R23 练习: 营运资本与流动性
考纲范围
explain the cash conversion cycle · explain liquidity and compare issuers’ liquidity levels · describe issuers’ objectives and compare methods for managing working capital and liquidity
LOS: Explain the cash conversion cycle
Q1.
Which of the following options is the least accurate description of the cash conversion cycle?
A. The cash conversion cycle represents the duration in days that a company takes to convert its inventory investment into cash receipts from customers.
B. The lower the cash conversion cycle, the better the short-term liquidity of the company.
C. The cash conversion cycle can be very short, but it cannot be negative.
查看答案与解析
答案：C
解析：现金转换周期（CCC）可以为负数。例如，当公司先收到客户货款再付供应商（如 Amazon），CCC 就是负数。
CCC = DOH + DSO − DPO
选项 判断 解析 A ✗ 正确——CCC 衡量从现金投入库存到收回客户货款的天数 B ✗ 正确——CCC 越低，资金周转越快，短期流动性越好 C ✓ 错误 CCC 可以为负（如 DPO 很大时），说明公司在付款前已收回货款
Q2.
Which of the following statements is most likely correct?
A. The cash conversion cycle, total working capital, and net working capital are three metrics that can be used to assess a company’s operational efficiency.
B. Companies can shorten the cash conversion cycle by increasing safety stocks of inventory and offering larger discounts to customers who pay before the due date.
C. Improving companies cash conversion cycle is possible by reducing days of payable outstanding through negotiating supplier contracts.
查看答案与解析
答案：A
解析：CCC、total working capital 和 net working capital 都是评估运营效率的指标。
选项 判断 解析 A ✓ 三者都可用于评估运营效率：CCC 衡量周转速度，WC 衡量流动性 B ✗ 增加安全库存会延长 DOH，从而延长 CCC（方向相反） C ✗ 减少 DPO（更快付款给供应商）会延长 CCC，不是改善
Q3.
For Golden Co., the payment terms of trade payables offered by its supplier are 2/10, net 40. Which of the following is closest to the effective annual rate on the trade credit for Golden?
A. 27.86%
B. 20.23%
C. 20%
查看答案与解析
答案：A
计算过程： 条件 2/10, net 40 表示：10天内付款享受2%折扣，否则40天全额付款。
放弃折扣的成本：
有效年利率（EAR）：
选项 判断 解析 A ✓ 正确的 EAR 计算结果 B ✗ 可能是计算周期数或折扣率时出错 C ✗ 20% 是简单估算（2% × 10），未复利
LOS: Explain liquidity and compare issuers’ liquidity levels
Q4.
Secondary sources of liquidity include the following except:
A. preserving cash in the near term by delaying capital expenditures, which may impair long-term value and result in missed opportunities.
B. issuing shares in the public markets.
C. borrowings from bondholders.
查看答案与解析
答案：C
解析：Secondary sources of liquidity 包括变卖资产、削减资本支出等非常规措施。向债券持有人借款不是一个标准的二级流动性来源。
选项 判断 解析 A ✗ 延迟资本支出以保留现金是典型的 secondary source B ✗ 在公开市场发行股票是 secondary source 之一 C ✓ 向 bondholders 借款不属于标准的二级流动性来源分类
Q5.
Golden Co. has $50 million of trade payables, which will be paid in 55 days. Only if the trade payables are paid within 10 days, Golden will receive a 2% discount. The liquidation cost of trade payables is closest to:
A. $1 million
B. $0.5 million
C. $2.5 million
查看答案与解析
答案：A
计算过程： 如果在10天内付款，可以享受2%折扣。 Liquidation cost（提前支付的成本）= 折扣金额 = $50M × 2% = $1 million
选项 判断 解析 A ✓ $50M × 2% = $1M，这是提前付款获得折扣时需要”放弃的等待价值” B ✗ $0.5M 无对应计算逻辑 C ✗ $2.5M 无对应计算逻辑
Q6.
Which of the following statements is correct?
A. Borrowing constraints is an example of pulls on liquidity that accelerates cash outflows.
B. Obsolete inventory may reduce cash inflows due to sale discounts and thus is an example of pulls on liquidity.
C. Both drags and pulls on liquidity will result in a decreased cash balance.
查看答案与解析
答案：C
解析：Drags on liquidity（流动性拖累）延缓现金流入，pulls on liquidity（流动性拉力）加速现金流出——两者都导致现金余额减少。
选项 判断 解析 A ✗ Borrowing constraints 不属于 pulls on liquidity 的标准例子 B ✗ 过时库存导致现金流入减少，属于 drags on liquidity（非 pulls） C ✓ 无论是拖累流入还是加速流出，结果都是现金余额下降
LOS: Describe issuers’ objectives and compare methods for managing working capital
Q7.
As the CFO of Golden Corp., you would like to recommend a conservative approach to funding its working capital. Which of the following approaches would most likely be chosen?
A. Finance its current assets with long-term debt and equity.
B. Finance most of its current assets with short-term liabilities.
C. Use long-term financing for its permanent current assets and use short-term financing for its variable current assets.
查看答案与解析
答案：A
解析：保守型（conservative）营运资本策略使用长期资金（长期债务+权益）来融资流动资产，确保资金来源的稳定性。
选项 判断 解析 A ✓ Conservative：用长期资金融资流动资产，安全但成本较高 B ✗ 这是 aggressive 策略：大量使用短期负债融资，成本低但风险高 C ✗ 这是 moderate/matching 策略：期限匹配，永久性流动资产用长期资金，临时性用短期资金
Q8.
Which of the following statements about working capital management is least likely accurate?
A. Companies in the early-growth phase are more likely to adopt a conservative approach due to their limited access to short-term debt.
B. The interest expense would be lower by using a more conservative approach to working capital management.
C. Conservative working capital management provides greater certainty and more permanence of capital as one of the benefits.
查看答案与解析
答案：B
解析：保守型策略使用更多长期资金，长期资金的利率通常高于短期资金，因此利息费用会更高而非更低。
选项 判断 解析 A ✗ 正确——早期成长公司信用记录有限，难以获得短期贷款，被动选择保守策略 B ✓ 错误 保守策略使用长期融资，利率更高，利息费用更大 C ✗ 正确——保守策略的优势正是资金来源的确定性和持续性