GAAP and IFRS allow both methods, and both will get you the same result.
GAAP（一般公認會計原則）和 IFRS（國際財務報導準則）都允許這兩種方法，兩者得出的結果相同。
04:55
While the direct method is easier to read and provides a better insight, it's very time-consuming to prepare.
雖然直接法比較容易閱讀且能提供更深入的洞察，但編製過程非常耗時。
05:02
The indirect method on the other hand, is linked to the P&L and balance sheet.
另一方面，間接法與損益表和資產負債表相互關聯。
05:07
It's less intuitive, but
it's much easier to prepare, which is why most
companies use this method.
它較不直觀，但
05:14
So, we're going to skip the direct method and only concentrate on the
indirect method in this video.
因此，我們將跳過直接法，在本影片中只專注於
05:20
As we said, we start out with net income, which is taken directly
from the income statement.
如前所述，我們以淨利為起點，這是直接取自
05:27
Then, we adjust net income for multiple effects to
arrive at the cash flow.
接著，我們針對多種效應調整淨利，以
05:32
Let's look at the most common ones.
讓我們看看最常見的調整項目。
05:35
Depreciation and amortization, these are expenses in the income statement that don't have any impact in cash.
折舊與攤銷，這些是損益表中的費用，但對現金沒有任何影響。
05:43
We call this a non-cash transaction.
我們稱此為非現金交易。
05:46
Think about it, when we account for the wear and tear of using an asset, no cash leaves the business.
想想看，當我們認列使用資產的耗損時，並沒有現金流出公司。
05:55
It's just how we allocate the expenses over the useful life of the asset.
這只是我們在資產的使用年限內分攤費用的方式。
06:01
The only time cash is affected is when we actually buy the asset.
現金受到影響的唯一時機是我們實際購買資產時。
06:07
But depreciation and
amortization reduce net income.
但折舊與攤銷會減少淨利。
06:11
And since net income is
the starting point up here, we need to add this expense back.
既然淨利是上方的起點，我們需要把這筆費用加回來。
06:17
Same goes for the gain or loss on the disposal of non current assets.
處分非流動資產的利得或損失也是相同的道理。
06:23
Let's say the business
is selling a forklift, which it acquired for
$10,000 two years ago, but now doesn't need it anymore.
假設公司正在出售一台堆高機，兩年前以 10,000 美元取得，但現在不再需要它了。
06:32
And let's see the current
asset value of the forklift is 5,000 because the
company has been using it for two years, in its warehouse.
我們來看看這台堆高機目前的資產價值是 5,000，因為公司已在倉庫中使用了兩年。
06:41
The company is able to sell it for $8,000.
公司能以 8,000 美元賣出。
06:45
What we'll see in the
income statement is a gain on the disposal of the forklift of $3,000.
我們在損益表上會看到處分堆高機的利得 3,000 美元。
06:53
But in the cash flow
statement we want to see the full cash impact, not
the profit on the disposal.
但在現金流量表上，我們想看到完整的現金影響，而不是處分的利潤。
07:01
So we need to take away the 3,000 included in net income above and show the full $8,000 cash in.
因此我們需要從上方的淨利中移除這 3,000，並顯示完整的 8,000 美元現金流入。
07:09
But since selling off
equipment is not part of the ongoing operations
of this business, we're not going to show
$8,000 cash in here,
但由於出售設備並非這家公司持續性營運的一部分，我們不會在這裡顯示 8,000 美元的現金流入，
07:18
but further down in the
section for cash flow from investing activities.
而是會在下方的「投資活動現金流量」區塊中顯示。
07:23
Next is the adjustment for
changes in working capital, which merely consist of inventory,
receivables and payables.
接下來是營運資金變動的調整，主要包括存貨、應收帳款與應付帳款。
07:32
To understand why we need to adjust for these balance sheet items, you need to think about how
these positions influence
要了解為何需要調整這些資產負債表項目，你必須思考這些部位如何影響
07:40
the amount of money the
company has in the bank.
