只看total debt的变化可以确定偿债能力的变化吗？

问题如下：

An analyst is evaluating the solvency and liquidity of Apex Manufacturing and has collected the following data (in millions of euro):

Which of the following would be the analyst’s most likely conclusion?

选项：

A.

The company is becoming increasingly less solvent, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

B.

The company is becoming less liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

C.

The company is becoming increasingly more liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

解释：

A   is correct.

The company is becoming increasingly less solvent, as evidenced by its debt-to-equity ratio increasing from 0.35 to 0.50 from FY3 to FY5. The amount of a company’s debt and equity do not provide direct information about the company’s liquidity position.

Debt to equity:

FY5: 2,000/4,000 = 0.5000

FY4: 1,900/4,500 = 0.4222

FY3: 1,750/5,000 = 0.3500

解析：从表格中给的数据我们能算出的是公司的D/E比率，从FY3到FY5分别是0.35、0.42和0.5，比率变高说明相比企业的偿债能力变差了，A正确。B和C都是在说流动性，而D/E是长期偿债能力比率，看不出短期流动性的变化。