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花儿。 · 2023年05月06日

提到偿债能力,我第一个想到的是coverage ratio

NO.PZ2018062006000146

问题如下:

In 2017, company M reported that its funds from operations (FFO) increased, the total debt remained the same as last year. Moreover, company M issued additional common shares in 2017. Compared with last year, the company's ability to service its debt tends to:

选项:

A.

increase.

B.

remain unchanged.

C.

decrease.

解释:

A is correct.

Based on the fact that FFO increased and the total debt didn't change, there will be more cash which can be used to service debt. Moreover, the debt/capital ratio has improved (capital = total debt + shareholders equity), indicating that company M is more capable of servicing its debt.

考点:4C分析

解析:本题考量的是debt/capital ratio这个指标,debt不变,capital变大,ratio整体变小,此ratio越小越好。另外,FFO变大,用来可以还债的现金流更多,因此M公司更有能力偿还债务,故选项A正确。

这里提高了CAPITAL,但是EBITDA或EBIT/int 是不变的吧。

所以才选了same

1 个答案

王园圆_品职助教 · 2023年05月06日

同学你好,光看这句话“M issued additional common shares in 2017”,就知道对于债务的偿还能力公司的提升的哦——因为股东资本就是可以用来归还债务的,且FFO还变多了, 就是现金多了,可以用于还债

不需要考虑某个具体指标也是可以得到题目答案的结论的哦

同学如果只考虑某个指标,反而容易想偏的

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