Измерване на ликвидността чрез идентифициране на паричните потоци
Liquidity Measurement through Cash Flow Identification

Author(s): Evgeni Raykov
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: cash flows; firm’s liquidity; liquidity measurement indicators
Summary/Abstract: In this paper we present the theoretical and practical aspects of measuring liquidity by identifying the real cash flows in the company. This approach is different from the balance and time approach, but it provides the purest possible financial view of the most important function of modern financial management. Constructing indicators based on cash flows allows for the most direct liquidity management in the short-term horizon, a more realistic presentation of the problem of covering obligations and fewer opportunities for manipulation of the values of the input variables. At the same time, the use of cash flows is associated with their high volatility, their future uncertainty and the need for a detailed internal information in their determination.

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