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乔同学2018-05-13 23:12:45

Domingues 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. 此题中,说明2,为什么错?,现金增加了,流动资产确实增加了啊?

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Irene2018-05-15 17:30:09

同学你好,现金增加了没有错,但是企业剥离出了他的account receivable,那么对于流动资产一增一减没有变化,因此说明2是错误的

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但是最后SPE是要并表的,所以其实流动资产确实是增加了,此题我理解为:第二个说明的意思,其实是说流动资产的水平上升了,也就是说流动资产的质量上升了,所以它是错的,流动资产的质量并没有改善,因为并表以后应收账款又回来了
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同学你好,你的理解是对的

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