问题如下：
An analyst is interested in assessing both the efficiency and liquidity of Spherion PLC. The analyst has collected the following data for Spherion:
Based on this data, what is the analyst least likely to conclude?
选项：
A. Inventory management has contributed to improved liquidity.
B. Management of payables has contributed to improved liquidity.
C. Management of receivables has contributed to improved liquidity.
解释：
C is correct.
The analyst is unlikely to reach the conclusion given in Statement C because days of sales outstanding increased from 23 days in FY1 to 25 days in FY2 to 28 days in FY3, indicating that the time required to collect receivables has increased over the period. This is a negative factor for Spherion’s liquidity. By contrast, days of inventory on hand dropped over the period FY1 to FY3, a positive for liquidity. The company’s increase in days payable, from 35 days to 40 days, shortened its cash conversion cycle, thus also contributing to improved liquidity.
解析：根据题目给的三种周转天数，我们可以计算出每年的cash conversion cycle= DOH + DSO – Number of days of payables，FY1是28天，FY2是24天，FY3是20天，周转天数缩短说明现金周转的更快了，是好事。从数据中能看出来存货周转天数变短了，说明存货从采购到销售出去用的时间变短了，是好事。应收账款天数增加说明企业收回应收账款用的时间变长了，不是好事。应付账款周转天数增加说明企业付给供应商货款更慢了，对企业来说也是好事。综上，cash conversion cycle的缩短是由于inventory和payables管理的好，而不是receivable管理得好，因为事实上receivable指标变差了。
两个问题 1）b选项，payable跟liquidity指标没有任何关系吧，所以得不出任何结论吧？为什么不选b呢？ 2）c选项，receivable周转天数在上升，就是周转率在下降，说明net revenue在下降或者receivable在上升。liquidity ratio中的 quick ratio分子是在上升的，短期偿债能力上升，那么c选项是有可能出现的吧？ 这样看，b选项无关，c选项有可能出现，应该选b吧？？
