By WILL KENTON

Reviewed by THOMAS BROCK

Fact checked by SUZANNE KVILHAUG

编写人：WILL KENTON

审核人：THOMAS BROCK

事实核查人：SUZANNE KVILHAUG

What Is Cash Flow From Investing Activities?

什么是投资活动产生的现金流？

Cash flow from investing activities (CFI) is one of the sections on the cash flow statement that reports how much cash has been generated or spent from various investment-related activities in a specific period. Investing activities include purchases of physical assets, investments in securities, or the sale of securities or assets.

投资活动产生的现金流是现金流量表列报的内容之一，体现的是特定期间内各种投资活动产生或支出的现金金额。投资活动包括购买实物资产、投资证券、出售证券或资产。

Negative cash flow is often indicative of a company's poor performance. However, negative cash flow from investing activities might be due to significant amounts of cash being invested in the long-term health of the company, such as research and development.

现金流出现负值，通常表示公司业绩不佳。但是，投资活动产生的负现金流可能源于大量现金投入研发等有助于维持公司长期健康发展的事业。

KEY TAKEAWAYS

关键要点

·Cash flow from investing activities is a section of the cash flow statement that shows the cash generated or spent relating to investment activities.

投资活动产生的现金流是现金流量表列报的内容之一，体现的是投资活动产生或支出的现金金额。

·Investing activities include purchases of physical assets, investments in securities, or the sale of securities or assets.

投资活动包括购买实物资产、投资证券、出售证券或资产。

·Negative cash flow from investing activities might not be a bad sign if management is investing in the long-term health of the company.

如果管理层将大量现金投入有助于维持公司长期健康发展的事业，则投资活动产生的负现金流可能并非不好的征兆。

Understanding Cash Flow From Investing Activities

了解投资活动产生的现金流

Before analyzing the different types of positive and negative cash flows from investing activities, it's important to review where a company's investment activity falls within its financial statements. There are three main financial statements: the balance sheet, income statement, and cash flow statement.

在分析投资活动产生的各种正负现金流之前，需要了解公司的投资活动在哪份财务报表上列示。主要有三个比较重要的财务报表，即资产负债表、损益表和现金流量表。

The balance sheet provides an overview of a company's assets, liabilities, and owner's equity as of a specific date. The income statement provides an overview of company revenues and expenses during a period. The cash flow statement bridges the gap between the income statement and the balance sheet by showing how much cash is generated or spent on operating, investing, and financing activities for a specific period.

资产负债表显示的是截至特定日期的公司资产、负债和所有者权益；损益表显示的是某一期间公司的收入和支出；现金流量表显示的是特定期间内经营活动、投资活动和融资活动产生或支出的现金金额，将损益表与资产负债表联系了起来。

Types of Cash Flow

现金流类型

Overall, the cash flow statement provides an account of the cash used in operations, including working capital, financing, and investing. There are three sections–labeled activities–on the cash flow statement.

总的来说，现金流量表体现的是经营活动、融资活动和投资活动中使用现金（包括营运资本）的情况。

Cash Flow From Operating

经营活动产生的现金流

Operating activities include any spending or sources of cash that are involved in a company's day-to-day business activities. Any cash spent or generated from the company's products or services is listed in this section, including:

经营活动包括公司日常经营中的任何现金支出或来源。这部分列出的是公司产品或服务花费或产生的任何现金，包括：

·Cash received from the sale of goods and services

·Interest payments

·Salary and wages paid

·Payments to suppliers for inventory or goods needed for production

·Income tax payments

·销售货物和提供服务收到的现金

·利息支付

·支付的薪资和工资

·向供应商支付生产所需库存或货物的款项

·所得税税款

Cash Flow From Financing

融资活动产生的现金流

Cash generated or spent on financing activities shows the net cash flows involved in funding the company's operations. Financing activities include:

融资活动产生或花费的现金体现的是为公司运营提供资金涉及的净现金流。融资活动包括：

·Dividend payments

·Stock repurchases

·Bond offerings–generating cash

·股息支付

·股票回购

·债券发行-产生现金

Cash Flow From Investing

投资活动产生的现金流

Cash flows from investing activities provide an account of cash used in the purchase of non-current assets–or long-term assets– that will deliver value in the future. 

投资活动产生的现金流体现的是购买未来能够产生价值的非流动资产或长期资产时使用的现金情况。

Investing activity is an important aspect of growth and capital. A change to property, plant, and equipment (PPE), a large line item on the balance sheet, is considered an investing activity. When investors and analysts want to know how much a company spends on PPE, they can look for the sources and uses of funds in the investing section of the cash flow statement.

投资活动是公司发展和资本流通的重要方面。变更不动产、厂房和设备（资产负债表上的大项目）被视为投资活动。投资者和分析人员想要了解公司在不动产、厂房和设备方面的支出的，可以查看现金流量表投资部分的资金来源和使用情况。

Capital expenditures (CapEx), also found in this section, is a popular measure of capital investment used in the valuation of stocks. An increase in capital expenditures means the company is investing in future operations. However, capital expenditures are a reduction in cash flow. Typically, companies with a significant amount of capital expenditures are in a state of growth.

