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jay1180 · 2022年11月18日

答案这句话不太懂

  1. CFA I
  2. FRA

NO.PZ2016012101000126

问题如下：

The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

Which of the following choices best describes reasonable conclusions an analyst might make about the company’s liquidity?

选项：

A.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

B.

Comparing FY14 with FY10, the company’s liquidity deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.

C.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 to 0.75.

解释：

C  is correct.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 [= (316 + 558)/1,223] in FY10 to 0.75 [= (682 + 1,634)/3,108] in FY14. Note, however, comparing only current investments with the level of current liabilities shows a decline in liquidity from 0.26 (= 316/1,223) in FY10 to 0.22 (= 682/3,108) in FY14. Debt-to-assets ratio and interest coverage are measures of solvency not liquidity.

解析：从FY10到FY14，current ratio从0.71变为0.75，显示公司的流动性增强，A和B都是长期偿债能力指标，所以都不对。

comparing only current investments with the level of current liabilities shows a decline in liquidity from 0.26 (= 316/1,223) in FY10 to 0.22 (= 682/3,108) in FY14. 


这句话是想表达啥，和选项有关么

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1 个答案

王园圆_品职助教 · 2022年11月18日

嗨，爱思考的PZer你好：


这句话说的current investments with the level of current liabilities“是指的cash ratio——也是一种显示liquidity的指标

这句话的意思是如果看cash ratio的话，那公司的liquidity其实是下降的，但是选项中并没有提到这个指标（提的是current ratio），所以这句话只是提示一下考生不同思考角度结果不同，但是和本题的选择无关


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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