can improve cash flow.

    Science.gov (United States)

    Paulik, Dennis

    2004-06-01

    Using more than 20 transcription companies to handle its annual volume of 36 million lines, Health Midwest knew it had to gain control of the document transcription and delivery process. By centralizing its transcription service, the organization saved $600,000 and reduced days in accounts receivable by 10 days.

  7. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    NARCIS (Netherlands)

    Delorenzo, M.A.; Spreen, T.H.; Bryan, G.R.; Beede, D.K.; Arendonk, van J.A.M.

    1992-01-01

    Dynamic programming to solve the Markov decision process problem of optimal insemination and replacement decisions was adapted to address large dairy herd management decision problems in the US. Expected net present values of cow states (151,200) were used to determine the optimal policy. States

  8. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The problem of management of financial stability gains the increasing relevance.The concept «financial stability of the enterprise» it is many-sided and now it isbased not only on financial performance, but also on the administrative analysis.In market economy this criterion became repent long ago, not only at the microlevel but also in all-economic scale. Financial stability of any enterprise is anability continuously to carry out the main and accompanying kinds of activity inthe conditions of admissible enterprise risk and the changing business environment for the purpose of maximizing welfare of his owners, and also strengthening’s of competitive advantages of the company taking into account interests of society and state. The purpose of work is the analysis of financial stability ofthe enterprise, and also development of actions and offers to its strengthening.

  9. Cash Flow in Corporate Bankruptcy. A Literature Review

    OpenAIRE

    Dariusz Wedzki

    2008-01-01

    W artykule dokonano przegladu literatury swiatowej i polskiej na temat wykorzystania wskaznikow finansowych, bazujacych na przeplywach pienieznych, do prognozowania upadlosci przedsiebiorstwa. Dokonano przegladu formul wskaznikow opartych na przeplywach pienieznych. Zaproponowano kierunki dalszych badan. Sformulowano rowniez opinie, ze bardzo malo eksplorowanym obszarem jest stosowanie tzw. analiz znakow w modelowaniu upadlosci.The paper presents a review of world and Polish literature on usa...

  10. Financing Constraints, Cash-Flow Risk, and Corporate Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Viswanatha, Marc

    2011-01-01

    This paper examines the effect of debt and liquidity on corporate investment in a continuous-time framework. We show that stockholder-bondholder agency conflicts cause investment thresholds to be U-shaped in leverage and decreasing in liquidity. In the absence of tax effects, we derive the optimal...

  11. Optimizing model. 1. Insemination, replacement, seasonal production and cash flow.

    NARCIS (Netherlands)

    Delorenzo, M.A.; Spreen, T.H.; Bryan, G.R.; Beede, D.K.; Arendonk, van J.A.M.

    1992-01-01

    Dynamic programming to solve the Markov decision process problem of optimal insemination and replacement decisions was adapted to address large dairy herd management decision problems in the US. Expected net present values of cow states (151,200) were used to determine the optimal policy. States wer

  12. A study on management of corporate cash in consumer durable sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-02-01

    Full Text Available Cash plays essential role in modern business and economy and it is the life blood of all businesses. Therefore, cash management is the art of managing a company’s short-term resources for its ongoing activities, mobilizing funds and optimizing liquidity. Inefficient cash management may lead the company to bankruptcy. In this paper, we highlight different perspectives in which we can control the corporate cash including Cash Conversion Cycle, Cash Holding and Creditworthiness. The term Cash Conversion Cycle can be considered as a length of time between purchase of raw-materials and collection of cash from debtors. Cash holding is one of the most important financial decisions that the manager of the concerned organization has to make for the organizations. In this paper, we try to interlink among different items to control cash so that bankruptcy could be prevented and profitability would be improved by investigating on five companies from Consumer Durable sector.

  13. Cryptanalysis of One Fair E-cash System

    Institute of Scientific and Technical Information of China (English)

    LIU Li-hua; SHEN Hao

    2006-01-01

    The security of Canard-Traore fair e-cash system scheme was believed to depend on the strong-RSA as sumption and the Decision Diffie-Hellman assumption in groups of unknown order. But it is not the case. The ryptanalysis on Canard-Traore fair e-cash system was presented. An algorithm was designed to show that Canard Traore fair e-cash system is insecure: It is forgeability. Further, two drawbacks on Canard-Traore fair e-cash system scheme were pointed out. One is that those integer intervals for si(i= 1,…, 9) are unappropriate. The other is that the datum s3 in signature data is redundant. Moreover, a minute description of the technique to shun the challenge in the scheme was presented. The technique is helpful for designing new group signature schemes in the future.

  14. Cash balance pension plans--accounting and business implications.

    Science.gov (United States)

    Arcady, A; Mellors, F

    2001-01-01

    This article illustrates the accounting and disclosure implications of converting from traditional pensions to cash balance plans. That information is followed by a description of issues that have encouraged employers to initiate those conversions.

  15. Cash provision for profit: methodological bases of accounting

    OpenAIRE

    Панченко, Інна Анатоліївна

    2015-01-01

    The necessity of forming the cash provision for profit has been considered as well as the suggestions concerning the mechanism of its creation, reflecting in accounting and reporting has been expressed

  16. Social Cash Transfer Scale-up for Zambia

    OpenAIRE

    Stanfield Michelo

    2015-01-01

    What started as an experiment on the desirability and feasibility of a social cash transfer programme in Zambia has now mutated into the national flagship social protection programme. How did this happen?(?)

  17. Cash transfers for HIV prevention: considering their potential

    Directory of Open Access Journals (Sweden)

    Lori Heise

    2013-08-01

    Full Text Available Introduction: Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. Discussion: This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1 understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2 addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3 evaluating and enhancing the wider impacts of cash transfers on health and development. Conclusions: Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  18. Cash benefits in long-term home care.

