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呀呀琦 · 2019年12月22日

问一道题:NO.PZ2018103102000051

问题如下:

Jacques is preparing the valuation for PZ Inc.. Based on the company’s financial statements, Jacques noticed about 5 percent of PZ Inc.’s growth in FCFE has come from decreases in inventory. Shall we consider the decreases in inventory a sustainable source of long-term growth in FCFE?

选项:

A.

Yes

B.

No, decreases in inventory are a use rather than a source of cash

C.

No, inventory reduction has a limit, particularly for a growing firm.

解释:

C is correct.

考点:FCFE

解析:C是正确的。存货最多降到零,此方法是不可持续的。

请问存货减少,不就是正常公司经营卖出存货,是与经营相关的事项,为何这里就不对了呢?

1 个答案

maggie_品职助教 · 2019年12月23日

题干问减少存货能否提供可持续现金流?答案是否定的,因为存货是有下限的(最低减少到0,所以不能提供可持续性现金流),并不是因为它是一种用途或来源,所以B不对。

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