Corporate valuation terms concept

1. NWC(Net working capital)
净营运资本，也称净营运资金、流动资金净额
净营运资本也称狭义的营运资本，是指企业的流动资产总额减去各类流动负债后的余额。即通过长期负债融资而购买的流动资产的数额。

Net working capital = current asset - current liability

Working capital is a measure of a company’s liquidity, operational efficiency and its short-term financial health. If a company has substantial working capital, then it should have the potential to invest and grow. If a company’s current assets do not exceed its current liabilities, then it may have trouble growing or paying back creditors, or even go bankrupt

2. Current asset - 流动资产
Current assets represent all the assets of a company that are expected to be conveniently sold, consumed, utilized or exhausted through the standard business operations, which can lead to their conversion to a cash value over the next one year period.
Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets. In a few jurisdictions, the term is also known as current accounts.

Current Assets = C + CE + I + AR + MS + PE + OLA
where:
C = Cash
CE = Cash Equivalents
I = Inventory
AR = Accounts Receivable
MS = Marketable Securities
PE = Prepaid Expenses
OLA = Other Liquid Assets
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3. Current liability - 流动负债
Current liabilities are a company’s debts or obligations that are due within one year or within a normal operating cycle. Furthermore, current liabilities are settled by the use of a current asset, such as cash, or by creating a new current liability.

4. Free cash flow - 自由现金流
Free cash flow represents the cash a company generates after cash outflows to support operations and maintain its capital assets. Unlike earnings or net income, free cash flow is a measure of profitability that exclude

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