本部分的资本支出是股票估值中常用的资本投资衡量标准。资本支出增加，表示公司正对未来经营业务进行投资。但是，资本支出意味着现金流减少。一般来说，公司资本支出比较大，表示公司正处于发展阶段。

Below are a few examples of cash flows from investing activities along with whether the items generate negative or positive cash flow.

下面列举的一些示例涉及投资活动产生的现金流，以及这些项目产生的是负现金流或正现金流。

·Purchase of fixed assets–cash flow negative

·Purchase of investments such as stocks or securities–cash flow negative

·Lending money–cash flow negative

·Sale of fixed assets–cash flow positive

·Sale of investment securities–cash flow positive

·Collection of loans and insurance proceeds–cash flow positive

·购买固定资产-负现金流

·购买股票或证券等-负现金流

·借贷-负现金流

·出售固定资产-正现金流

·出售投资证券-正现金流

·收回贷款和收取保险收益-正现金流

Important: If a company has differences in the values of its non-current assets from period to period (on the balance sheet), it might mean there's investing activity on the cash flow statement.

重要提示：一家公司（资产负债表上）不同期间的非流动资产存在差异，可能意味着现金流量表存在投资活动。

Example of Cash Flow From Investing Activities

投资活动产生的现金流的示例

Below is the cash flow statement from Apple Inc. (AAPL) according to the company's 10-Q report issued on June 29, 2019.

下方是Apple Inc.根据该公司2019年6月29日出具的10-Q报告编制的现金流量表。

The three sections of Apple's statement of cash flows are listed with operating activities at the top and financing activities at the bottom of the statement (highlighted in orange). In the center, are the investing activities (highlighted in blue).

现金流量表包含三个部分，最上面的是经营活动产生的现金流，最下面的是融资活动产生的现金流，中间的是投资活动产生的现金流。

Investing activities that were cash flow negative are highlighted in red and include:

产生负现金流的投资活动包括：

·Purchases of marketable securities for $21.9 billion

·Payments acquiring property, plant, and equipment for $7.7 billion

·Payments for business acquisitions and non-marketable securities

·购买有价证券219亿美元

·购买不动产、厂房和设备77亿美元

·企业收购和购买非流通证券

Investing activities that were cash flow positive are highlighted in green and include:

产生正现金流的投资活动包括：

·Proceeds from maturities of marketable securities for $26.7 billion

·Proceeds from the sale of marketable securities for $49.5 billion

·有价证券到期收益267亿美元

·有价证券出售收益495亿美元

The net cash flows generated from investing activities were $46.6 billion for the period ending June 29, 2019. Overall Apple had a positive cash flow from investing activity despite spending nearly $8 billion on new property, plant, and equipment.

截至2019年6月29日止期间，投资活动产生的现金流净额为466亿美元。总体来说，虽然在新不动产、厂房和设备方面的支出将近80亿美元，但是投资活动产生了正向现金流。

As with any financial statement analysis, it's best to analyze the cash flow statement in tandem with the balance sheet and income statement to get a complete picture of a company's financial health.

与任何财务报表分析一样，最好将现金流量表与资产负债表和损益表一起分析，以便全面了解公司的财务状况。

What Activities Are Included in Cash Flow From Investing Activities?

投资活动产生的现金流包含哪些活动？

The activities included in cash flow from investing actives are capital expenditures, lending money, and the sale of investment securities. Along with this, expenditures in property, plant, and equipment fall within this category as they are a long-term investment.

投资活动产生的现金流包含资本支出、借贷、出售投资证券等活动。此外，不动产、厂房和设备支出作为长期投资，也属于这一类别。

How Do You Calculate Cash Flow From Investing Activities?

如何计算投资活动产生的现金流？

Consider a hypothetical example of Google's net annual cash flow from investing activities. For the year, the company spent $30 billion on capital expenditures, of which the majority were fixed assets. Along with this, it purchased $5 billion in investments and spent $1 billion on acquisitions. The company also realized a positive inflow of $3 billion from the sale of investments. To calculate the cash flow from investing activities, the sum of these items would be added together, to arrive at the annual figure of -$33 billion.

就Google投资活动产生的年度现金流净额列举一个假设性示例。公司全年资本支出为300亿美元，其中大多数为固定资产。此外，50亿美元用于投资，10亿美元用于收购。并且，通过出售投资的财产获得30亿美元。将这些项目相加，得出投资活动产生的年度现金流为-330亿美元。

Why Is Cash Flow From Investing Activities Important?

投资活动产生的现金流为什么重要？

Cash flow from investing activities is important because it shows how a company is allocating cash for the long term. For instance, a company may invest in fixed assets such as property, plant, and equipment to grow the business. While this signals a negative cash flow from investing activities in the short term, it may help the company generate cash flow in the longer term. A company may also choose to invest cash in short-term marketable securities to help boost profit.

投资活动产生的现金流体现的是公司长期以来对现金的分配，具有重要作用。比如，公司可以通过投资不动产、厂房和设备等固定资产发展业务，这样一来，短期内投资活动产生的是负现金流，但是，从长远来看，可能有助于公司产生现金流。此外，公司也可以选择投资短期有价证券，提高利润。