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Jessica XU · 2024年05月11日

securitise accounts receivables

  1. CFA I
  2. FRA

NO.PZ2024011002000033

问题如下：

If a nonfinancial company securitizes its accounts receivables for less than their book value, the most likely effect on the financial statements is to increase:

选项：

A.net income. B.cash from operations. C.cash from financing activities.

解释：

The securitization of accounts receivables for less than book value would result in a loss on the income statement, but an increase in the cash from operations, reflecting the proceeds received.

我虽然选对了但是不确定自己理解的对不对，因为看之前解释的回答也很迷惑。。

我理解的securitise accounts receivables是指把accounts receivables卖出去给spe，所以原公司cfo增加，但是因为后续是spe再发债，所以并不会影响原公司的cff

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1 个答案

lynn_品职助教 · 2024年05月13日

嗨，努力学习的PZer你好：


我理解的securitise accounts receivables是指把accounts receivables卖出去给spe，所以原公司cfo增加，但是因为后续是spe再发债，所以并不会影响原公司的cff


同学的理解是正确的。


题目问如果一个非金融公司以低于账面价值的价格证券化其应收账款，对财务报表最可能产生的影响是增加：


A.净利润。 B.经营活动现金流量。 C.融资活动现金流量。


B正确，这道题影响经营活动现金流其实是因为将应收账款以低于账面价值的价格证券化，因此损益表上产生损失。


当然证券化之后会带来CFF的影响，不过和本题的考察知识点不相关。证券化对CFF的影响主要体现在两个方面：


1. 证券化可以将资产转化为证券发行吸引投资者购买，并从中获得资金。这些资金可以用于企业的扩张、投资或偿还债务等活动，从而增加了企业的融资来源，对CFF产生积极影响。


2. 证券化通常涉及到将资产转化为债务证券，例如债券或资产支持证券。这些债务证券会出现在企业的负债表中，影响企业的债务结构和财务状况。根据不同的证券化结构，企业可能需要支付利息或偿还本金，这将对CFF产生影响。

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