[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/filedoo.ir\/%d8%af%d8%a7%d9%86%d9%84%d9%88%d8%af-%d8%ac%d8%b2%d9%88%d9%87-%d9%85%d8%aa%d9%88%d9%86-%d9%85%d8%a7%d9%84%db%8c-2\/#Article","mainEntityOfPage":"https:\/\/filedoo.ir\/%d8%af%d8%a7%d9%86%d9%84%d9%88%d8%af-%d8%ac%d8%b2%d9%88%d9%87-%d9%85%d8%aa%d9%88%d9%86-%d9%85%d8%a7%d9%84%db%8c-2\/","headline":"\u062f\u0627\u0646\u0644\u0648\u062f \u06a9\u0627\u0645\u0644 \u062a\u0631\u06cc\u0646 \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2","name":"\u062f\u0627\u0646\u0644\u0648\u062f \u06a9\u0627\u0645\u0644 \u062a\u0631\u06cc\u0646 \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2","description":"\u062c\u0632\u0648\u0647 \u06a9\u0627\u0645\u0644 \u0648 \u062a\u0627\u06cc\u067e \u0634\u062f\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 \u0628\u0627 \u06a9\u06cc\u0641\u06cc\u062a \u0645\u0646\u0627\u0633\u0628 \u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647 &nbsp; &nbsp; &nbsp; \u062f\u0627\u0646\u0644\u0648\u062f \u06a9\u062a\u0627\u0628 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 \u00a0\u062f\u06a9\u062a\u0631 \u062d\u0633\u0646 \u0632\u0627\u062f\u0647 \u0639\u0644\u06cc \u0622\u0628\u0627\u062f\u06cc \u062f\u06a9\u062a\u0631 \u0645\u0647\u062f\u06cc \u062a\u0642\u0648\u06cc \u067e\u06cc\u0627\u0645 \u0646\u0648\u0631 \u0627\u0631\u0634\u062f \u0645\u062f\u06cc\u0631\u06cc\u062a &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; : &nbsp; ((\u061b((()\u061b((\u201c\u201c\u201c\u201c\u201c\u201c \u064b-\u201c\u201c&#8212;\u0628\u0647 \u0645\u0639\u0646\u0627\u06cc \u0634\u0631\u06a9\u062a \u06cc \u062b\u0627\u0644\u062b\u06cc \u0647\u0633\u062a\u0646\u062f \u06a9\u0647 \u06a9\u0627\u0631\u06cc \u0631\u0627 \u0628\u0631\u0627\u06cc \u0634\u0631\u06a9\u062a \u0627\u0635\u0644\u06cc \u0627\u0646\u062c\u0627\u0645&hellip;&nbsp;<a href=\"https:\/\/filedoo.ir\/%d8%af%d8%a7%d9%86%d9%84%d9%88%d8%af-%d8%ac%d8%b2%d9%88%d9%87-%d9%85%d8%aa%d9%88%d9%86-%d9%85%d8%a7%d9%84%db%8c-2\/\" class=\"\" rel=\"bookmark\">\u0627\u062f\u0627\u0645\u0647 &raquo;<span class=\"screen-reader-text\">\u062f\u0627\u0646\u0644\u0648\u062f \u06a9\u0627\u0645\u0644 \u062a\u0631\u06cc\u0646 \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2<\/span><\/a>","datePublished":"2025-03-23","dateModified":"2025-03-23","author":{"@type":"Person","@id":"https:\/\/filedoo.ir\/author\/admin\/#Person","name":"admin","url":"https:\/\/filedoo.ir\/author\/admin\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/2313d046dcb07be2c9a7d04149a4b6d6c292af41f91ad8f33dcf6dc88686cde4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/2313d046dcb07be2c9a7d04149a4b6d6c292af41f91ad8f33dcf6dc88686cde4?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"pjozve","logo":{"@type":"ImageObject","@id":"https:\/\/filedoo.ir\/wp-content\/uploads\/2023\/01\/cropped-201556.webp","url":"https:\/\/filedoo.ir\/wp-content\/uploads\/2023\/01\/cropped-201556.webp","width":512,"height":512}},"image":{"@type":"ImageObject","@id":"https:\/\/filedoo.ir\/wp-content\/uploads\/2022\/03\/Capture-9.webp","url":"https:\/\/filedoo.ir\/wp-content\/uploads\/2022\/03\/Capture-9.webp","height":"168","width":"300"},"url":"https:\/\/filedoo.ir\/%d8%af%d8%a7%d9%86%d9%84%d9%88%d8%af-%d8%ac%d8%b2%d9%88%d9%87-%d9%85%d8%aa%d9%88%d9%86-%d9%85%d8%a7%d9%84%db%8c-2\/","about":["PDF","\u062c\u0632\u0648\u0647","\u062e\u0644\u0627\u0635\u0647","\u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647","\u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647 \u0631\u0627\u06cc\u06af\u0627\u0646"],"wordCount":895,"keywords":["\u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2","\u062f\u0627\u0646\u0644\u0648\u062f \u0631\u0627\u06cc\u06af\u0627\u0646 \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2","\u062f\u0627\u0646\u0644\u0648\u062f \u0631\u0627\u06cc\u06af\u0627\u0646 \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 pdf"],"articleBody":"\u062c\u0632\u0648\u0647 \u06a9\u0627\u0645\u0644 \u0648 \u062a\u0627\u06cc\u067e \u0634\u062f\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 \u0628\u0627 \u06a9\u06cc\u0641\u06cc\u062a \u0645\u0646\u0627\u0633\u0628\u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647&nbsp;&nbsp;&nbsp;\u062f\u0627\u0646\u0644\u0648\u062f \u06a9\u062a\u0627\u0628 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 \u00a0\u062f\u06a9\u062a\u0631 \u062d\u0633\u0646 \u0632\u0627\u062f\u0647 \u0639\u0644\u06cc \u0622\u0628\u0627\u062f\u06cc \u062f\u06a9\u062a\u0631 \u0645\u0647\u062f\u06cc \u062a\u0642\u0648\u06cc \u067e\u06cc\u0627\u0645 \u0646\u0648\u0631 \u0627\u0631\u0634\u062f \u0645\u062f\u06cc\u0631\u06cc\u062a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:&nbsp;((\u061b((()\u061b((\u201c\u201c\u201c\u201c\u201c\u201c\u064b-\u201c\u201c&#8212;\u0628\u0647 \u0645\u0639\u0646\u0627\u06cc \u0634\u0631\u06a9\u062a \u06cc \u062b\u0627\u0644\u062b\u06cc \u0647\u0633\u062a\u0646\u062f \u06a9\u0647 \u06a9\u0627\u0631\u06cc \u0631\u0627 \u0628\u0631\u0627\u06cc \u0634\u0631\u06a9\u062a \u0627\u0635\u0644\u06cc \u0627\u0646\u062c\u0627\u0645 \u0645\u06cc \u062f\u0647\u0646\u062f.Third, successful companies have enough capital to execute their plans and support their operations. For example, most companies need cash to purchase land, buildings, equipment, and materials. Companies can reinvest a portion of their earnings, but most must also raise additional funds externally, by some combination of selling stock and\/orborrowing in the financial markets.Just as a stool needs all three legs to stand, a successful company must have all threeattributes: skilled people, strong external relationships, and sufficient capital.\u0633\u0648\u0645\u060c \u0634\u0631\u06a9\u062a \u06cc \u0645\u0648\u0641\u0642 \u0628\u0631\u0627\u06cc \u0627\u062c\u0631\u0627\u06cc \u0637\u0631\u062d \u0648 \u067e\u0631\u062f\u0627\u062e\u062a \u0647\u0632\u06cc\u0646\u0647 \u06cc \u0627\u0645\u0648\u0631 \u0627\u062c\u0631\u0627\u06cc\u06cc \u062e\u0648\u062f(\u067e\u0634\u062a\u06cc\u0628\u0627\u0646\u06cc \u0641\u0639\u0627\u0644\u06cc\u062a \u06cc \u062e\u0648\u062f)\u060c\u0633\u0631\u0645\u0627\u06cc\u0647 \u06a9\u0627\u0641\u06cc \u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062f\u0627\u0631\u0646\u062f. \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 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In general, companies that successfully increase stock prices also grow andadd more employees, thus benefiting society.3 \u0640 \u0627\u0646\u062a\u0641\u0627\u0639 \u06a9\u0627\u0631\u06a9\u0646\u0627\u0646. \u0645\u0648\u0627\u0631\u062f\u06cc \u0648\u062c\u0648\u062f \u062f\u0627\u0631\u062f \u06a9\u0647 \u0632\u0645\u0627\u0646\u06cc \u06a9\u0647 \u06cc\u06a9 \u0634\u0631\u06a9\u062a \u0627\u0639\u0644\u0627\u0645 \u0645\u06cc \u06a9\u0646\u062f \u0642\u0635\u062f \u062a\u0639\u062f\u06cc\u0644 \u0646\u06cc\u0631\u0648 \u062f\u0627\u0631\u062f\u060c \u0642\u06cc\u0645\u062a \u0633\u0645 \u0622\u0646 \u0634\u0631\u06a9\u062a \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc \u06cc\u0627\u0628\u062f \u0648\u0644\u06cc \u0628\u0627 \u0646\u06af\u0627\u0647\u06cc \u0628\u0647 \u06af\u0630\u0634\u062a\u0647 \u0645\u06cc \u0628\u06cc\u0646\u06cc\u0645 \u0627\u06cc\u0646 \u0627\u0645\u0631 \u0628\u06cc\u0634\u062a\u0631 \u06cc\u06a9 \u0627\u0633\u062a\u062b\u0646\u0627\u0633\u062a \u062a\u0627 \u06cc\u06a9 . \u0634\u0631\u06a9\u062a \u06a9\u0647 \u0642\u06cc\u0645\u062a \u0633\u0645 \u062e\u0648\u062f \u0631\u0627 \u0628\u0647 \u0634\u06a9\u0644\u06cc \u0645\u0648\u0641\u0642 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc \u062f\u0647\u0646\u062f\u060c \u0631\u0634\u062f \u06a9\u0631\u062f\u0647 \u0648 \u0646\u0641\u0631\u0627\u062a \u0628\u06cc\u0634\u062a\u0631\u06cc \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u06cc \u06a9\u0646\u0646\u062f\u060c \u06a9\u0647 \u0628\u0647 \u062c\u0627\u0645\u0639\u0647 \u0633\u0648\u062f \u0645\u06cc \u0631\u0633\u0627\u0646\u062f.Managerial Actions to Maximize Shareholder WealthWhat types of actions can managers take to maximize shareholder wealth? To answer this question, we first need to ask , &#8220;What determines a firm&#8217;s value? 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Because of these three facts, managers can enhance their firms&#8217; value by increasing the size of the expected cash flows, by speeding up their receipt, andby reducing their risk.\u062f\u0631 \u0637\u0648\u0644 \u06a9\u062a\u0627\u0628 \u0628\u0647 \u062c\u0646\u0628\u0647 \u06cc \u0645\u062e\u062a\u0644\u0641\u06cc \u0627\u0632 \u0627\u06cc\u0646 \u0627\u0645\u0631 \u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 \u067e\u0631\u062f\u0627\u062e\u062a\u060c \u0648\u0644\u06cc \u0641\u0639\u0644\u0627\u064b \u0645\u06cc \u062a\u0648\u0627\u0646\u06cc\u0645 \u0628\u0647 \u0633\u0647 \u062c\u0646\u0628\u0647 \u0627\u0633\u0627\u0633\u06cc \u0627\u0634\u0627\u0631\u0647 \u06a9\u0646\u06cc\u0645:((1 \u0647\u0631 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0645\u0627\u0644\u06cc \u0627\u0632 \u062c\u0645\u0644\u0647 \u0633\u0645 \u0634\u0631\u06a9\u062a\u060c \u062a\u0646 \u0628\u0647 \u0627\u0646\u062f\u0627\u0632\u0647 \u062c\u0631\u06cc\u0627\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u06a9\u0647 \u0627\u06cc\u062c\u0627\u062f \u0645\u06cc \u06a9\u0646\u062f \u0627\u0631\u0632\u0634 \u062f\u0627\u0631\u062f\u061b((2\u0632\u0645\u0627\u0646\u0628\u0646\u062f\u06cc \u062c\u0631\u06cc\u0627\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f \u0627\u0647\u0645\u06cc\u062a \u062f\u0627\u0631\u062f \u0640 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u06a9\u0647 \u0632\u0648\u062f\u062a\u0631 \u062f\u0631\u06cc\u0627\u0641\u062a \u0645\u06cc \u0634\u0648\u0646\u062f\u060c \u0627\u0631\u0632\u0634 \u0628\u06cc\u0634\u062a\u0631\u06cc \u062f\u0627\u0631\u0646\u062f\u061b \u0648((3\u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u0627\u0646 \u0631\u06cc\u0633\u06a9 \u06af\u0631\u06cc\u0632 \u0647\u0633\u062a\u0646\u062f\u060c \u0628\u0646\u0627\u0628\u0631\u0627\u06cc\u0646 \u062f\u0631 \u0634\u0631\u0627\u06cc\u0637 \u0645\u0633\u0627\u0648\u06cc\u060c \u0628\u0631\u0627\u06cc \u0633\u0645\u06cc \u06a9\u0647 \u062c\u0631\u06cc\u0627\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u0622\u0646 \u0645\u0634\u062e\u0635 \u0627\u0633\u062a\u060c \u067e\u0648\u0644 \u0628\u06cc\u0634\u062a\u0631\u06cc \u0645\u06cc \u067e\u0631\u062f\u0627\u0632\u0646\u062f \u062a\u0627 \u0633\u0645\u06cc \u06a9\u0647 \u062c\u0631\u06cc\u0627\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u0622\u0646 \u0631\u06cc\u0633\u06a9 \u0628\u06cc\u0634\u062a\u0631\u06cc \u062f\u0627\u0631\u062f. \u0628\u0647 \u062f\u0644\u06cc\u0644 \u0627\u06cc\u0646 \u0633\u0647 \u0648\u0627\u0642\u0639\u06cc\u062a\u060c \u0645\u062f\u06cc\u0631\u0627\u0646 \u0645\u06cc \u062a\u0648\u0627\u0646\u0646\u062f \u0628\u0627 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc\u0632\u0627\u0646 \u062c\u0631\u06cc\u0627\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631\u060c \u0633\u0631\u0639\u062a \u0628\u062e\u0634\u06cc\u062f\u0646 \u0628\u0647 \u062f\u0631\u06cc\u0627\u0641\u062a \u0627\u06cc\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u060c \u0648 \u06a9\u0627\u0647\u0634 \u0631\u06cc\u0633\u06a9 \u0627\u06cc\u0646 \u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2\u060c \u0627\u0631\u0632\u0634 \u0634\u0631\u06a9\u062a \u062e\u0648\u062f \u0631\u0627 \u0627\u0641\u0632\u0627\u06cc\u0634 \u062f\u0647\u0646\u062f.\u062f\u0642\u062a \u06a9\u0646\u06cc\u062f \u06a9\u0644\u0645\u0647 \u0627\u06cc\u0646 (This) \u062f\u0631 \u0627\u06cc\u0646 \u062c\u0645\u0644\u0647 \u0628\u0647 \u062c\u0645\u0644\u0647 \u0642\u0628\u0644\u06cc \u06cc\u0639\u0646\u06cc\u201c\u062a\u0648\u0627\u0646\u0627\u06cc\u06cc \u0634\u0631\u06a9\u062a \u062f\u0631 \u062e\u0644\u0642 \u062c\u0631\u06cc\u0627\u0646 \u06cc \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u062f\u0631 \u062d\u0627\u0644 \u0648 \u0622\u06cc\u0646\u062f\u0647\u201c\u0627\u0634\u0627\u0631\u0647 \u062f\u0627\u0631\u062f.The cash flows that matter are called free cash flows (FCF), not because they are free, but because they are available for distribution to all of the company&#8217;s investors, including creditors and stockholders. The three primary determinants of free cash flows are (1)sales revenues, (2) operating costs and taxes, and (3) required investments in operations.\u062c\u0631\u06cc\u0627\u0646 \u06cc \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u0627\u0631\u0632\u0634 \u062f\u0627\u0646\u0644\u0648\u062f \u062c\u0632\u0648\u0647 \u0645\u062a\u0648\u0646 \u0645\u0627\u0644\u06cc 2 \u06a9\u0647 \u0622\u0632\u0627\u062f (Free) \u0647\u0633\u062a\u0646\u062f\u060c \u0646\u0647 \u0628\u0647 \u0627\u06cc\u0646 \u062f\u0644\u06cc\u0644 \u06a9\u0647 \u0627\u06cc\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f \u0645\u062c\u0627\u0646\u06cc \u0647\u0633\u062a\u0646\u062f \u0628\u0644\u06a9\u0647 \u0628\u0647 \u0627\u06cc\u0646 \u062f\u0644\u06cc\u0644 \u06a9\u0647 \u0627\u0645\u06a9\u0627\u0646 \u062a\u0642\u0633\u06cc\u0645 \u0622\u0646 \u0628\u06cc\u0646 \u062a\u0645\u0627\u0645 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u0627\u0646 \u0634\u0631\u06a9\u062a\u060c \u0627\u0632 \u062c\u0645\u0644\u0647 \u0648\u0627\u0645 \u062f\u0647\u0646\u062f\u06af\u0627\u0646 \u0648\u062c\u0648\u062f \u062f\u0627\u0631\u062f. \u0633\u0647 \u0639\u0627\u0645\u0644 \u062a\u0639\u06cc\u06cc\u0646 \u06a9\u0646\u0646\u062f\u0647 \u0645\u0624\u062b\u0631 \u0628\u0631 \u062c\u0631\u06cc\u0627\u0646 \u0648\u062c\u0648\u0647 \u0646\u0642\u062f\u06cc \u0639\u0628\u0627\u0631\u062a\u0646\u062f \u0627\u0632((1\u062f\u0631\u0622\u0645\u062f\u06cc \u0646\u0627\u0634\u06cc \u0627\u0632 \u0641\u0631\u0648\u0634\u061b((2\u0647\u0632\u06cc\u0646\u0647 \u06cc \u0639\u0645\u0644\u06cc\u0627\u062a\u06cc \u0648 \u0645\u0627\u0644\u06cc\u0627\u062a \u061b \u0648((3\u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u0644\u0627\u0632\u0645 \u0628\u0631\u0627\u06cc \u0639\u0645\u0644\u06cc\u0627\u062a.Sales revenues depend on the current level of unit sales, the price per unit, and expected future growth rates;The second determinant of cash flows is the combined impact of operating costs and taxes, which determines the amount of after-tax profit, that is available to investors afterthe company pays its employees and suppliers.\u062f\u0631\u0622\u0645\u062f\u06cc \u0646\u0627\u0634\u06cc \u0627\u0632 \u0641\u0631\u0648\u0634 \u0628\u0647 \u0645\u06cc\u0632\u0627\u0646 \u0641\u0631\u0648\u0634 \u0641\u0639\u0644\u06cc\u060c \u0642\u06cc\u0645\u062a \u0647\u0631 \u0648\u0627\u062d\u062f \u0648 \u0646\u0631\u062e \u0631\u0634\u062f \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647\u060c \u0628\u0633\u062a\u06af\u06cc \u062f\u0627\u0631\u062f.\u0639\u0627\u0645\u0644 \u062f\u0648\u0645 \u062a\u0631\u06a9\u06cc\u0628\u06cc \u0627\u0633\u062a \u0627\u0632 \u0647\u0632\u06cc\u0646\u0647 \u06cc \u0639\u0645\u0644\u06cc\u0627\u062a\u06cc \u0648 \u0645\u0627\u0644\u06cc\u0627\u062a \u06a9\u0647 \u062a\u0639\u06cc\u06cc\u0646 \u06a9\u0646\u0646\u062f\u0647 \u0645\u0642\u062f\u0627\u0631 \u0633\u0648\u062f \u0628\u0639\u062f \u0627\u0632 \u0645\u0627\u0644\u06cc\u0627\u062a \u0627\u0633\u062a\u060c \u06a9\u0647 \u067e\u0633 \u0627\u0632 \u0627\u06cc\u0646\u06a9\u0647 \u0634\u0631\u06a9\u062a \u0647\u0632\u06cc\u0646\u0647 \u06cc \u067e\u0631\u0633\u0646\u0644\u06cc \u0648 \u0647\u0632\u06cc\u0646\u0647 \u06cc \u062a\u0623\u0645\u06cc\u0646 \u06a9\u0646\u0646\u062f\u06af\u0627\u0646 \u0631\u0627 \u067e\u0631\u062f\u0627\u062e\u062a \u06a9\u0631\u062f\u060c \u062f\u0631 \u062f\u0633\u062a\u0631\u0633 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u0627\u0646 \u0627\u0633\u062a.9 Financial Texts for Financial Management Students Section 1The third factor affecting cash flows is the amount of money a company must invest in its operations (including assets such as factories, equipment , computer systems, and inventory). In short, it takes cash to create cash. But each dollar tied up in operations is a dollar that is unavailable for distribution to investors. 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All of them require the active participation of many departments &#8211; including marketing, engineering, and logistics . 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