关于2013 六月试题2b，答案com
2014-11-04 22:07:28 来源：
【提问内容】关于2013 六月试题2b，答案company to have a conservative working capital investment policy while following an aggressive working capital financing policy.能否举例解释一下？
【回复内容】您的问题答复如下：
不好意思，能跟您再确定一下题吗？您是指真题2013年六月第二大题的(b)吗，老师没有找到相关语句。
【提问内容】不好意思搞错了，是2012六月2b,问working capital investment和working capital financing的区别联系，答案最后一句
(b) Working capital investment policy is concerned with the level of investment in current assets, with one company being
compared with another. Working capital financing policy is concerned with the relative proportions of short-term and
long-term finance used by a company. While working capital investment policy is therefore assessed on an inter-company
comparative basis, assessment of working capital financing policy involves analysis of financial information for one company
alone.
Working capital financing policy uses an analysis of current assets into permanent current assets and fluctuating current
assets. Working capital investment policy does not require this analysis. Permanent current assets represent the core level of
investment in current assets that supports a given level of business activity. Fluctuating current assets represent the changes
in the level of current assets that arise through, for example, the unpredictability of business operations, such as the level of
trade receivables increasing due to some customers paying late or the level of inventory increasing due to demand being less
than predicted.
Working capital financing policy relies on the matching principle, which is not used by working capital investment policy. The
matching principle holds that long-term assets should be financed from a long-term source of finance. Non-current assets and
permanent current assets should therefore be financed from a long-term source, such as equity finance or bond finance, while
fluctuating current assets should be financed from a short-term source, such as an overdraft or a short-term bank loan.
Both working capital investment policy and working capital financing policy use the terms conservative, moderate and
aggressive. In investment policy, the terms are used to indicate the comparative level of investment in current assets on an
inter-company basis. One company has a more aggressive approach compared to another company if it has a lower level of
investment in current assets, and vice versa for a conservative approach to working capital investment policy. In working
capital financing policy, the terms are used to indicate the way in which fluctuating current assets and permanent current
assets are matched to short-term and long-term finance sources.
An aggressive financing policy means that fluctuating current assets and a portion of permanent current assets are financed
from a short-term finance source. A conservative financing policy means that permanent current assets and a portion of
fluctuating current assets are financed from a long-term source. An aggressive financing policy will be more profitable than a
conservative financing policy because short-term finance is cheaper than long-term finance, as indicated for debt finance by
the normal yield curve (term structure of interest rates). However, an aggressive financing policy will be riskier than a
conservative financing policy because short-term finance is riskier than long-term finance. For example, an overdraft is
repayable on demand, while a short-term loan may be renewed on less favourable terms than an existing loan. Provided
interest payments are made, however, long-term debt will not lead to any pressure on a company and equity finance is
permanent capital.
Overall, therefore, it can be said that while working capital investment policy and working capital financing policy use similar
terminology, the two policies are very different in terms of their meaning and application. It is even possible, for example, for
a company to have a conservative working capital investment policy while following an aggressive working capital financing
policy.
【回复内容】您的问题答复如下：
它这句话的意思就是说投资和融资政策可能是不相同的，这完全是有可能的。
比如一个公司用比较传统的投资政策（比如投资一些比较稳健的行业而非新兴行业）但是却用比较激进的融资政策（比如短期借款）。
【回复内容】您的问题答复如下：
不好意思，能跟您再确定一下题吗？您是指真题2013年六月第二大题的(b)吗，老师没有找到相关语句。
【提问内容】不好意思搞错了，是2012六月2b,问working capital investment和working capital financing的区别联系，答案最后一句
(b) Working capital investment policy is concerned with the level of investment in current assets, with one company being
compared with another. Working capital financing policy is concerned with the relative proportions of short-term and
long-term finance used by a company. While working capital investment policy is therefore assessed on an inter-company
comparative basis, assessment of working capital financing policy involves analysis of financial information for one company
alone.
Working capital financing policy uses an analysis of current assets into permanent current assets and fluctuating current
assets. Working capital investment policy does not require this analysis. Permanent current assets represent the core level of
investment in current assets that supports a given level of business activity. Fluctuating current assets represent the changes
in the level of current assets that arise through, for example, the unpredictability of business operations, such as the level of
trade receivables increasing due to some customers paying late or the level of inventory increasing due to demand being less
than predicted.
Working capital financing policy relies on the matching principle, which is not used by working capital investment policy. The
matching principle holds that long-term assets should be financed from a long-term source of finance. Non-current assets and
permanent current assets should therefore be financed from a long-term source, such as equity finance or bond finance, while
fluctuating current assets should be financed from a short-term source, such as an overdraft or a short-term bank loan.
Both working capital investment policy and working capital financing policy use the terms conservative, moderate and
aggressive. In investment policy, the terms are used to indicate the comparative level of investment in current assets on an
inter-company basis. One company has a more aggressive approach compared to another company if it has a lower level of
investment in current assets, and vice versa for a conservative approach to working capital investment policy. In working
capital financing policy, the terms are used to indicate the way in which fluctuating current assets and permanent current
assets are matched to short-term and long-term finance sources.
An aggressive financing policy means that fluctuating current assets and a portion of permanent current assets are financed
from a short-term finance source. A conservative financing policy means that permanent current assets and a portion of
fluctuating current assets are financed from a long-term source. An aggressive financing policy will be more profitable than a
conservative financing policy because short-term finance is cheaper than long-term finance, as indicated for debt finance by
the normal yield curve (term structure of interest rates). However, an aggressive financing policy will be riskier than a
conservative financing policy because short-term finance is riskier than long-term finance. For example, an overdraft is
repayable on demand, while a short-term loan may be renewed on less favourable terms than an existing loan. Provided
interest payments are made, however, long-term debt will not lead to any pressure on a company and equity finance is
permanent capital.
Overall, therefore, it can be said that while working capital investment policy and working capital financing policy use similar
terminology, the two policies are very different in terms of their meaning and application. It is even possible, for example, for
a company to have a conservative working capital investment policy while following an aggressive working capital financing
policy.
【回复内容】您的问题答复如下：
它这句话的意思就是说投资和融资政策可能是不相同的，这完全是有可能的。
比如一个公司用比较传统的投资政策（比如投资一些比较稳健的行业而非新兴行业）但是却用比较激进的融资政策（比如短期借款）。