    Science.gov (United States)

    van den Berg, Bernard; Hassink, Wolter H J

    2008-12-01

    This paper tests empirically for differences in prices paid between parts of the cash benefit that clients may and not may keep when it is unspent. In The Netherlands, demand-side subsidies were introduced in 1996. Clients receive a cash benefit to purchase the type of home care (housework, personal care, support with mobility, organisational tasks or social support) they need from the care supplier of their choice (private care provider, regular care agency, commercial care agency or paid informal care provider). Furthermore, they negotiate with the care supplier about price and quantity. Our main findings are the following: (1) the component of the cash benefit that a client may not keep when it is unspent has a positive impact on the price of care. (2) In contrast, the components of the cash benefit a client may keep when it is unspent, have no or a negative impact on the price of care. Both results have important implications for designing health policy. If cash benefits are introduced in long-term home care in an attempt to make consumers more conscious about prices, it is only successful when consumers may keep the unspent part of the cash benefit.

  19. The impact on consumption of more cash in conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    André Oliveira Ferreira Loureiro

    2013-12-01

    Full Text Available This paper evaluates the impact of an increase in the value of the cash transfer paid to families by the Brazilian Bolsa Família program. The existence of a similar program in the state of Ceará, Bolsa Cidadão, that increases the value received by a sub-group of families, provides a unique dataset, enabling us to evaluate the effect of a higher value of transfer on the spending of comparable households. There is a significant increase in consumption, but it is smaller than the increment in the income, suggesting that the consumption of the households is not properly declared.

  20. The Responses of Youth to a Cash Transfer Conditional on Schooling: A Quasi-Experimental Study

    DEFF Research Database (Denmark)

    Humlum, Maria Knoth; Vejlin, Rune Majlund

    2013-01-01

    . Specifically, individuals born late in a quarter receive a larger total transfer than comparable individuals born early in the following quarter. We find that the transfer increases the labor market participation of youth and the number of months worked. The estimated effect is larger for individuals from low......We estimate the effect of cash transfers given to youth conditional on high school attendance on the labor supply decisions and academic performance of youth. We exploit differences in the size of the total transfer received based on timing of birth to identify the causal effects of interest...

  1. 民营上市公司实际控制人与现金股利研究%A Study on Ultimate Controlling Shareholder and Cash Dividend of Private Listed Company

    Institute of Scientific and Technical Information of China (English)

    王爱国; 宋理升

    2012-01-01

    Ultimate controlling shareholder of a listed company has an important influence on cash dividend.This paper selects private listed companies of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2006 as samples,and presents an empirical study on the relationship between ultimate controlling shareholder and cash dividend.The result shows that ultimate controlling shareholder acquiring control right through IPO has a significantly positive relation to cash dividend,control right and cash flow right has a significantly positive relation to cash dividend,and divergence between control right and cash flow right and pyramid control mode has a significantly negative relation to cash dividend.For ultimate controlling shareholders acquiring control right through IPO,control right and cash flow right have a more significant influence on cash dividend,and cash dividend is more when there is divergence between control right and cash flow right and when applying pyramid control mode if compared with other ultimate controlling shareholders.%实际控制人对上市公司的现金股利分配具有重要影响。本文以2004-2006年沪深证券交易所的民营上市公司为样本,对实际控制人与现金股利之间的关系进行了实证研究。研究结果证实,实际控制人通过IPO的方式获得上市公司的控制权同现金股利显著正相关,控制权与现金流权同现金股利显著正相关,控制权与现金流权发生分离和采用金字塔控制方式同现金股利显著负相关。而且,与通过非IPO的方式获得上市公司控制权的实际控制人相比,通过IPO的方式获得上市公司控制权的实际控制人其控制权与现金流权对现金股利的影响更加显著,控制权与现金流权发生分离和控制方式为金字塔时发放的现金股利更多。

  2. Demonstração dos fluxos de caixa: uma análise da captação de recursos nas empresas do setor de construção civil listadas na BM&F Bovespa = Cash flow statements: an analysis of resource acquisitions by the civil architecture enterprises listed at BM&F Bovespa

    Directory of Open Access Journals (Sweden)

    Mariane Lohn

    2012-05-01

    . Recent changes in the organizational concepts and legislation present new challenges to the accounting procedures which must guarantee trustworthiness to the decisions made in accordance with recent information. In this scenery, characterized by changes and instability, the present research had as its objective to identify the forms of acquiring financial sources used by the civil architecture enterprises which negotiate their shares at BM&F Bovespa. With this aim in mind a bibliographical research was undertaken as well as data collection. The latter covered the financial statements of 2007, 2008 and 2009, and it was noticed that more than 80% of the organizations under scrutiny acquired resources through financing activities. It was noticed that in the year of 2007 the main financing activity consisted in the capital increase of the enterprises. In the years of 2008 and 2009, however, the main forms of capitalization consisted in loan capital, financing aids and the launching of debentures. It was realized that the cash flow report is a very dynamic statement concerning information on the financing sources of enterprises besides contributing to accounting harmonization, something quite important vis-à-vis the present economic sceneries in which frequent new norms and procedures demand a dynamic flux of information as well as dynamic accounting procedures.

  3. The Effect of Financial Constraints on the Corporate Cash Holdings Policy%一融资约束对公司现金持有政策的影响

    Institute of Scientific and Technical Information of China (English)

    李金燕; 郝洪

    2014-01-01

    This paper examines the effect of financial constraints on the corporate cash holdings policy,with the sample of 314 listed manufacturing firms over the period of 2003 -2012. The results show that the cash holdings of the financial constrained firms are significantly higher than those of the unconstrained firms. For the financial constrained firms,the change of cash holdings has a positive relation to operating cash flows,which implies that these firms will save cash out of operating cash flows to meet future investment needs. Because of unrestricted access to external capital,unconstrained firms' cash savings are not significantly related to operating cash flows.%以2003-2012年持续存在的314家制造业上市公司为研究样本,研究融资约束对企业现金持有政策的影响。研究结果显示:有融资约束企业的现金持有水平显著高于无融资约束企业;有融资约束企业的现金持有量的变化与公司经营现金流显著正相关,说明有融资约束的企业会为了把握未来的投资机会而从当前经营现金流中储备现金。无融资约束企业因其外部融资能力较强,其现金持有量的变化不受企业经营现金流的显著影响。

  4. Evaluation of myocardial blood flow and coronary flow reserve after implantation of a bioresorbable vascular scaffold versus metal drug-eluting stent: an interim one-month analysis of the VANISH trial.

