Constructing the Free Cash Flow (FCF) with Retention of Surplus Funds: The No Tax Case

Topics:
Payables and Receivables
Tags:
Cash Flow,
Equity,
Finance,
Financial Planning,
Financial Services,
Investment,
Operational Accounting,
Social Science Electronic Publishing Inc.,
Taxes
Source:
Social Science Electronic Publishing

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Overview: In the standard construction of the free cash flow (FCF) in the M & M world without taxes, it is assumed that ALL of the generated cash flow is distributed to the debt holder and the equity holder, and there are no surplus funds that are invested in short-term marketable securities. Under these conditions, the FCF is equal to the capital cash flow (CCF), which in turn is equal to the sum of the cash flow to equity (CFE) and the cash flow to debt (CFD).

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Format: HTML | Date: Jan 2003 | Pages: 1

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