公司在銀行裡的資金數量。
07:43
First inventory.
首先是存貨。
07:45
Let's say at the end of last year, your inventory value in
the balance sheet was 100, and now it's 150.
假設去年底，資產負債表上的存貨價值是 100，現在是 150。
07:53
It increased by 50, which means you're keeping more inventory in stock.
它增加了 50，這意味著你持有更多存貨。
07:59
And you had to pay for
this increased inventory, so more cash was living the business.
而你必須為這增加的存貨付款，因此更多現金離開了公司。
08:05
Is this increase reflected in the starting point
up here, the net income?
這個增幅是否反映在起點這裡，淨利？
08:11
It's not, right?
並沒有，對吧？
08:12
Net income just includes the
expenses for cost of good sold, but not if you're buying more
inventory than you're selling.
淨利只包含銷貨成本的費用，但如果你購買的存貨多於銷售的數量，就沒有包含在內。
08:22
That's why we need to adjust for it here.
這就是為什麼我們需要在這裡進行調整。
08:24
A higher inventory means
cash is decreasing, a lower inventory would increase it.
較高的存貨意味著現金減少，較低的存貨則會增加現金。
08:32
Next receivables.
接下來是應收帳款。
08:34
These work the same way.
它們的運作方式相同。
08:35
Let's say you're selling
someone products for 100, but on credit.
假設你以 100 元賣給某人產品，但屬於賒銷。
08:41
You didn't receive the cash yet.
你尚未收到現金。
08:43
In the income statement
under the accrual method, we would show the earned revenue, which increases our net income.
在權責發生制的損益表中，我們會顯示已賺取的收入，這會增加我們的淨利。
08:51
And our starting point
would include the 100.
而我們的起點會包含這 100 元。
08:55
However, cash wasn't received, was it?
然而，現金並未收到，不是嗎？
08:58
We are still waiting for the cash.
我們仍在等待現金。
09:01
So, if accounts receivable increase, we adjust with a negative number.
所以，如果應收帳款增加，我們就用負數進行調整。
09:07
If they're lower, we adjust
with a positive figure.
如果它們減少，我們就用正數進行調整。
09:11
Then payables.
再來是應付帳款。
09:13
They work the other way around,
because of the liabilities.
它們的運作方式正好相反，因為是負債。
09:17
If we increased this position, we paid out less to our suppliers.
如果我們增加了這個部位，就表示我們付給供應商的錢變少了。
09:23
We're working with their money, which is good for our cash balance.
我們在使用他們的資金，這對我們的現金餘額是好事。
09:28
So a higher figure for payables is a positive cash increase in change.
所以，應付帳款的數字越高，代表現金變動的增加是正向的。
09:34
If they decrease though, it's
negative for a cash balance, because we use more of our
cash to pay the suppliers.
如果它們下降，對現金餘額是負面的，因為我們使用更多現金來支付供應商。
09:42
Now, all that's left to do is to sum up these adjustments
with net income on top to get to the cash flow from operations.
現在，剩下的就是將這些調整項加在頂部的淨利潤上，以得出營運現金流。
09:51
Obviously, Microsoft's cash flow is huge, but even if you look at a smaller company, you want to see a positive number here.
顯然，微軟的現金流很龐大，但即使你觀察一家規模較小的公司，你也希望在這裡看到正數。
10:00
Otherwise, the business
is not generating cash, with its core business, which should raise all kinds of red flags.
否則，這家企業並未透過其核心業務產生現金，這應該會引發各種警訊。
10:07
Another important thing to take away here is the crucial role of working
capital for most companies.
這裡另一個重要的 takeaway 是營運資金對大多數公司所扮演的關鍵角色。
10:15
If you keep a lot of inventory, grant long payment terms to your customers or have a lot of overdue receivables,
如果你持有大量庫存、給予客戶很長的付款條件，或有大量逾期應收帳款，
10:22
you're using a lot of
cash to finance that.
你就是在使用大量現金來為此提供資金。
10:25
Cash, which you then don't
have to add capacity, expand to new markets
or invest in marketing.