    Science.gov (United States)

    Stuijfzand, Wijnand J; Raijmakers, Pieter G; Driessen, Roel S; Lammertsma, Adriaan A; van Rossum, Albert C; Nap, Alexander; Appelman, Yolande; Lemkes, Jorrit S; van Leeuwen, Maarten A; van Royen, Niels; Knaapen, Paul

    2016-08-05

    A randomised clinical trial of bioresorbable vascular scaffold (BVS) vs. metal drug-eluting stent (DES) was initiated, using positron emission tomography (PET) perfusion imaging to assess the effects of both treatments on (hyperaemic) myocardial blood flow (MBF) and coronary flow reserve (CFR) over a three-year period (VANISH trial). In the present study, early, i.e., after one month, MBF and CFR are reported. Sixty patients (45 men [75%], 55±7 years) with a documented single-vessel type A or B1 lesion were included in this single-blind randomised clinical trial. Patients were randomised to implantation of a BVS or DES in a one-to-one fashion. Approximately one month after percutaneous coronary intervention, patients underwent [15O]H2O PET to assess (hyperaemic) MBF, cold pressor test MBF, and CFR. One patient refused PET perfusion at one-month follow-up (in the DES arm). MBF of the treated myocardial territory during rest, CPT, and hyperaemia were not different in BVS-treated patients as compared to DES-treated patients (1.02±0.28 vs. 0.96±0.24 mL·min-1·g-1, p=0.38, 1.20±0.38 vs. 1.08±0.23 mL·min-1·g-1, p=0.16, and 3.04±0.80 vs. 3.33±0.77 mL·min-1·g-1, p=0.16, respectively). CFR of the treated myocardial territory was significantly lower in the BVS-treated patients (3.09±0.94 vs. 3.57±0.85, p<0.05). No differences in PET-derived absolute myocardial perfusion were observed between BVS-treated patients as compared to DES-treated patients at one-month follow-up. CFR was attenuated in BVS-treated patients, although still within the normal range.

  5. Day care schemes and cash for-care at home

    DEFF Research Database (Denmark)

    Rostgaard, Tine

    2012-01-01

    The purpose of this chapter is to analyse and compare Nordic day-care policies, i.e. ECEC services as well as cash-for-care for children under school age. The chapter examines the legislative purpose behind the provision of the services and the cash benefits as well as the take-up rates. The review...... of day-care will also look at how the programmes are organised and funded, and at the quality indicators of the care provided. In this context, the Nordic countries will be compared with the EU average. The review of cash-for-care will assess the key elements of the programmes: the length of time...

  6. Monthly errors

    Data.gov (United States)

    U.S. Environmental Protection Agency — The 2006 monthly average statistical metrics for 2m Q (g kg-1) domain-wide for the base and MODIS WRF simulations against MADIS observations. This dataset is...

  7. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  8. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  9. The analysis of the introduction of cash registers to the business environment and the state budget

    OpenAIRE

    Zubíčková, Aneta

    2009-01-01

    The issue of cash registers has recently been updated in the Czech Republic. Their introduction assumes the elimination of the shadow economy through an increase in reported sales for business entites, who are forced to use it. Regression analysis has not demonstrated a direct effect of the cash registers on the level of reported revenues. Cash registers represent an additional burden on businesses and make conditions for doing a business more difficult. In the year of introduction of cash re...

  10. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the HOPE... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information...

  11. 19 CFR 4.23 - Certificate of payment and cash receipt.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 1 2010-04-01 2010-04-01 false Certificate of payment and cash receipt. 4.23... Certificate of payment and cash receipt. Upon each payment of tonnage tax or light money, the master of the vessel shall be given a certificate on Customs Form 1002 on which the control number of the cash...

  12. Paying Students to Learn: An Ethical Analysis of Cash for Grades Programmes

    Science.gov (United States)

    Warnick, Bryan R.

    2017-01-01

    A growing number of schools have begun experimenting with giving students cash rewards to improve academic performance. This practice has come to be known as "cash-for-grades." In this article, I examine some of the philosophical and ethical questions involved with cash-for-grades programmes, rather than focusing on whether such…

  13. 31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

    Science.gov (United States)

    2010-07-01

    ... SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.10 Operation of and payments from the Cash Management Improvements Fund. (a) The Cash... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from...

  14. 20 CFR 416.261 - What are special SSI cash benefits and when are they payable.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false What are special SSI cash benefits and when... Work Despite A Disabling Impairment § 416.261 What are special SSI cash benefits and when are they payable. Special SSI cash benefits are benefits that we may pay you in lieu of regular SSI benefits...

  15. 20 CFR 416.262 - Eligibility requirements for special SSI cash benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Eligibility requirements for special SSI cash... Disabling Impairment § 416.262 Eligibility requirements for special SSI cash benefits. You are eligible for special SSI cash benefits if you meet the following requirements— (a) You were eligible to receive a...

  16. 76 FR 67105 - Cash Balance Plans; Benefit Determinations and Plan Valuations for Statutory Hybrid Plans...

    Science.gov (United States)

    2011-10-31

    ... would apply to all statutory hybrid plans. If a cash balance plan uses a fixed interest rate as of the..., however, when a cash balance plan uses a variable interest rate--e.g., a rate that changes annually under... CORPORATION 29 CFR Parts 4001, 4022, 4041, and 4044 RIN 1212-AB17 Cash Balance Plans; Benefit...

