operating cash flow

1 حسابداری و مالی:: جریان نقدی عملیاتی

, balance sheet) or about its future operating cash flows (i.e. Instead, the stock market prices the firm based on the public financial reports that the firm releases prior to each trading date.2 We distinguish between two different forms of accounting disclosures related to the two sources of uncertainty in our model: reports about the next period's capital stock and reports about one-period ahead operating cash flows. While financial reports on capital stock inform investors about the firm's productive capacity in the next period, disclosures about operating cash flows reveal information about future demand in the firm's output market. firm's equity at each date can be decomposed into the discounted expected values of the following three components: (i) next period's operating cash flow, (ii) future replacement cost of assets in place, and (iii) over-the-horizon economic profits. The future replacement cost of assets is defined as the expected resale value of the firm's current capital stock at the end of the following period; economic profits are the difference between operating cash flows and the user cost of capital employed in a given period; and over-the- horizon economic profits are the economic profits to be earned starting two periods from now and thereafter.4

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