Finance & Money · 现金流（Cash Flow） · Updated 2026-10-25
What Is Cash Flow?
Definition
Cash flow splits into operating (core business), investing (equipment/asset sales) and financing (borrowing/repayment/dividends). Profit is accrual accounting — a signed contract and shipped goods count as revenue even before cash arrives; cash flow only tracks bank balances. The classic corporate death is "profitable bankruptcy": paper profits but uncollectible receivables stretch payables until payroll can't be met. Personal finance is the same: earning 30k/month means little if mortgage, car loan and cards consume 29k — the leftover cash flow is what you actually control.
Formula
Free Cash Flow = Operating Cash Flow − CapEx
Worked Example
A company books 5M profit but client terms stretch from 60 to 180 days and receivables grow 8M — operating cash flow is −3M and payroll coverage is 2 months. That is riskier than a loss.
Common Misconception
Assuming high profit equals a healthy company — the income statement can be legally dressed up (aggressive revenue recognition, light impairments); cash-flow manipulation is far costlier. Check operating cash flow vs net profit: a sustained ratio under 0.8 is a red flag.
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