NO.PZ2018103102000051
问题如下：
Jacques is preparing the valuation for PZ Inc.. Based on the company’s financial statements, Jacques noticed about 5 percent of PZ Inc.’s growth in FCFE has come from decreases in inventory. Shall we consider the decreases in inventory a sustainable source of long-term growth in FCFE?
选项：
A.Yes
B.No, decreases in inventory are a use rather than a source of cash
C.No, inventory reduction has a limit, particularly for a growing firm.
解释：
C is correct.
考点：FCFE
解析：C是正确的。存货最多降到零，此方法是不可持续的。
制造公司，正常情况下inventory会不断生产出来呀，如果inventory不能算可持续的话，B/S的assets里有可持续的吗？
