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momo · 2023年09月07日

ratio

NO.PZ2023081403000060

问题如下:

Q. An analyst has calculated a ratio using as the numerator the sum of operating cash flow, interest, and taxes and as the denominator the amount of interest. What is this ratio, what does it measure, and what does it indicate?

选项:

A.This ratio is an interest coverage ratio, measuring a company’s ability to meet its interest obligations and indicating a company’s solvency.

B.This ratio is an effective tax ratio, measuring the amount of a company’s operating cash flow used for taxes and indicating a company’s efficiency in tax management.

C.This ratio is an operating profitability ratio, measuring the operating cash flow generated accounting for taxes and interest and indicating a company’s liquidity.

解释:

A is correct. This ratio is an interest coverage ratio, measuring a company’s ability to meet its interest obligations and indicating a company’s solvency. This coverage ratio is based on cash flow information; another common formulation of the interest coverage ratio uses EBITDA based on the income statement as the numerator.

这题怎么理解。。。。

1 个答案

lynn_品职助教 · 2023年09月08日

嗨,从没放弃的小努力你好:


题目问一个比率是用CFO+interest+tax除以interest,是个什么比率,用来衡量什么。


这个比率其实我们并没有学过,但是同学应该知道分析师会“自创”很多比率来看自己真正想知道的企业的情况,在股市上这种比率甚至是可以卖钱的。


从我们学过的比率出发,其实是interest coverage ratio=EBIT/interest,分子的EBIT是NI+interest+tax,


本题就是用CFO代替NI,说白了就是一个现金流角度的利息保障倍数,


因为NI是企业报告的利润,不一定就是兜里实实在在的钱,而CFO是企业的现金流,比NI更能可靠衡量企业偿还利息的能力,这是一个长期偿债能力比率。所以选A。

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