  17. Conditional Cash Transfer against Child Labor: Indonesia Program Keluarga Harapan

    Science.gov (United States)

    Lee, Kye Woo; Hwang, Miae

    2016-01-01

    This study aims to analyze whether subsidies provided by the Indonesian conditional cash transfer against child labor program (Program Keluarga Harapan: PKH) were sufficient for children to stop working and go back to schooling. Ex-post evaluations of the program found that it did not improve children's enrollment rate and reduce child labor…

  18. Conditional Cash Transfer against Child Labor: Indonesia Program Keluarga Harapan

    Science.gov (United States)

    Lee, Kye Woo; Hwang, Miae

    2016-01-01

    This study aims to analyze whether subsidies provided by the Indonesian conditional cash transfer against child labor program (Program Keluarga Harapan: PKH) were sufficient for children to stop working and go back to schooling. Ex-post evaluations of the program found that it did not improve children's enrollment rate and reduce child labor…

  19. 20/30 Hindsight: cash management in local banks

    NARCIS (Netherlands)

    Peffer, Ron A.; Telgen, Jan

    1986-01-01

    Who would ever expect that a bank would complain about the number of calculations required to do anything, let alone cut down costs? Mr. Peffer and Dr. Telgen describe their experiences in implementing a cash management system for use by independent local banks; when they got that response—perhaps

  20. The evolution of Treasury cash management during the financial crisis

    OpenAIRE

    Paul J. Santoro

    2012-01-01

    The U.S. Treasury and the Federal Reserve System have long enjoyed a close relationship, each helping the other to carry out certain statutory responsibilities. This relationship proved beneficial during the 2008-09 financial crisis, when the Treasury altered its cash management practices to facilitate the Fed’s dramatic expansion of credit to banks, primary dealers, and foreign central banks.

  1. Using cash cover crops to provide pollinator provisions

    Science.gov (United States)

    To date, the use of winter cover crops in MN and SD has been slow to be adopted. The short growing season and potential for late wet springs make cover crops risky to farmers with little economic return. The use of cash cover crops in this area offers the standard advantages of other cover crops, wi...

  2. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    2007-01-01

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously p

  3. Ju/'h0ansi Adaptations to a Cash Economy

    African Journals Online (AJOL)

    societies, and while cash is certainly sharable, traditional norms for resource .... also taking some new forms in modern life: for example demand sharing of .... Namibians (mostly of Bantu ethnicities) have come to Tsumkwe to take advan- .... non-Ju/'hoansi management and patronage, and demonstrates the tension between ...

  4. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously

  5. 18 CFR 367.1360 - Account 136, Temporary cash investments.

    Science.gov (United States)

    2010-04-01

    ... GAS ACT Balance Sheet Chart of Accounts Current and Accrued Assets § 367.1360 Account 136, Temporary... cash investments. 367.1360 Section 367.1360 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION, DEPARTMENT OF ENERGY REGULATIONS UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF...

  6. 45 CFR 400.52 - Emergency cash assistance to refugees.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Emergency cash assistance to refugees. 400.52 Section 400.52 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT...

  7. 31 CFR 321.7 - Authorized cash payments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Authorized cash payments. 321.7 Section 321.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL... authorized or empowered to act for a corporate legal representative so designated. The full title of the...

  8. 47 CFR 32.1120 - Cash and equivalents.

    Science.gov (United States)

    2010-10-01

    ... hands of financial officers and agents, deposited in banks or other financial institutions and also...) This account shall include the cost of current securities acquired for the purpose of temporarily investing cash, such as time drafts receivable and time loans, bankers' acceptances, United States Treasury...

  9. Acceptability and feasibility of cash transfers for HIV prevention among adolescent South African women.

    Science.gov (United States)

    MacPhail, Catherine; Adato, Michelle; Kahn, Kathleen; Selin, Amanda; Twine, Rhian; Khoza, Samson; Rosenberg, Molly; Nguyen, Nadia; Becker, Elizabeth; Pettifor, Audrey

    2013-09-01

    Women are at increased risk of HIV infection in much of sub-Saharan Africa. Longitudinal and cross-sectional studies have found an association between school attendance and reduced HIV risk. We report feasibility and acceptability results from a pilot of a cash transfer intervention conditional on school attendance paid to young women and their families in rural Mpumalanga, South Africa for the prevention of HIV infection. Twenty-nine young women were randomised to intervention or control and a cash payment based on school attendance made over a 2-month period. Quantitative (survey) and qualitative (focus group and interview) data collection was undertaken with young women, parents, teachers and young men in the same school. Qualitative analysis was conducted in Atlas.ti using a framework approach and basic descriptive analysis in Excel was conducted on the quantitative data. Results indicate it was both feasible and acceptable to introduce such an intervention among this population in rural South Africa. There was good understanding of the process of randomisation and the aims of the study, although some rumours developed in the study community. We address some of the changes necessary to ensure acceptability and feasibility of the main trial.

  10. MANAGERIAL DECISION MAKING BY ANALYZING THE FINANCIAL FLOWS

    Directory of Open Access Journals (Sweden)

    Luciana SPINEANU-GEORGESCU

    2014-06-01

    Full Text Available Financial flows represent a reasonable basis for estimating the capacity of firms to generate cash and cash equivalents necessary to meet debt chargeability. If cash means actual monetary liquidity held in company’s cashier or in its bank accounts, cash equivalents represent "short-term investments, highly liquid, which are readily convertible to known amounts of cash and which are subject to an insignificant risk of exchange. Over time, in an attempt to systematize the information regarding the structure, the origin and destination of the funds used by enterprise, liquidity setters concluded that variation can be explained by the action of three types of activities based on a functional classification, namely operating activities, financing activities and investing activities. The present paper aims to determine the importance and evolution of financial flows in an economic entity using the indirect method.

  11. Does EVA performance evaluation improve the value of cash holdings? Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Yongjian; Shen; Lei; Zou; Donghua; Chen

    2015-01-01

    This paper investigates the influence of the economic value added(EVA)performance evaluation,issued in 2010 by the State-owned Assets Supervision and Administration Commission of the State Council,on the value of the cash holdings of central state-owned enterprises(CSOEs).We find that EVA performance evaluation has some influence on the overinvestment of CSOE cash holdings and significantly increases the value of CSOE cash holdings compared with the cash holdings of local state-owned enterprises.The greater value of CSOE cash holdings derives from underinvestment modification and overinvestment restraint.The value of cash holdings increases more for companies with better accounting performance.Thus,the EVA performance evaluation policy increases CSOE efficiency.This study contributes to the emerging literature related to cash holdings and the economic consequences of the EVA performance evaluation policy.It expands the literature related to investor protection in countries experiencing economic transition.

