THE REFLECTION OF ENTERPRISE PERFORMANCE
                        THROUGH CASH FLOWS

                                  Petru Ştefea, Professor PhD
                                  West University of Timişoara
                                    petru.stefea@upcnet.ro

                                  Andrei Pelin, Lecturer PhD
                                  West University of Timişoara

                     Daniel Brindescu, Teaching Assistent PhD Candidate
                                  West University of Timişoara


ABSTRACT:The meaning diversity of the concept “performance” shows that it is viewed
differently by financial information users, according to their perception, and their pursued
goals. Thus, managers are focused on the general performance of the enterprise that they are
managing, actual and potential investors behold performance through the prism of the
achieved investment efficiency, the employees are interested in stability and enterprise
development, the creditors appreciate its reliability, and the clients appreciate the quality of
commercial relationships as well as company image on the market.
        To measure the performance of an enterprise, one must turn not only to its financial
results, but also to achieve a global approach on the interdependence between internal and
external parameters, quantitative and qualitative, technical and human, physical and financial,
ensuring an efficient global management. As a result, the users have to seek the global
performance of the company, thus characterizing the company’s past, and more importantly, its
future. This work, is meant to approach the enterprise performance level, from the perspective of
its capacity to create positive financial flows, having in mind that most recent approaches are
focused on the reflection of performance in terms of cash.

Keywords: performance, financial flows

JEL Codes: G10