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Nicole Xiang · 2024年06月12日

请问这里 DOP 变小和 5%的折扣会不会存在一个trade off 呢？

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090505000020

问题如下：

The Lucor Corporation is seeking to raise liquidity and is evaluating two potential actions.

  • Option 1 Selling accounts receivable to a financial intermediary at a 5% discount off their carrying value
  • Option 2 Accelerating payments to suppliers to receive a 5% discount
Which of the options would achieve Lucor’s objective?

选项：

A.

Option 1

B.

Option 2

C.

Neither, because they both incur liquidation costs

解释：

A is correct. Option 1 would increase liquidity by converting a less liquid asset (accounts receivable) into cash immediately, albeit at a cost.

B is incorrect, because Option 2 would decrease liquidity by accelerating cash outflows.

C is incorrect, because Option 2 would decrease liquidity by accelerating cash outflows and would not incur liquidation costs.

请问这里 DOP 变小和 5%的折扣会不会存在一个trade off 呢？

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已采纳答案

王琛_品职助教 · 2024年06月13日

嗨，爱思考的PZer你好：


1

DPO (Days payable outstanding) 变小，和 5% 的折扣之间，确实存在一个权衡（trade off）

减少 DPO（提前支付账款）可以获得折扣，降低采购成本

但这会减少公司手头的现金量，从而降低流动性

这种权衡需要公司根据具体情况进行决策

2

如果公司当前现金充裕

且可以承受提前支付账款，所带来的流动性减少

那么通过加速支付来获得折扣是有利的

3

但如果公司流动性紧张

需要保持更多的现金，以应对其他短期义务

那么保持较长的 DPO，而不加速支付，可能是更明智的选择

4

在本题中，Lucor 的主要目标是提高流动性

因此正确的选择是选项 1，即通过出售应收账款，立即获得现金

尽管选项 2 可以获得 5% 的折扣，但会减少公司的流动性，所以不利于当前的目标哈

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