  12. Does EVA performance evaluation improve the value of cash holdings? Evidence from China

    Directory of Open Access Journals (Sweden)

    Yongjian Shen

    2015-09-01

    Full Text Available This paper investigates the influence of the economic value added (EVA performance evaluation, issued in 2010 by the State-owned Assets Supervision and Administration Commission of the State Council, on the value of the cash holdings of central state-owned enterprises (CSOEs. We find that EVA performance evaluation has some influence on the overinvestment of CSOE cash holdings and significantly increases the value of CSOE cash holdings compared with the cash holdings of local state-owned enterprises. The greater value of CSOE cash holdings derives from underinvestment modification and overinvestment restraint. The value of cash holdings increases more for companies with better accounting performance. Thus, the EVA performance evaluation policy increases CSOE efficiency. This study contributes to the emerging literature related to cash holdings and the economic consequences of the EVA performance evaluation policy. It expands the literature related to investor protection in countries experiencing economic transition.

  13. 金字塔结构特征对上市公司现金股利政策的影响%Study on the Impact of Pyramid Structure on Cash Dividend Policy of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    王敏; 李瑕

    2012-01-01

    The thesis takes 715 listed companies from 2004 to 2010 as samples,and builds up panel data models to test how the pyramid structure impacts Chinese cash dividend policy.The results show that: the controlling rights,cash flow rights of the ultimate controller have a significant positive correlation with cash dividend payout tendency and cash dividend payout effort;the separation of ownership of the ultimate controller and cash dividend payments have a significant negative correlation;the complexity of pyramid structure and group properties of the ultimate controller have a significant negative correlation with cash dividend payout tendency and cash dividend payout effort;the cash dividends payout tendency is affected by the nature of property rights of the ultimate controller.%以2004年至2010年715家上市公司为样本,构建面板数据模型研究我国金字塔结构特征对上市公司现金股利政策的影响,结果表明:控制权、现金流权与现金股利支付倾向及支付力度显著正相关;两权分离度与现金股利支付力度显著负相关;金字塔结构较复杂、终极控制人具有集团性质时,现金股利支付倾向与支付力度较低;现金股利支付倾向受终极控制人产权性质影响。

  14. Artichoke (Cynara scolymus L. as cash-cover crop in an organic vegetable system

    Directory of Open Access Journals (Sweden)

    Anna LENZI

    2015-11-01

    Full Text Available In organic vegetable systems green manure crops play an important role as a nitrogen source, but they cover the soil for several months without producing a direct income. Globe artichoke (Cynara scolymus L. provides both heads to be harvested and particularly abundant plant residues to be possibly incorporated into the soil, so it may play a double role of cash and cover crop. This paper describes an on-farm study in which seed-propagated artichoke, cultivated as an annual crop, preceded zucchini squash and lettuce cultivated in sequence within a vegetable organic system. Artichoke produced about 7 t ha-1 of saleable heads and left, after harvest, 50.3 t ha-1 of fresh biomass usable as green manure. Zucchini squash and lettuce following artichoke showed a significant increase in yield when artichoke residues were incorporated into the soil. Furthermore, a residual positive effect of green manure on soil fertility was detected after lettuce harvest. 

  15. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    Directory of Open Access Journals (Sweden)

    BEATRIX LIGHEZAN BREUER

    2012-12-01

    Full Text Available The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidity/cash and liquidity ratios representing the liquidity as current assets, assets implied in the determination of liquidity ratios. The end of the paper consists of the conclusions drawn from the issues presented in the paper but also our views on this research topic.

  16. The evolution of a global cash management system

    OpenAIRE

    Holland, CP; Lockett, G; Richard, JM; Blackman, ID

    1994-01-01

    Some companies are implementing interorganizational information systems (IOSs) with trading partners that allow them to share data and software across organizational boundaries. The authors explore the effect of IOSs on cash management from a managerial perspective and present a case study of Motorola and Citibank. Motorola’s strategy has evolved from an internal cost saving initiative to a supply chain focus yielding significant strategic benefits. Cooperation between Motorola, its suppliers...

  17. Ranking of States and Commodities by Cash Receipts, 1992

    OpenAIRE

    Strickland, Roger P.; Steele, Cheryl J.; Williams, Robert P.

    1993-01-01

    This publication presents two types of ranking information derived from the U.S. Department of Agriculture's cash receipts statistics for the marketing of agricultural commodities within States. One type is the 25 leading commodities for each State and the Nation, ranked according to the estimated value of receipts. The second is the ranking of States by receipts from each of the 25 leading U.S. commodities and by several major commodity groups. The ranking of commodities produced in a State ...

  18. Contingency Management for Cocaine Treatment: Cash vs. Vouchers

    Science.gov (United States)

    Festinger, David S.; Dugosh, Karen L.; Kirby, Kimberly C.; Seymour, Brittany L.

    2014-01-01

    The efficacy of contingency management (CM) for treating drug abuse is well supported. The most widely used form of CM is voucher-based reinforcement therapy (VBRT), where clients receive an escalating schedule of vouchers that can be redeemed for goods and services for meeting treatment goals. Though generally rejected due to concerns about potential harms to drug using participants, research suggests that cash may be a more effective reinforcer. This three-group randomized trial compared the efficacy of cash-based reinforcement therapy (CBRT) to VBRT and a non-CM condition on cocaine abstinence and treatment attendance; and examined whether CBRT resulted in greater levels of harm than VBRT. Findings indicated that the CBRT was as effective as VBRT when compared to the non-CM condition and that it did not increase rates of drug use, cravings, or high-risk behaviors. Future research should examine potential cost savings associated with a cash-based CM approach as this could have important implications for the wider adoption of the CM model. PMID:24746956

  19. Contingency management for cocaine treatment: cash vs. vouchers.

    Science.gov (United States)

