财报术语之Cash Flow From Financing Activities

By CHRIS B. MURPHY

Reviewed by BRIAN BARNIER

Fact checked by RYAN EICHLER

编写人：CHRIS B. MURPHY

审核人：BRIAN BARNIER

事实核查人：RYAN EICHLER

What Is Cash Flow From Financing Activities?

什么是融资活动产生的现金流？

Cash flow from financing activities (CFF) is a section of a company’s cash flow statement, which shows the net flows of cash that are used to fund the company. Financing activities include transactions involving debt, equity, and dividends.

融资活动产生的现金流是现金流量表列报的内容之一，体现的是公司融资相关的净现金流量。融资活动包括涉及债务、股权和股息的交易。

Cash flow from financing activities provides investors with insight into a company’s financial strength and how well a company's capital structure is managed.

通过融资活动产生的现金流，投资者能够了解公司的财务实力以及公司资本的管理情况。

Formula and Calculation for CFF

融资活动产生的现金流计算公式

Investors and analyst will use the following formula and calculation to determine if a business is on sound financial footing.

投资者和分析人士会通过下列公式计算确定公司是否拥有良好的财务基础。

CFF = CED − (CD + RP)

where:

CED = Cash inflows from issuing equity or debt

CD = Cash paid as dividends

RP = Repurchase of debt and equity

CFF = CED − (CD + RP)

其中：

CED = 发行股票或债务产生的现金流入

CD = 作为股息支付的现金

RP = 债务和股票回购

1. Add cash inflows from the issuing of debt or equity.

加上发行债务或股票产生的现金流入。

2. Add all cash outflows from stock repurchases, dividend payments, and repayment of debt.

加上股票回购、股息支付和债务偿还产生的全部现金流出。

3. Subtract the cash outflows from the inflows to arrive at the cash flow from financing activities for the period.

现金流入减去现金流出，即可得到当期融资活动产生的现金流。

As an example, let's say a company has the following information in the financing activities section of its cash flow statement:

比如，一家公司现金流量表显示的融资活动相关信息如下所示：

·Repurchase stock: $1,000,000 (cash outflow)

·Proceeds from long-term debt: $3,000,000 (cash inflow)

·Payments to long-term debt: $500,000 (cash outflow)

·Payments of dividends: $400,000 (cash outflow)

·股票回购：1,000,000美元（现金流出）

·长期债务收益：3,000,000美元（现金流入）

·长期债务偿还：500,000美元（现金流出）

·股息支付：400,000美元（现金流出）

Thus, CFF would be as follows:

因此，融资活动产生的现金流为：

·$3,000,000 - ($1,000,000 + $500,000 + $400,000), or $1,100,000

·$3,000,000 - ($1,000,000 + $500,000 + $400,000)，或$1,100,000

KEY TAKEAWAYS

关键要点

·Cash flow from financing activities is a section of a company’s cash flow statement, which shows the net flows of cash that are used to fund the company.

融资活动产生的现金流是公司现金流量表列报的内容之一，体现的是公司融资相关的净现金流量。

·Financing activities include transactions involving debt, equity, and dividends.

融资活动包括涉及债务、股权和股息的交易。

·Debt and equity financing are reflected in the cash flow from financing section, which varies with the different capital structures, dividend policies, or debt terms that companies may have.

债务和股权融资在现金流量表融资部分显示，随公司的资本结构、股息政策或债务期限的变化而变化。

Cash Flow in the Financial Statement

财务报表中的现金流

The cash flow statement is one of the three main financial statements that show the state of a company's financial health. The other two important statements are the balance sheet and income statement. The balance sheet shows the assets and liabilities as well as shareholder equity at a particular date. Also known as the profit and loss statement, the income statement focuses on business income and expenses. The cash flow statement measures the cash generated or used by a company during a given period. The cash flow statement has three sections:

现金流量表是体现公司财务状况的三大财务报表之一，另外两个分别是资产负债表和损益表。资产负债表显示的是截至特定日期的公司资产、负债和所有者权益；损益表显示的是公司的收入和支出；现金流量表显示的是特定期间内公司产生或支出的现金金额，分为以下三个部分：

1. Cash flow from operating (CFO) indicates the amount of cash that a company brings in from its regular business activities or operations. This section includes accounts receivable, accounts payable, amortization, depreciation, and other items.

经营活动产生的现金流显示的是公司从其常规业务活动或经营活动中获得的现金金额，包括应收账款、应付账款、摊销、折旧等项目。

2. Cash flow from investing (CFI) reflects a company's purchases and sales of capital assets. CFI reports the aggregate change in the business cash position as a result of profits and losses from investments in items like plant and equipment. These items are considered long-term investments in the business.

融资活动产生的现金流反映的是公司对资本资产的购买和出售，体现公司因厂房和设备等项目投资产生的利润和损失而导致的企业现金状况总体变化。这些项目被视为企业的长期投资。

3. Cash flow from financing activities (CFF) measures the movement of cash between a firm and its owners, investors, and creditors. This report shows the net flow of funds used to run the company including debt, equity, and dividends.

融资活动产生的现金流体现的是公司与其所有人、投资人和债权人之间的现金流动，是经营公司所使用的资金流动净额，包括债务、股权和股息。

Investors can also get information about CFF activities from the balance sheet’s equity and long-term debt sections and possibly the footnotes.

投资者还可以从资产负债表中的权益和长期债务部分以及脚注（若适用）获得融资活动产生的现金流相关信息。

Capital From Debt or Equity

债务资本或股权资本

CFF indicates the means through which a company raises cash to maintain or grow its operations. A company's source of capital can be from either debt or equity. When a company takes on debt, it typically does so by issuing bonds or taking a loan from the bank. Either way, it must make interest payments to its bondholders and creditors to compensate them for loaning their money.

