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Nimo. · 2023年10月07日

只看total debt的变化可以确定偿债能力的变化吗?

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问题如下:

An analyst is evaluating the solvency and liquidity of Apex Manufacturing and has collected the following data (in millions of euro):

Which of the following would be the analyst’s most likely conclusion?

选项:

A.

The company is becoming increasingly less solvent, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

B.

The company is becoming less liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

C.

The company is becoming increasingly more liquid, as evidenced by the increase in its debt-to-equity ratio from 0.35 to 0.50 from FY3 to FY5.

解释:

A   is correct.

The company is becoming increasingly less solvent, as evidenced by its debt-to-equity ratio increasing from 0.35 to 0.50 from FY3 to FY5. The amount of a company’s debt and equity do not provide direct information about the company’s liquidity position.

Debt to equity:

FY5: 2,000/4,000 = 0.5000

FY4: 1,900/4,500 = 0.4222

FY3: 1,750/5,000 = 0.3500

解析:从表格中给的数据我们能算出的是公司的D/E比率,从FY3到FY5分别是0.35、0.42和0.5,比率变高说明相比企业的偿债能力变差了,A正确。B和C都是在说流动性,而D/E是长期偿债能力比率,看不出短期流动性的变化。

这道题我选A的原因是,FY5的total debt大于FY3的total debt,欠债多代表偿债能力弱,没计算debt to equity ratio。我这样想可以嘛?

1 个答案

王园圆_品职助教 · 2023年10月07日

同学你好,不可以哦

举个极端例子,A公司,有一个亿的现金,debt是500万;B公司只有100万的现金,但是debt是200万

两个公司,你觉得哪个公司的偿债能力更强呢?

单纯看负债的绝对值是不能很好的衡量不同公司的偿债能力的;同样的,对于一个公司也是同样的道理,如果一个公司的负债虽然绝对值上涨了一点点,但是Equity却增长的非常多,那公司的债权人其实反而是更安全了