Cash Flow in Corporate Bankruptcy. A Literature Review

W artykule dokonano przegladu literatury swiatowej i polskiej na temat wykorzystania wskaznikow finansowych, bazujacych na przeplywach pienieznych, do prognozowania upadlosci przedsiebiorstwa. Dokonano przegladu formul wskaznikow opartych na przeplywach pienieznych. Zaproponowano kierunki dalszych badan. Sformulowano rowniez opinie, ze bardzo malo eksplorowanym obszarem jest stosowanie tzw. analiz znakow w modelowaniu upadlosci.The paper presents a review of world and Polish literature on usage of financial ratios based on cash flow for corporate bankruptcy prediction. In the field of bankruptcy modeling it was concluded that: • cash flow is significantly different comparing to net income and therefore cash flow provides important information, • simplified measures of cash flow have lower significance than cash flow statement. In the field of the construction of financial ratios based on cash flow, some directions of further research were suggested: • broader implementation of cash flow statement, • construction of cash flow financial ratios comparable to accrual financial ratios, • incorporation of cause-effect relations between ratios to bankruptcy model. Finally an opinion that the so-called sign analysis of cash flow an under-explored oved in bankruptcy modeling was formed.corporate bankruptcy, corporate bankruptcy prediction, bankruptcy modeling, cash flow