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财报分析之一： 现金流量比率 | financial statement analysis: Cash Flow Ratio
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现金流量模块的最后一个指标：100/100/10。
它的意思是
现金流量比率>100%
现金流量允当比率>100%
现金再投资比率>10%
在财报说网页中能迅速找到这三项，以“贵州茅台”为例：
三个指标加起来，在“现金流量”模块中占比15%，也就是每个小指标各占比5%，权重不大。所以，如果不满足，也不要紧。关键是前两天的两个，要特别重视。
这三个指标我们用三天时间分别来了解。
第一个指标：现金流量比率。
一、概念
从生活常识层面来理解
我们的工资，扣除衣食住行育乐、红白包、车贷房贷等各种费用后存下来的钱够不够还外面一年之内到期的短期债务？
比如，小美同学扣除各种费用后一年能存100w，很不错对么？但她一年之内的短期债务，比如车贷、房贷、信用卡等加起来一共是120w！
另一位主人公小丽，收入不多，年存款仅有10w，她外面一年内的短期债务是5w。
仅从财务比率方面分析，哪位美女的“现金流量比率”更好呢？
计算一下两位的指标：
很明显，虽然小丽收入不高，但气要比小美长。
从公司层面来理解：
这个指标大于100%表示，通过公司的经营活动实实在在赚回来的现金，能覆盖住一年到期的流动负债。注意哦，这里说的是经营活动，就是公司的主营业务，这笔钱不包括投资赚来的，也不是融资进账的！
分子： “营业活动现金流量”表示的是一家公司通过经营活动扎扎实实流入公司账户的现金。我们在现金流量表中也会讲到这个指标，很重要的OCF，后面深入。
分母： “流动负债”又叫“短期负债”，是指将在1年内(含1年)需要偿还的债务。
这几天，一直在强调，现金是公司生存的必要条件，公司最怕抽银根，所以短期负债一定要确认可偿还。
二、判断指标
现金流量比率>100%比较好！满足这个指标代表公司赚回的现金比较多，对外欠款比较少！而如果指标＜100%，我们可以简单的理解为“入不敷出”。
三、实例计算
以“海康威视”2016年的“现金流量比率”为例：
分子 “营业活动现金流量”在“现金流量表”中找到“经营活动产生的现金流量净额”，2016年为62.14亿元。
分母 “流动负债”在“资产负债表”中找到“流动负债合计”，2016年为121.16亿元。
由上面两项，代入公式：
计算出2016年“海康威视”的“现金流量比率”=62.13/121.16=51.3%
找到“财报说”（www.caibaoshuo.com）数据核对，结果一致，计算完成！
今天思考题：你的现金流量比率满足要求吗？昨天阿正老师分享的个人资产配置，理解了吗？
每天进步一点点，坚持带来大改变！
Make a bit of progress every day, insisting brings us significant change!
Replies (22)
@enjoyy, 有品位！
谢谢淘气boy！
Thumb up!
@enjoyy 娶媳妇的，小丽是最佳人选 :D
你是学财务的?
不是，财务跟财务分析区别还是蛮大的。
^^ O(∩∩)O哈哈~
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