融资活动产生的现金流体现的是公司筹集现金维持或发展业务的方式。公司的资本来源可以是债务，也可以是股权。一般来说，公司产生债务是因为发行债券或从银行贷款。无论是哪种方式，公司必须向债券持有人和债权人支付利息对其进行补偿。

When a company goes through the equity route, it issues stock to investors who purchase the stock for a share in the company. Some companies make dividend payments to shareholders, which represents a cost of equity for the firm.

如果公司通过股权筹集资金，就会向购买公司股份的投资者发行股票。有些公司向股东支付股息，即公司的股权成本。

Positive and Negative CFF

融资活动产生的正现金流和负现金流

Debt and equity financing are reflected in the cash flow from financing section, which varies with the different capital structures, dividend policies, or debt terms that companies may have.

债务和股权融资在现金流量表融资部分显示，随公司的资本结构、股息政策或债务期限的变化而变化。

Transactions That Cause Positive Cash Flow From Financing Activities

促使融资活动产生正现金流的交易

·Issuing equity or stock, which is sold to investors

·Borrowing debt from a creditor or bank

·Issuing bonds, which is debt that investors purchase

·向购买股票的投资者发行股票

·向债权人或银行借款

·向购买债券的投资者发行债券

A positive number for cash flow from financing activities means more money is flowing into the company than flowing out, which increases the company’s assets.

融资活动产生正现金流，表示公司资金流入多于资金流出，公司资产增加。

Transactions That Cause Negative Cash Flow From Financing Activities

促使融资活动产生负现金流的交易

·Stock repurchases

·Dividends

·Paying down debt

·股票回购

·股息

·偿还债务

Negative CFF numbers can mean the company is servicing debt, but can also mean the company is retiring debt or making dividend payments and stock repurchases, which investors might be glad to see.

融资活动产生负现金流，表示公司正在偿还债务，也可以表示公司正在清偿债务或支付股息和回购股票，投资者可能比较愿意看到。

Investor Warnings From CFF

针对投资者发出的有关融资活动产生的现金流的警告

A company that frequently turns to new debt or equity for cash might show positive cash flow from financing activities. However, it might be a sign that the company is not generating enough earnings. Also, as interest rates rise, debt servicing costs rise as well. It is important that investors dig deeper into the numbers because a positive cash flow might not be a good thing for a company already saddled with a large amount of debt.

如果公司经常利用新债务或股权换取现金，则融资活动可能会产生正现金流。但是，这可能表明公司目前并没有产生足够的盈利。此外，利率增加，偿债成本也会增加。对于一家负债累累的公司而言，出现正现金流并非是好事，因此，投资者务必深入了解。

Conversely, if a company is repurchasing stock and issuing dividends while the company's earnings are underperforming, it may be a warning sign. The company's management might be attempting to prop up its stock price, keeping investors happy, but their actions may not be in the long-term best interest of the company.

相反，如果公司在盈利表现不佳的情况下回购股票和发放股息，则可能是警告信号。公司管理层可能正试图支撑股价，令投资者满意，但是长期看来，并不符合公司的最佳利益。

Any significant changes in cash flow from financing activities should prompt investors to investigate the transactions. When analyzing a company's cash flow statement, it is important to consider each of the various sections that contribute to the overall change in its cash position.

一旦融资活动产生的现金流出现重大变动，投资者应对相关交易进行调查。分析公司的现金流量表时，重要的是考量导致现金状况总体变化的各个部分。

Real-World Example

真实示例

Companies report cash flow from financing activities in their annual 10-K reports to shareholders. For example, for the fiscal year ended Jan. 31, 2022, Walmart's cash flow from financing activities resulted in a net cash flow of -$22.83 billion. The components of its financing activities for the year are listed in the table below.

公司在向股东提交的10-K年度报告中报告融资活动产生的现金流。以沃尔玛为例，截至2022年1月31日止财年，其融资活动产生的现金流导致净现金流量为-228.3亿美元，具体融资活动见下表所示：

Cash flows from Financing Activities: (in USD millions)

Net change in short-term borrowings 193

Proceeds from issuance of long-term debt 6,945

Repayments of long-term debt (13,010)

Premiums paid to extinguish debt (2,317)

Dividends paid (6,152)

Purchase of Company stock (9,787)

Dividends paid to noncontrolling interest (424)

Sale of subsidiary stock 3,239

Other financing activities (1,515)

Net cash used in financing activities (22,828)

融资活动产生的现金流： （单位：百万美元）

短期借款变动净额 193

发行长期债务所得款项 6,945

长期债务偿还 (13,010)

债务清偿额外费用 (2,317)

已付股息 (6,152)

购买公司股票 (9,787)

向非控股股东支付的股息 (424)

出售子公司股份 3,239

其他融资活动 (1,515)

用于融资活动的现金净额 (22,828)

We can see that the majority of Walmart's cash outflows were due to repayments of long-term debt of $13.010 billion, the purchase of company stock for $9.787 billion, and dividends paid for $6.152 billion. Although the net cash flow total is negative for the period, the transactions would be viewed as positive by investors and the market.

从上表可以看出，沃尔玛大部分现金流出是源于偿还长期债务（130.10亿美元），购买公司股票（97.87亿美元），支付股息（61.52亿美元）。虽然当期净现金流量合计为负数，但是投资者和市场会认为这些交易属于有益交易。

来源：译问