zmodel #003 – 運転資本 [Working Capital]

Click here to download: zmodel-003-working-capital

zmodel #003では、財務分析において頻繁に対象となる運転資本項目(売掛金、棚卸資産、買掛金)の計算方法をご紹介します。適切な運転資本の計算方法は業界等の条件により変わりますが、本モデルにおいては、最もシンプルで一般的な回転日数を用いた計算方法を活用しています。


なお、本モデルにおいては、モデル開始前の期首残高の情報を加えてないため、1年目のキャッシュフローと2年目以降のキャッシュフローはApple to Appleではありません。実務上では、1年目と2年目を同一条件で比較するために各運転資本項目の期首残高(0年目)の金額を考慮します。


In zmodel #003, we calculate key working capital line items (i.e. accounts receivable, inventory, and accounts payable) commonly included in financial models. The appropriate calculation method may differ according to the industry or company, however, in this model we demonstrate one of the most common methods, based on turnover days.

The assumptions and key charts can be found in the “Input” sheet, the calculations can be found in the “Calculation” sheet, and simplified full financial statements (PL/BS/CF) can be found in the “Output” sheet.

As you may notice, in this simplified model there is no opening balance of working capital, leading to an uneven cash flow in the first year. In a typical financial model of an operating company, you would usually need to include the opening balance of working capital.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s