這些現金，你就沒有辦法用來增加產能、擴展到新市場或投資行銷。
10:33
Now speaking of investing, let's
talk about the next section in the cash flow statement.
說到投資，讓我們來談談現金流量表的下一個部分。
10:38
Cash flow from investing activities.
投資活動的現金流。
10:41
Remember when we adjusted for depreciation and gain or losses from
sale of assets before?
還記得我們之前在調整折舊以及出售資產的利得或損失時嗎？
10:46
The reason was that these
were non-cash transactions.
原因在於這些是非現金交易。
10:50
They don't affect your cash balance.
它們不影響你的現金餘額。
10:53
What does affect it, though,
is the cash in or outflow when the business is buying
or selling these assets.
然而，真正影響現金餘額的是當企業買賣這些資產時的現金流入或流出。
11:01
And that's exactly what we see here.
這正是我們在這裡看到的。
11:03
When a company purchases
new property or equipment, we will see the full cash
outflow in this section.
當一家公司購買新的不動產或設備時，我們會在這個部分看到全部的現金流出。
11:10
Likewise, if it acquires a
company or other investments, we're going to see that they're here too.
同樣地，如果它收購一家公司或其他投資，我們也會在這裡看到。
11:17
Last part is the cash flow
from financing activities.
最後一部分是籌資活動的現金流。
11:21
This section summarizes
the cash transactions that involve raising,
borrowing and repaying capital.
這個部分總結了涉及籌集、借貸和償還資本的現金交易。
11:28
So just to make this clear,
let's look at an example and how it affects this
section of the cash flow.
為了讓這點更清楚，讓我們看一個例子，以及它如何影響現金流量表的這個部分。
11:34
When a company borrows money from a bank or issues bonds or
shares, it receives cash.
當一家公司向銀行借款、發行債券或股票時，它會收到現金。
11:40
This cash will be reported
as a positive amount in the cash flow from
financing activities.
這筆現金將在籌資活動的現金流中被列為正數金額。
11:47
A positive amount informs the reader that cash was received, which increased the company's cash balance.
正數金額告知讀者公司收到了現金，從而增加了公司的現金餘額。
11:55
On the other hand, when a company repays the principal portion of its loans, purchases its own shares or
pays dividends to its owners,
另一方面，當公司償還貸款本金、回購自身股票或向所有者支付股利時，
12:05
the amount of cash used will be reported as a negative amount here.
所使用的現金金額將在此處被列為負數金額。
12:10
The negative amount informs
the reader that cash was used which reduced the company's cash balance.
負數金額告知讀者公司使用了現金，從而減少了公司的現金餘額。
12:17
All right, so these are the three sections of the cash flow statement.
好的，以上就是現金流量表的三個部分。
12:22
It's important to be able to distinguish among these elements, as
it's going to give you a good idea of where the company
makes and spends its money.
能夠區分這些項目非常重要，因為這能讓你清楚了解公司在哪裡賺錢以及在哪裡花錢。
12:33
And as we've seen in the
beginning of this lecture, the sum of these three types of cash flow gives us the company's change
in net cash for the period.
正如我們在本講座開頭所見，這三類現金流的總和即為該期間公司的淨現金變動。
12:45
The net cash flow is the difference between the amount of cash the company had in the beginning of the period,
淨現金流是公司期初現金金額，
12:51
versus the amount of cash it
had at the end of the period.
與期末現金金額之間的差額。
12:56
I hope this video was helpful to better understand
the cash flow statement.
希望這部影片有助於您更好地理解現金流量表。
13:00
If you enjoyed it, please
give it a thumbs up.
如果您喜歡這部影片，請按個讚。
13:03
And if you want to improve your
skills, consider subscribing.
如果您想提升自己的技能，請考慮訂閱。
13:07
And don't forget to hit that bell, so you don't miss any new videos.
別忘了按下小鈴鐺，這樣您就不會錯過任何新影片。
13:12
Thank you for watching, and
I'll see you in the next video.
