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186****7190 · 2021年12月04日

流动性压力是看三家公司现金流转天数近6年的平均值最高吗?为何不选A

NO.PZ2021091701000007

问题如下:

An analyst is examining the cash conversion cycles and their components for three companies that she covers in the leisure products industry. She believes that changes in the investments in these working capital accounts can reveal liquidity stresses on a company.



Which company’s operating cycle appears to have caused the most liquidity stress?

选项:

A.

Company H’s

B.

Company J’s

C.

Company S’s

解释:

C is correct. Company S’s cash conversion cycle nearly doubled over recent years, while the cash conversion cycles for Companies H and J are nearly unchanged. The days of inventory on hand and days of receivables both increased substantially for Company S, and its days of payables outstanding decreased very slightly. The net effect was the large increase in the cash conversion cycle. Although changes occurred in the components of the cash conversion cycles for Companies H and J, the net effect on their cash conversion cycles was small.

流动性压力是看三家公司现金流转天数近6年的平均值最高吗?为何不选A

1 个答案

王琛_品职助教 · 2021年12月05日

嗨,努力学习的PZer你好:


不是的

1

题干的背景是

一位分析师,正在研究她所负责的休闲产品行业的三家公司,现金转换周期及其组成部分的数据。她认为,这些营运资金账户投资的「变化」,可以揭示公司的流动性压力

问:哪家公司的运营周期,似乎造成了最大的流动性压力?

2

题干中有提到「变化」可以揭示流动性压力 "changes ... can reveal liquidity stresses"

所以表格中的数据,并不是统计 cash conversion cycle 的近 6 年均值,然后比较大小,选择大的公司

而是要先看 cash conversion cycle 的历年变化,哪个公司的变化是最大的。

S 公司的现金转换周期在最近几年几乎翻了一番(84.1 -> 154),而 H 和 J 公司的现金转换周期几乎没有变化(H 公司:117.2 -> 118.1;J 公司:99.2 -> 96.7)

3

再分析 S 公司现金转换周期的变化,是因为 S 公司的库存天数和应收账款天数都大幅增加,而其未付账款天数则非常轻微地减少。所以总的影响是现金转换周期的大幅增加

尽管 H 和 J 公司的现金转换周期的组成部分也发生了变化,但对其现金转换周期的总的影响很小

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