THE EVALUATION OF COMPANIES’ INVESTMENT ATTRACTIVENESS BASED ON СASH FLOW ANALYS
Journal Title: Фінансово-кредитна діяльність: проблеми теорії та практик - Year 2017, Vol 1, Issue 22
Abstract
We study the method of cash flow analysis for evaluating the companies’ investment attractiveness. First, we introduce a new measure of effectiveness of the company’s investment activities that is significantly better than the measure commonly used in the literature. We find that invest cash flow influences on the level of company’s investment attractiveness more than net income do it. Second, we study how invest cash flow relates to both current and lagged operation cash flow. Finally, we employ several new estimators to correct for measurement investment costs. Our tests offer a number of methodological contributions that substantially improve estimates of companies’ investment attractiveness. These approaches are universal, is not dependent on the company’s industrial structure, its size or ownership.
Authors and Affiliations
L. Shkvarchuk, R. Slav’yuk
Keywords
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