题目
An analyst is examining the cash conversion cycles and their components for three companies that she covers in the leisure products industry. She believes that changes in the investments in these working capital accounts can reveal liquidity stresses on a company.「huixue_img/importSubject/1564548383820091392.jpeg」「huixue_img/importSubject/1564548383874617344.jpeg」Which company’s operating cycle appears to have caused the most liquidity stress?
选项
A.Company H’s
B.Company J’s
C.Company S’s
答案
C
解析
C is correct. Company S’s cash conversion cycle nearly doubled over recent years, while the cash conversion cycles for Companies H and J are nearly unchanged. The days of inventory on hand and days of receivables both increased substantially for Company S, and its days of payables outstanding decreased very slightly. The net effect was the large increase in the cash conversion cycle. Although changes occurred in the components of the cash conversion cycles for Companies H and J, the net effect on their cash conversion cycles was small. C是正确的。近年来，S公司的现金转换周期几乎翻了一番，而H和J公司的现金转换周期几乎没有变化。S公司的库存天数和应收账款天数均大幅增加，其未付应付账款天数略有减少。虽然H和J公司的现金转换周期的组成部分发生了变化，但对其现金转换周期的净影响很小。