Beneficio y flujos. El beneficio es una decisión discutible, pero el cash flow es un hecho (Cash Flow Is a Fact: Net Income Is Just an Opinion)

15 Pages Posted: 28 Jul 2008 Last revised: 24 Jan 2018

See all articles by Pablo Fernandez

Pablo Fernandez

University of Navarra - IESE Business School

Date Written: December 30, 2017

Abstract

Spanish Abstract: El beneficio de una empresa es un dato arbitrario supuestas determinadas hipótesis de contabilización de gastos e ingresos. Por el contrario, el cash flow o flujo (dinero que va de la caja de la empresa al bolsillo de alguien: accionistas, propietarios de deuda,…) es una medida objetiva, una cifra única no sometida a un criterio particular.

El Cash flow para las acciones (CFac) es el dinero que sale de la caja y llega al bolsillo de los accionistas. El FCF (free cash flow) es el CFac de la empresa en el caso de que ésta no tuviera deuda.

English Abstract: We use three different definitions of cash flow: equity cash flow (ECF), free cash flow (FCF) and capital cash flow (CCF).

A company's net income is a quite arbitrary figure obtained after assuming certain accounting hypotheses regarding expenses and revenues (one of several that can be obtained, depending on the criteria applied). However, the ex-post cash flow is an objective measure, a single figure that is not subject to any personal criterion.

Note: Downloadable document is in Spanish.

Keywords: Free Cash Flow, equity cash flow, net income, beneficio, flujo

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo, Beneficio y flujos. El beneficio es una decisión discutible, pero el cash flow es un hecho (Cash Flow Is a Fact: Net Income Is Just an Opinion) (December 30, 2017). Available at SSRN: https://ssrn.com/abstract=1182255 or http://dx.doi.org/10.2139/ssrn.1182255

Pablo Fernandez (Contact Author)

University of Navarra - IESE Business School ( email )

Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

HOME PAGE: http://web.iese.edu/PabloFernandez/

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