喬同學(xué)
2018-05-13 23:12Domingues informs Casado of a final piece of information relevant to his evaluation. To increase liquidity, Bardem is considering borrowing €70M against accounts receivable. As an alternative to borrowing, they could securitize the receivables by creating a special purpose entity (SPE) over which they would exercise control. To do so, they would invest €5M in the SPE. The SPE would then borrow €70M, and would buy €75M in receivables from Bardem. Domingues comments that securitization using an SPE would impact Bardem’s reported financial condition in three ways. It would:
1 reduce the cost of borrowing.
2 increase the level of current assets.
3 improve balance sheet ratios.
此題中，說明2，為什么錯(cuò)？，現(xiàn)金增加了，流動(dòng)資產(chǎn)確實(shí)增加了?。?/h3>
所屬：CFA Level II
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Irene助教
2018-05-15 17:30
該回答已被題主采納
同學(xué)你好，現(xiàn)金增加了沒有錯(cuò)，但是企業(yè)剝離出了他的account receivable，那么對(duì)于流動(dòng)資產(chǎn)一增一減沒有變化，因此說明2是錯(cuò)誤的
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追問
但是最后SPE是要并表的，所以其實(shí)流動(dòng)資產(chǎn)確實(shí)是增加了，此題我理解為：第二個(gè)說明的意思，其實(shí)是說流動(dòng)資產(chǎn)的水平上升了，也就是說流動(dòng)資產(chǎn)的質(zhì)量上升了，所以它是錯(cuò)的，流動(dòng)資產(chǎn)的質(zhì)量并沒有改善，因?yàn)椴⒈硪院髴?yīng)收賬款又回來了
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追答
同學(xué)你好，你的理解是對(duì)的
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