    Festinger, David S; Dugosh, Karen L; Kirby, Kimberly C; Seymour, Brittany L

    2014-08-01

    The efficacy of contingency management (CM) for treating drug abuse is well supported. The most widely used form of CM is voucher-based reinforcement therapy (VBRT), where clients receive an escalating schedule of vouchers that can be redeemed for goods and services for meeting treatment goals. Though generally rejected due to concerns about potential harms to drug using participants, research suggests that cash may be a more effective reinforcer. This three-group randomized trial compared the efficacy of cash-based reinforcement therapy (CBRT) to VBRT and a non-CM condition on cocaine abstinence and treatment attendance; and examined whether CBRT resulted in greater levels of harm than VBRT. Findings indicated that the CBRT was as effective as VBRT when compared to the non-CM condition and that it did not increase rates of drug use, cravings, or high-risk behaviors. Future research should examine potential cost savings associated with a cash-based CM approach as this could have important implications for the wider adoption of the CM model.

  20. Managing the Cash and Liquidity of the Croatian Budget

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2005-06-01

    Full Text Available The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a government institution, were taken over by the banks; the financial operations of budgetary spending agencies were channelled via the Single Account of the Treasury; and government deposits were gradually transferred from numerous commercial banks to the Single Account of the Treasury in the Croatian National Bank and the state-owned Croatian Postal Bank. Unfortunately, however, the Ministry of Finance, in collaboration with the Croatian National Bank, still carries out no operation of cash and liquidity management within the government Treasury system, nor does it operate on the money market with its surplus budgetary resources. Because of this state of affairs, management of the cash and liquidity of the central government budget is within the purview of the commercial banks.

  1. DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH

    Directory of Open Access Journals (Sweden)

    Muhammad Rizky Prima Sakti

    2016-08-01

    Full Text Available Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

  2. 77 FR 76311 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Advance...

    Science.gov (United States)

    2012-12-27

    ... interest rates and prepayment levels. FICC maps TBA eligible pools into TBA CUSIPS for cash flow calculations. The cash flow of a TBA CUSIP is the sum of all discounted future monthly cash flows. The future cash flows include the projected monthly principal payment (both scheduled payment and prepayment)...

  3. Application of No Cash Settlement to Higher Vocational College Financial%无现金结算在高职院校财务中的应用

    Institute of Scientific and Technical Information of China (English)

    杨艳; 张艳

    2012-01-01

    近几年随着电子商务和数字化平台的应用推广,高职院校实现无现金结算成为财务信息化管理的必然趋势。从内外部环境分析了高职院校实行无现金结算的可行性,详细阐述了无现金结算的模式及业务流程,并指出实现无现金结算的优点。%In recent years,along with the electronic commerce and the digital platform application preliminary promotion,higher vocational colleges realizing no cash settlement becomes the inevitable trend of financial information management.This paper analyzes no cash settlement of feasibility from the internal and external environment,detailed description of the no cash settlement pattern and work flow,and points out the advantages of the no cash settlement.

  4. The effect of maquiladora employment on the monthly flow of Mexican undocumented immigration to the U.S., 1978-1982.

    Science.gov (United States)

    Davila, A; Saenz, R

    1990-01-01

    "Some controversy has surrounded the extent to which employment in maquiladoras (assembly plants located along the Mexican border) has stimulated undocumented immigration to the United States. This study uses monthly data of maquiladora employment and INS [Immigration and Naturalization Service] apprehensions in a 'push-pull' migration framework to study the association between these two variables during the April 1978 to January 1982 period. The findings suggest that there is a significantly negative relationship between the one month lag of maquiladora employment and INS apprehensions. Employment growth in the maquiladora sector tends to be followed by a reduction of apprehensions one month later. The study also finds that male and female apprehensions appear to respond to relatively similar economic factors."

  5. Does money work? Cash transfers to ex-combatants in disarmament, demobilisation and reintegration processes.

    Science.gov (United States)

    Willibald, Sigrid

    2006-09-01

    This paper analyses the relevance and potential of cash transfers as part of the disarmament, demobilisation and reintegration (DDR) assistance packages provided to ex-combatants in transitions from war to peace. To this end, a theoretical framework is established that permits the identification of the advantages and disadvantages of using cash in DDR. Subsequently, an empirical analysis is carried out to compare selected theoretical assumptions on the use of cash with the reality of lessons learned from recent experience in Sierra Leone and other African countries. The study shows that some theoretical drawbacks commonly associated with the use of cash in DDR processes may indeed bear out in practice. At the same time, though, the paper argues that the utility of cash transfers in DDR is affected by a variety of factors that go far beyond the simple choice of employing cash, most notably decisions on payment location, eligibility criteria and targeting.

  6. An Empirical Investigation of the Determinants of Cash Waqf Awareness in Malaysia

    National Research Council Canada - National Science Library

    Adewale Abideen Adeyemi; Nurul Aini Ismail; Siti Sabariah Binti Hassan

    2016-01-01

      Notwithstanding the consensus among most classical and contemporary scholars on the permissibility of cash or money for Waqfpurpose, its apparent limited application to religious purposes in Malaysia...

  7. THE METHODICAL APPROACHES TO PERFECTION OF CASH SERVICE IN SYSTEM «BANK – CLIENT»

    OpenAIRE

    V.S. Bochko; A.A. Mineev

    2008-01-01

    In clause the problems of cash service in system "bank – client", reason of failures(refusals) by establishments of Bank of Russia in reception to execution(performance) of the money checks and announcements on a payment in cash are considered(examined), the discrepancy of formats cash êëèåíòñêèõ of the documents to modern technologies and customs of a business revolution is marked. The modification in system of cash service of the clients is offered by the edition of the certain íîðìàòèâíî-l...

  8. Doctor shopping for medications used in the treatment of attention deficit hyperactivity disorder: shoppers often pay in cash and cross state lines.

