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Cash flow: an analysis to value enterprises
1. Introduction
Accounting is concerned with collecting, analysing and communicating financial information ( Eprmards and Mellet, 1995). The information provided is useful to the basis for performance assessment, manager’s decision making and company’s control. Accounting can be divided into financial accounting and management accounting. The former is about the provision of accounting information for external user while the latter is seeks to meet the needs of managers. The main accounting statements-- the balance sheet and the income statement are all included in management accounting and financial accounting (Eprmards and Mellet, 1995 )
The cash flow statement provides the information of the cash which has been raised and generated by a business during the year and also the ways in whiech the cash has been spent. Cash flow information is widely recognized as a fundamental input to analysis companys’ financial health. It is a primary determinant of a company’s theoretical value. In particular, evaluation of management performance depends on a hierarchy of cash flow relationships. components of cash flow provide valuable data for prediction of bankruptcy, bond rating and loan risk classification. In this study, the history of cash flow and the three sections of cash flow statement and most important the calculating method of cash flow from operation will be evaluated.
An enterprise value can be defined as an economic measure reflecting the market value of the whole business. It is a sum of claims of all the security-holders: debt-holders, preferred shareholders, minority shareholders, common equity holders, and others. An enterprise value is the main pursue of any companies and also the value concerned by management, stockholder and staff. It includes investment, profit, predict of bankruptcy, stock and so on. This essay will focus on the two significant factors of firm’s value, namely the investment and predict of bankruptcy. Investment is www.51lunwen.org the purchase of a financial product or other item of value with an exception of favorable future returns. It is the value of investors discuss for investing in a company in the hope of making more money.. The predict of bankruptcy is the value of the
2. Cash flow analysis
3.Advantage of cash flow analysis
4. The disadvantage of the cash flow analysis
5.The role of CFA in valuation of enterprise
1）.The cash flow analysis, how it helpful to valuate companies’ investment
2）.The cash flow analysis, how it helpful to valuate companies predict of bankruptcy,

APPENDIXA                        
6. Conclusion

Bibliography
1.Aziz, A. & Lawson, G. H. 1989, ‘Cash flow reporting and financial distress models: testing of hypotheses’, Financial Management Association, 18 (1) pp.55-63.
2.Carpenter, R.E.& Guariglia.A. 2007, ‘Cash flow, investment, and investment opportunities: New test using UKpanel date’, Journal of Banking& Finance, pp.1895-1905.
3.Casey, C. and Bartczak, N. 1985, ‘Using Operating Cash Flow Data to Predict Financial Distress Some Extensions Source’ Journal of Accounting Research,  23 (1), pp. 384-401.
4.Drtina, R.E& Largay, J.A. 1985, ‘ Pitfalls in calculating cash flow for operations’, The Accounting Review, LX (2) pp.314-326.www.51lunwen.org
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