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。
例如我这个公司就是卖设备的，设备就是我的存货，我就只靠卖设备生存，然后你告诉我，我唯一的一种产生经营现金流的手段"卖设备让存货减少"是不可持续的？那这世界上的零售业不就全部凉凉了吗
