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爱琴海 · 2023年11月29日

为什么不选C

  1. CFA I
  2. FRA

NO.PZ2023081403000142

问题如下：

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

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

Exhibit 1:

Five-Year Summary of a Major International Company

选项：

A.Comparing FY14 with FY10, the company’s solvency improved, as indicated by the growth in its profits to GBP 645 million. B.Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4. C.Comparing FY14 with FY10, the company’s solvency improved, as indicated by an increase in its debt-to-assets ratio from 0.14 to 0.27.

解释：

B is correct. Comparing FY14 with FY10, the company’s solvency deteriorated, as indicated by a decrease in interest coverage from 10.6 (= 844/80) in FY10 to 8.4 (= 1,579/188) in FY14. The debt-to-asset ratio increased from 0.14 (= 602/4,384) in FY10 to 0.27 (= 3,707/13,799) in FY14. This is also indicative of deteriorating solvency. In isolation, the amount of profits does not provide enough information to assess solvency.

为什么不选C？

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1 个答案

lynn_品职助教 · 2023年11月29日

嗨，从没放弃的小努力你好：


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


题目问solvency，偿付能力，


ABC三个选项都是看solvency，需要反应出什么ratio衡量了solvency，其中BC提到的ratio都是衡量长期偿债的能力，


A中提到profit的增长，这个不是衡量长期偿债能力的指标，所以A错误。


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


C选项中说D/A在上升(从0.14 (= 602/4,384) in FY10 变为0.27 (= 3,707/13,799) in FY14)，说明杠杠上升，长期偿债能力应该是下降的，而不是improved，C错误。


B选项说interest coverage ratio变低，这个指标变低说明公司的付息能力变差，长期偿债能力下降，因此B正确。

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