NO.PZ2016012101000118
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?