    Science.gov (United States)

    Cepeda, M Soledad; Fife, Daniel; Berwaerts, Joris; Friedman, Andrew; Yuan, Yingli; Mastrogiovanni, Greg

    2015-05-01

    Doctor shopping, defined by filling overlapping prescriptions from more than one prescriber at more than two pharmacies, is a way to obtain scheduled medications for diversion or abuse. Little is known about how far attention deficit hyperactivity disorder (ADHD) medication shoppers travel, how often they cross state lines to fill their ADHD prescriptions and how often they pay for their medication in cash, i.e. entirely out of pocket. We sought to describe the pattern of doctor shopping for ADHD medications: how far shoppers travel, how often they cross state lines to fill their prescriptions, and how often they pay in cash. Retrospective cohort study using LRx, a large US retail prescription database. We included subjects with any ADHD medication dispensed between 2011 and 2012. Subjects were followed for 18 months. Of a total of 4 402 464 subjects exposed to ADHD medications, 0.4% developed shopping behavior. Women were more likely to become shoppers. Shoppers travelled a median of 91.9 miles and non-shoppers 0.2 miles to fill their ADHD prescriptions. Almost 28% of the shoppers filled prescriptions in >1 state compared with 4.3% of non-shoppers. Of the shoppers, 27.3% paid at least one prescription in cash compared to 14.4% of the non-shoppers. Shoppers travelled larger distances, visited more states and paid in cash for ADHD medications more often than non-shoppers. Data sharing among prescriptions monitoring programs can improve their effectiveness and drug utilization studies should take account of cash purchases.

  9. Impact of Cash Transfer on Food Security: A Review

    Directory of Open Access Journals (Sweden)

    Fatemeh Mohammadi-Nasrabadi

    2016-04-01

    Full Text Available Cash transfer (CTs is an increasingly popular social protection mechanism used by many developing countries to improve the food security and nutritional status of lower socio-economic groups. This paper is a review of the literature regarding the impact of CT programs on the food security of recipient households in the developing countries, including Iran. We looked for all original studies, performed in the developing countries and published in any language, containing at least one outcome related to food and nutritional security of the beneficiary population using Pub Med, Iran Medex, SID (Scientific Information Database, ISI (Information Sciences Institute database, INP (Iran’s Nutrition Publication Abstracts, IRANDOC and Magiran. Searches used the following terms or keywords: “household food security”, “household food insecurity” and “cash transfer” on any publication published within 1990-2015. A total of 12 studies evaluating the influence of CT programs on the recipients’ food and nutrition security were identified. CT programs have the potential to deliver a range of benefits not only through reducing extreme poverty but also by providing effective support for broader human development objectives, including better nutrition, as well as health and education outputs and outcomes. The extent to which programs can have these different impacts will depend critically on the availability of complementary services, the local context, and the specifics of program design, including the transfer value. However, findings in Iran suggest that the replacement of staple food subsidies by CT has led to a significant increase in household food insecurity (especially marginal or mild food insecurity. Keywords: Household food security, Cash transfer, Developing countries

  10. A randomized, single-center double-blinded trial on the effects of diltiazem sustained-release capsules in patients with coronary slow flow phenomenon at 6-month follow-up.

    Directory of Open Access Journals (Sweden)

    Lun Li

    Full Text Available OBJECTIVE: The aim of this study is to observe the chronic effects of diltiazem release capsules on patients with coronary slow flow (CSF phenomenon. METHODS: From 2004 to 2009, 80 consecutive patients with chest pain and normal coronary arteries evidenced by coronary angiography and CSF were included in this randomized, double-blind, placebo-controlled trial. CSF patterns were evaluated by the corrected TIMI frame count. Patients were randomly assigned at 1:1 ratio to diltiazem sustained-release capsules treatment group (Dil, 90 mg twice daily or placebo control group. Holter, liver and kidney function, treadmill exercise test, coronary angiography and left ventricular angiography were measured at baseline and after 6 months. The incidence of cardiovascular events (re-admission or progress in coronary heart disease, myocardial infarction, malignant arrhythmia or cardiac death was evaluated during the 6 months follow up. RESULTS: Thirty-nine patients in control and 40 patients in Dil group completed the 6 months follow-up. There was no medication induced drug withdraw during follow up. Left ventricular ejection fraction was similar between the 2 groups at baseline and during follow up. Heart rate was significantly lower in Dil group than in control group and there was no symptomatic bradycardia and II and III degree atrioventricular conduction block in both groups. Significant improvement was observed in the onset of chest pain, treadmill exercise test and coronary blood flow in Dil group while these parameters remained unchanged in control group at the end of 6 months follow up. The incidence of cardiovascular events was similar between the two groups. CONCLUSION: Diltiazem slow-release capsules improved coronary blood flow and alleviated angina in patients with CSF. TRIAL REGISTRATION: Chinese Clinical Trial Registry ChiCTR-TCC-11001864.

  11. A new, but old business model for family physicians: cash.

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

  12. Developing physician pay arrangements: the cash and care equation.

    Science.gov (United States)

    Levitch, J H

    1998-11-01

    Developing physician compensation packages that help a healthcare organization meet its business objectives while satisfying physician pay expectations requires new ways of linking pay to physician performance. Such compensation arrangements specifically should include pay tied to defined performance standards, compensation linked to group performance, performance incentives based on realistic, achievable goals, work performance measured by common criteria, and similar pay ensured for similar work. Final pay arrangements also should include items that are sometimes overlooked, such as fully delineated job responsibilities, performance measures aligned correctly with performance areas, and the value of benefits considered in the cash compensation levels.

  13. Liquid money or hard cash? Drowning into granular material

    CERN Document Server

    Bagnoli, Franco

    2016-01-01

    In British English, the term "hard cash" refers to the form of payment using coins or bill, rather than cheques or credit or money transfer. In American English, it is often prefixed by the adjective "cold". On the contrary, in Italian the equivalent expression "denaro liquido" can be literary translated as "liquid money". In French the expression is equivalent with the additional factor, with respect to the rest of this discussion, that money becomes "argent". We have therefore two very different points of view: Is money hard and cold, or rather liquid and "jingling" ("moneta sonante")? As usual, we shall investigate this topic starting from some comics about the duck family.

