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Synccc · 2024年01月13日

为什么这里的outflow是减少流动性呢?

NO.PZ2023090505000020

问题如下:

The Lucor Corporation is seeking to raise liquidity and is evaluating two potential actions.

  • Option 1 Selling accounts receivable to a financial intermediary at a 5% discount off their carrying value
  • Option 2 Accelerating payments to suppliers to receive a 5% discount
Which of the options would achieve Lucor’s objective?

选项:

A.

Option 1

B.

Option 2

C.

Neither, because they both incur liquidation costs

解释:

A is correct. Option 1 would increase liquidity by converting a less liquid asset (accounts receivable) into cash immediately, albeit at a cost.

B is incorrect, because Option 2 would decrease liquidity by accelerating cash outflows.

C is incorrect, because Option 2 would decrease liquidity by accelerating cash outflows and would not incur liquidation costs.


我刷到另一个题, 该题的问题是哪个是减少liquidity.

答案是 a. 库存过期  b.早收receivables   c.早还payment


这里的C为什么是会pull the liquidity呢?

1 个答案

王琛_品职助教 · 2024年01月15日

嗨,努力学习的PZer你好:


1

首先,关于流动性,我们有两种视角

第一种视角,是站在个别资产或负债角度,流动性指的是变现的难度

流动性越高,意味着变现越容易

第二种视角,是站在企业发行人的角度,即公司的角度,流动性指的是流动资产 CA 和流动负债 CL 的关系

流动性越高,意味着 CA 相比 CL 越大

也请参考基础班讲义墨迹版 P188

2

这道题需要分别分析两个 Option 对 CA 和 CL 的影响

Option 1 是资产之间的转换,将流动性不好的应收账款,转换为了流动性最好的现金,所以是增加了流动性 

Option 2 是加速付款,即现金流出的增加,所以是降低了流动性 decrease liquidity

题目要选出的是增加流动性的 Option,所以只能选 Option 1

3

至于流动性的减少,我们又详细介绍了两种情况

分别是 drag on liquidity 和 pull on liquidity

这两种情况,都属于减少流动性的情况哈

也请参考基础班讲义墨迹版 P197

4

同学问的另外一道题

我个人理解,题目问的可能不是减少 liquidity,而是问 pull on liquidity

选项 A Obsolete Inventory 对应现金流入变慢 cash inflows lag,所以是 drag on liquidity,所以不选

选项 B 早收 receivables,对应的是流动性增加,而不是流动性减少,所以不选

选项 C Making Payments Early,对应的是现金流出增加 acceleration of cash outflows,所以是 pull on liquidity,所以选 C

也请参考基础班讲义墨迹版 P198


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