To create shareholder value in this environment companies must increase their cashflows in real terms.

为了在这种环境下创造股东价值，企业必须增加实际现金流。

These days it is big tech that blows cashflows on capital spending.

如今，是大型科技公司在资本支出上浪费了现金流。

The troubled lgfv in Zunyi, for instance, has had negative cashflows since 2016, and seems to have little hope of a turnaround.

例如，陷入困境的遵义地方政府融资平台自 2016 年以来一直出现负现金流，似乎扭亏为盈的希望渺茫。

Mr Shiller's pioneering paper in 1981 looked at the relationship between the prices of shares and their intrinsic value—the cashflows that shareholders will eventually receive.

席勒于1981年发表的具有开创性的容貌与着眼于，股值与其内在价值的关系，也就是股东最终接受的资金流转.

The share of operating cashflows reinvested by American firms in new capital expenditure and research and development has declined over the past decade to 27%, from over 40% in 2009.

美国公司在新资本支出和研发中再投资的经营现金流份额在过去十年中从 2009 年的 40% 以上下降到 27%。

Because LNG projects are risky and capital-intensive, creditors will not lend billions to finance them unless the borrowers can show long-term contracts that guarantee cashflows from which the debt can be serviced.

由于液化天然气项目风险高且资本密集，债权人不会借出数十亿美元为其融资，除非借款人能够出示长期合同，保证现金流可以偿还债务。

Profits have, it is true, been higher in America since the financial crisis of 2007-09 than in previous decades, especially if you consider free cashflows, which account for the changing way companies depreciate assets (see chart 3).

的确，自2007-09年金融危机以来， 美国的利润一直高于前几十年，特别是如果你考虑自由现金流，这是公司折旧资产方式变化的原因（见图3）。