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芍洋 · 2020年07月14日

问一道题:NO.PZ2016012101000126 [ CFA I ]

问题如下:

The data in Exhibit 1 appear in the five-year summary of a major international company. A business combination with another major manufacturer took place in FY13.

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

选项:

A.

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

B.

Comparing FY14 with FY10, the company’s liquidity deteriorated, as indicated by a decrease in interest coverage from 10.6 to 8.4.

C.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 to 0.75.

解释:

C  is correct.

Comparing FY14 with FY10, the company’s liquidity improved, as indicated by an increase in its current ratio from 0.71 [= (316 + 558)/1,223] in FY10 to 0.75 [= (682 + 1,634)/3,108] in FY14. Note, however, comparing only current investments with the level of current liabilities shows a decline in liquidity from 0.26 (= 316/1,223) in FY10 to 0.22 (= 682/3,108) in FY14. Debt-to-assets ratio and interest coverage are measures of solvency not liquidity.

解析:从FY10到FY14,current ratio从0.71变为0.75,显示公司的流动性增强,A和B都是长期偿债能力指标,所以都不对。

请问是不是由于题目没有给出short term debt的值,所以这题是求不出debt to asset的

1 个答案

纠纠_品职答疑助手 · 2020年07月14日

嗨,爱思考的PZer你好:


这个题目给Liability是两种

一是要交利息的借款,这种是正儿八经融资借的钱。

二是Creditors 和 Provision,这种是因为经营活动而产生的。

这两个加起来等于total liability,所以可以看出没有短期融资的债务,所以如果题目要求要算的话就用Interest bearing debt去算。

不过这题说的是流动性,不是偿债能力,所以同学就不要去算。


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