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1、19878_07_c07_p213-248.qxd2/22/0610:27AMPage213CHAPTER7AccountingforFinancialManagementAmanager’sprimarygoalistomaximizethevalueofhisorherfirm’sstock.Valueisbasedonthestreamofcashflowsthefirmwillgenerateinthefuture.Buthowdoesaninvestorgoaboutestimatingfuturecashflows,andhowdoesamanagerdecide
2、whichactionsaremostlikelytoincreasecashflows?TheanswersTheThomsonNOWWebsitecontainsantobothquestionslieinastudyofthefinancialstatementsthatExcelfilethatwillguideyouthroughthepubliclytradedfirmsmustprovidetoinvestors.Here“investors”chapter’scalculations.Thefileforthisincludebothinstitutions(
3、banks,insurancecompanies,pensionchapterisIFM9Ch07ToolKit.xls,andwefunds,andthelike)andindividuals.Thus,thischapterbeginswithencourageyoutoopenthefileandfol-adiscussionofwhatthebasicfinancialstatementsare,howtheylowalongasyoureadthechapter.areused,andwhatkindsoffinancialinformationusersneed.
4、Thevalueofanybusinessasset—whetheritisafinancialassetsuchasastockorabond,orareal(physical)assetsuchasland,buildings,andequipment—dependsontheusable,after-taxcashflowstheassetisexpectedtoproduce.Therefore,thechapteralsoexplainsthedifferencebetweenaccountingincomeandcashflow.Finally,sinceitis
5、after-taxcashflowthatisimportant,thechapterprovidesanoverviewofthefederalincometaxsystem.TODISCCOLLECTIONIMAGE:©GETTYIMAGES,INC.,PHO21319878_07_c07_p213-248.qxd2/22/0610:27AMPage214BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyouwouldwithotherinformation,tomakeastatementanswe
6、rthefollowingquestions.Youshouldnotofcashflows?Whatistheprimarypurposenecessarilybeabletoanswerthequestionsofthisstatement?beforeyoureadthechapter.Rather,youshould4.Differentiatebetweennetincome,EPS,usethemtogetasenseoftheissuescoveredinEBITDA,netcashflow,NOPAT,freecashthechapter.Afterreadi
7、ngthechapter,youflow,MVA,andEVA.Whatistheprimaryshouldbeabletogiveatleastpartialanswerstopurposeofeachitem;thatis,whenandhowthequestions,andyoushouldbeabletogiveisitused?betteranswersafterthechapterhasbeendis-5.Howandwhyareregularaccountingdatacussedincl
