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Amy_ywh · 2024年08月19日

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* 问题详情，请 查看题干

NO.PZ201602060100002007

问题如下：

7. Based on the ratios for operating cash flow before interest and taxes to operating income, Abay should conclude that:

选项：

A.

Bickchip’s earnings are backed by cash flow.

B.

Bickchip’s earnings are not backed by cash flow.

C.

Abay can draw no conclusion due to the changes in the ratios over time.

解释：

A is correct.

Operating cash flow before interest and taxes to operating income rises steadily (not erratically) from 1.2 to 1.3 to 1.9. The ratios over 1.0 and the trend indicate that earnings are supported by cash flow.

解析：从2007到2009年，Operating cash flow before interest and taxes to operating income分别是1.2,1.3和1.9，都大于1且趋势是变高，分子代表了经营现金流，分母代表经营利润，分子大于分母说明经营利润是由现金流支撑的。

请问是这个ratio 持续稳定的大于一就是说明operating income是被cash flow backed的么？ 如果ratio大于一 但是有下降趋势呢？

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王园圆_品职助教 · 2024年08月19日

同学你好，”请问是这个ratio 持续稳定的大于一就是说明operating income是被cash flow backed的么“——是的

” 如果ratio大于一 但是有下降趋势呢？“——首先，只要大于1，就说明backed的效果依然存在，本题依然可以选A

其次，如果真的又大于1又下降，题目可能3个选项就会有”虽然看起来公司现在的经营依然健康，但是有销售回款质量变差，现金流质量变差的风险“这样的选项出现了，考察的肯定就不是“backed与否”这一个点了，所以通过选项反推题目想要考察的点，我们依然是可以选的出正确选项的，同学可以放心哦

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NO.PZ201602060100002007 问题如下 Quentin Abay, CFis analyst for a private equity firm interestein purchasing Bickchip Enterprises, a conglomerate. His first task is to termine the tren in ROE anthe main ivers of the tren using Pont analysis. To so he gathers the ta in Exhibit 1.Exhibit 1. SelecteFinancita for Bickchip Enterprises (€ Thousan)After concting the Pont analysis, Abbelieves thhis firm coulincrease the ROE without operationchanges. Further, Abthinks thROE coulimprove if the company vestesegments thwere generating the lowest returns on capitemploye(totassets less non-interest-bearing liabilities). Segment EBIT margins in 2009 were 11 percent for Automation Equipment, 5 percent for Power anInstrial, an8 percent for MecEquipment. Other relevant segment information is presentein Exhibit 2.Exhibit 2. Segment ta for Bickchip Enterprises (€ Thousan)Abis also concernewith earnings quality, so he inten to calculate Bickchip’s cash-flow-baseaccruals ratio anthe ratio of operating cash flow before interest antaxes to operating income. To so, he prepares the information in Exhibit 3.Exhibit 3. Earnings Quality ta for Bickchip Enterprises (€ Thousan)7. Baseon the ratios for operating cash flow before interest antaxes to operating income, Abshoulconclu that: A.Bickchip’s earnings are backecash flow. B.Bickchip’s earnings are not backecash flow. C.Abcno conclusion e to the changes in the ratios over time. A is correct.Operating cash flow before interest antaxes to operating income rises stealy (not erratically) from 1.2 to 1.3 to 1.9. The ratios over 1.0 anthe trenincate thearnings are supportecash flow.解析从2007到2009年，Operating cash flow before interest antaxes to operating income分别是1.2,1.3和1.9，都大于1且趋势是变高，分子代表了经营现金流，分母代表经营利润，分子大于分母说明经营利润是由现金流支撑的。 能具体说下是用哪几个数算的ratio吗？

2022-09-01 20:26 1 · 回答

    老师，这道题目必须要一年一年都算出来吗？可以根据2009年 一年的该数据的绝对值就做判断吗？

2019-02-13 22:12 1 · 回答