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Wiley Tài chính series bao gồm các cuốn sách viết riêng cho các chuyên gia tài chính và đầu tư cũng như các nhà đầu tư cá nhân tinh vi và các cố vấn tài chính của họ. Chủ đề cuốn sách phạm vi quản lý danh mục thương mại điện tử, quản lý rủi ro, kỹ thuật tài chính | Introduction 3 the deal on his or her own. A law firm may want to know if a certain legal structure works in practice. All of these parties need to build a cash flow model to complete such analyses. THE THREE BASIC ELEMENTS OF A CASH FLOW MODEL The cash flow model presented in this book can be parsed into three basic elements inputs cash flow structure and outputs. A useful way to think about the three basic elements of financial modeling is to compare them to the elements of cooking. When preparing food a chef has three basic elements ingredients method of preparation and finished result. The ingredients all have different characteristics such as taste smell and texture. The chef then takes certain quantities of ingredients mixes them in a particular way and cooks them at a certain temperature for a set amount of time. The appearance scent and flavor of the finished food are entirely dependent on the ingredients and cooking process. Any alteration results in different qualities. Likewise in financial modeling there are a number of inputs to start with a cash flow structure that manipulates the inputs and a final set of outputs that is reflective of both the selected inputs and structure. The simple pattern that should be realized from this comparison is that the first two elements are interconnected and integral in producing the defining characteristics of the third element. Inputs The general idea of an input is that it is any piece of data related to the transaction being modeled factual or assumed that is necessary to produce accurate results. Inputs can range from simple interest rate assumptions to more difficult concepts such as loss timing and severity. This book takes a model builder through the following inputs FIGURE I.1 Multiple inputs are passed through a structure to generate results. 4 MODELING STRUCTURED FINANCE CASH FLOWS WITH MICROSOFT EXCEL 1. Basic global inputs such as dates and timing. 2. Common asset inputs that cause and affect cash flow .
