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Nimo. · 2024年05月27日

请问B错在哪里

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090505000004

问题如下：

An analyst is evaluating an issuer’s liquidity and calculates a negative cash conversion cycle for the issuer in the most recent fiscal year. This result is:

选项：

A.

not feasible.

B.

possible, because the issuer has sufficient cash and marketable securities on hand to support short-term needs.

C.

possible, because the investment in inventory is returned quickly and the issuer takes advantage of vendor financing.

解释：

C is correct. If days of inventory on hand is low, the accounts receivable collection period is short, and the issuer takes advantage of its vendors’ financing, a negative cash conversion cycle is a possible result.

A is incorrect, because issuers may have a negative cash conversion cycle if days payable outstanding is larger than the sum of days of inventory on hand and days sales outstanding.

B is incorrect, because the amount of cash and marketable securities on hand does not affect the company’s cash conversion cycle.

请问B错在哪里？我认为B是在说手上的资金足够多可以支撑短期需求，那CCC也应该是负的呀

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已采纳答案

王琛_品职助教 · 2024年05月28日

嗨，努力学习的PZer你好：


1

因为 CCC 反映的是运营效率，与手上的资金是否可以支撑短期需求并无直接联系

2

一个公司可能手头有大量现金和有价证券，但如果它的存货周转率低（DOH 高），应收账款回收慢（DSO 高），且付款周期短（DPO 低），其现金转换周期仍然会很长甚至为正

因此，现金和有价证券能覆盖短期需求，并不能直接影响现金转换周期的计算

3

假设公司 A 有足够的现金和市场有价证券来满足其短期需求，但它的运营效率如下：

存货天数（DOH）：60天

应收账款天数（DSO）：30天

应付账款天数（DPO）：20天

计算其现金转换周期：

CCC=60+30−20=70天

即使公司 A 有足够的现金和有价证券来支持其短期需求，其 CCC 仍为70天，并不影响其运营效率的衡量。

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2024-03-04 17:05 1 · 回答