如何计算自由现金流(pdf 32)

The value of an asset comes from its capacity to generate cash flows. When
valuing a firm, these cash flows should be after taxes, prior to debt payments and after
reinvestment needs. When valuing equity, the cash flows should be after debt payments.
There are thus three basic steps to estimating these cash flows. The first is to estimate the
earnings generated by a firm on its existing assets and investments, a process we examined
in the last chapter. The second step is to estimate the portion of this income that would
go towards taxes. The third is to develop a measure of how much a firm is reinvesting
back for future growth.
We will examine the last two steps in this chapter. We will begin by investigating
the difference between effective and marginal taxes at this stage, as well as the effects of
substantial net operating losses carried forward. To examine how much a firm is
reinvesting, we will break it down into reinvestment in tangible and long-lived assets (net
capital expenditures) and short-term assets (working capital). We will use a much broader
definition of reinvestment to include investments in R&D and acquisitions as part of
capital expenditures.
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