  14. Modified McCash Technique for Management of Dupuytren Contracture.

    Science.gov (United States)

    Lesiak, Alex C; Jarrett, Nicole J; Imbriglia, Joseph E

    2017-05-01

    Despite recent advancements in the nonsurgical treatment for Dupuytren contracture, a number of patients remain poor nonsurgical candidates or elect for surgical management. The traditional McCash technique releases contractures while leaving open palmar wounds. Although successful in alleviating contractures, these wounds are traditionally large, transverse incisions across the palm. A modification of this technique has been performed that permits the surgeon to utilize smaller wounds while eliminating debilitating contractures. Copyright © 2017 American Society for Surgery of the Hand. Published by Elsevier Inc. All rights reserved.

  15. Unstash the Cash! Corporate Governance Reform in Japan

    OpenAIRE

    Chie Aoyagi; Giovanni Ganelli

    2014-01-01

    Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehen...

  16. Managing the Cash and Liquidity of the Croatian Budget

    OpenAIRE

    Anto Bajo

    2005-01-01

    The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a gov...

  17. Family/children cash benefits in Serbia: The analysis and policy recommendations

    Directory of Open Access Journals (Sweden)

    Matković Gordana

    2014-01-01

    Full Text Available Around 400 thousand children in Serbia are covered with cash-benefits targeting poor children representing 31.7% of the total number of children in 2011. Additionally, around 60 thousand families receive birth grants that is more than 90% of the newly born. When it comes to child-birth related leaves, there were around 37 thousand beneficiaries in 2012. This means that around 50% of the newly born children’s parents are covered with maternity/parental leave, while the coverage of employed mothers is almost full. Coverage of the poor children, particularly by the financial social assistance (FSA, can be considered inadequate. When it comes to targeting (vertical efficiency, FSA is targeted quite well, while there is scope for improvement of the inclusion error within the child-allowance program. When the adequacy of cash benefits targeting poor children is analyzed from the perspective of meeting the basic needs, then the amount is at the verge of being acceptable and differs for different kinds of families - single parent and families with very young children (0-2 being better off. However, when compared to the minimum wage, the cumulative amount of FSA and child allowance is lower only for one- child families. Total expenditures for cash-benefits connected to children amount to 1.4%of GDP - 1.21% being related to ESSPROS family/children function and 0.18% for the FSA for families with children. When compared to the EU, the total expenditure is below the EU average, with the birth related expenditures being higher and child allowance lower than the EU average. The first group of recommendations for cash benefits aimed at families with children relate to the improvement of adequacy and coverage of benefits aiming at poverty reduction, while respecting budget constraints. The increase of benefits for children above 14 years old - increase of child allowance or/and assigning higher weights (0.5 instead of 0.3 for the FSA’s equivalence scale

  18. Effect of Brazil's conditional cash transfer programme on tuberculosis incidence.

    Science.gov (United States)

    Nery, J S; Rodrigues, L C; Rasella, D; Aquino, R; Barreira, D; Torrens, A W; Boccia, D; Penna, G O; Penna, M L F; Barreto, M L; Pereira, S M

    2017-07-01

    To evaluate the impact of the Brazilian cash transfer programme (Bolsa Família Programme, BFP) on tuberculosis (TB) incidence in Brazil from 2004 to 2012. We studied tuberculosis surveillance data using a combination of an ecological multiple-group and time-trend design covering 2458 Brazilian municipalities. The main independent variable was BFP coverage and the outcome was the TB incidence rate. All study variables were obtained from national databases. We used fixed-effects negative binomial models for panel data adjusted for selected covariates and a variable representing time. After controlling for covariates, TB incidence rates were significantly reduced in municipalities with high BFP coverage compared with those with low and intermediate coverage (in a model with a time variable incidence rate ratio = 0.96, 95%CI 0.93-0.99). This was the first evidence of a statistically significant association between the increase in cash transfer programme coverage and a reduction in TB incidence rate. Our findings provide support for social protection interventions for tackling TB worldwide.

  19. An Efficient Fair Off-line Electronic Cash Scheme Design

    Institute of Scientific and Technical Information of China (English)

    WANGChangji; WUJianping

    2004-01-01

    This paper introduces the notion of restrictive partially blind signature scheme, which is the integration of partially blind signature scheme and restrictive blind signature scheme. Successively, this paper presents a fair off line electronic cash scheme based on the restrictive partially blind signature scheme. The expiry date and denomination are embedded in the electronic coin.Thus bank just needs to keep undue electronic coins in his coin database, which alleviates the storage pressure for the bank to check double spending. Moreover, bank needs not use different public keys for electronic coin with different denominations, and shops/users need not carry a list of bank's public keys to verify the electronic coin with different denominations. The number of modular exponentiation operations is reduced for both the user and the bank, which is achieved by introducing a new signature of proof of knowledge in the withdrawal protocol and letting the trusted third party publish two different public keys other than in previous fair off line electronic cash scheme.The scheme security is based on the random oracle model and decision Diffle-Hellman assumption.

  20. Restricted common data in anonymous E-cash system

    Institute of Scientific and Technical Information of China (English)

    ZHANG Xiang-jun; CHEN Ke-fei

    2006-01-01

    Discuss the problem of infinite increasing coin list in anonymous E-cash systems, which reduce the efficiency of whole system greatly. Though some methods are suggested, no one can solve the problem with high efficiency and flexibility. Here, we use the technique of adding information in blind signatures to deal with this problem. Through adding timestamp in signatures, we can separate the valid period of all used coins into pieces. Only the coins in the last stage are recorded. So the scale of the coins list is controlled. We also analyze the anonymity of these data, and add some indispensable restrictions to them. These restrictions can ensure that the imported data don't break the anonymity of the customers. In order to fulfill these qualifications, we lead to the concept of restricted common data (RCD). Furthermore, we propose two schemes to add RCD in the blind signature. The simple one is easy to implement, while the complex one can note the value of the coin. The usage of RCD leads to little additional cost, as well as maintaining the anonymity of customers. This method fits for most kinds of anonymous E-cash systems.