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🌊Yuri🌊 · 2023年05月19日

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NO.PZ2021091701000007

问题如下:

An analyst is examining the cash conversion cycles and their components for three companies that she covers in the leisure products industry. She believes that changes in the investments in these working capital accounts can reveal liquidity stresses on a company.



Which company’s operating cycle appears to have caused the most liquidity stress?

选项:

A.

Company H’s

B.

Company J’s

C.

Company S’s

解释:

C is correct. Company S’s cash conversion cycle nearly doubled over recent years, while the cash conversion cycles for Companies H and J are nearly unchanged. The days of inventory on hand and days of receivables both increased substantially for Company S, and its days of payables outstanding decreased very slightly. The net effect was the large increase in the cash conversion cycle. Although changes occurred in the components of the cash conversion cycles for Companies H and J, the net effect on their cash conversion cycles was small.

老师,我没有看那么多信息诶,i就直接看的cash conversion cycle,s公司最大,就代表压力最大。可以这样看吗

2 个答案

王琛_品职助教 · 2023年05月29日

嗨,努力学习的PZer你好:


可H公司就算从217.2-218.1 变化也没有S公司从84.1-154大啊

是的,所以才选 S 公司哈

我之前的举例是接着同学最初提问的思路:"就直接看的cash conversion cycle,s公司最大,就代表压力最大"

想通过举例说明,不是选 cash conversion cycle 最大的公司,而是选变化最大的公司

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努力的时光都是限量版,加油!

王琛_品职助教 · 2023年05月22日

嗨,努力学习的PZer你好:


1

不建议这样分析哈

因为出题人专门加了一个题干:She believes that changes in the investments in these working capital accounts can reveal liquidity stresses on a company.

中文解读就是:这些营运资金账户投资的「变化」,可以揭示公司的流动性压力

2

所以出题人更希望,考生能对比每家公司近几年数据的变化哈

S 公司的现金转换周期在最近几年几乎翻了一番(84.1 -> 154),而 H 和 J 公司的现金转换周期几乎没有变化(H 公司:117.2 -> 118.1;J 公司:99.2 -> 96.7)

所以综上所述,S 公司的变化最大,所以反映了最大的流动性压力

3

如果按照同学的思路,假设现在 H 公司的数据,不是从 117.2 -> 118.1,而是从 217.2 -> 218.1 (假设 H 公司的数据,每年均增加 100)

按照同学的思路,就是选 H 公司了,因为各年数据都是 H 公司最大

但是按照出题人的思路(刻意增加的那句题干),还是选 S 公司,因为 S 公司是「变化」最大的

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