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过儿~ · 2019年04月19日

问一道题:NO.PZ201812100100000703 第3小题 [ CFA II ]

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问题如下图:

选项:

A.

B.

C.

解释:

这道题的解题思路是什么,老师能解释一下吗?

1 个答案

Olive_品职助教 · 2019年04月20日

这道题考的是reading18的知识点,这是从原版书截的图,高质量现金流的特点:

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NO.PZ201812100100000703 问题如下 Baseon Webster’s researnotes, whicompany woulmost likely scribehaving high- quality cash flow? A.BIG Instri B.Construction Supply C.namic Proction B is correct.High-quality Omeans the performanis of high reporting quality analso of high results quality. For establishecompanies, high-quality operating cash flow woultypically positive; rivefrom sustainable sources; aquate to cover capitexpentures, vin, anrepayments; anhave relatively low volatility comparewith instry peers. Construction Supply reportepositive Oring eaof the last three years. The Oappears to rivefrom sustainable sources, because it compares closely with reportenet income. Finally, Owaquate to cover capitexpentures, vin, anrepayments. Although the Ofor BIG Instrihbeen positive anjust sufficient to cover capitexpentures, vin, anrepayments, the increases in accounts payable ansubstanticreases in accounts receivable aninventory ring the last three years are accounting warning sign thmanagement moverstating cash flow from operations. For namic Proction, Ohbeen more volatile thother instry participants, anit hfallen short of covering capitexpentures, vin, anrepayments for the last three years. Both of these contions are warning signs for namic Proction.解析高质量经营性现金流的特点正数(流入大于流出);现金流来源是可持续的;足够覆盖资本性支出、分红和偿还债务;相对同行来说波动性较低。然后我们比较一下三个公司,Construction公司的OCF是正数且稳定,而且和NI很接近,说明来源可持续,OCF很充足,足以支撑公司的资本性支出、分红和偿债。BIG公司的OCF也是正的,但是只是刚好够用来进行资本性支出、分红和偿债,而且BIG公司有一个warning sign(有可能高估CFO)。namic公司的OCF比其他两家公司的OCF波动更大,而且还不够覆盖资本性支出、分红和偿债,这两个特征对namic公司来说都是warning sign。综上,现金流质量最好的是Construction公司。 如题

2022-09-12 18:27 1 · 回答

这道题木有看懂,老师方便一下吗

2019-02-25 04:48 1 · 回答