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原版Reading 42练习第22题p418

Holt is a growing company. In forecasting Holt’s free cash flow to equity growth rate I will not consider decreases in inventory as being a long term source of growth in FCFE.

22. Leigh’s comment about not considering decreases in inventory to be a source of long-term growth in free cash flow to the firm for Holt is :
A. inconsistent with a forecasting perspective.
B. mistaken because decreases in inventory are a use rather than a source of cash.
C. consistent with a forecasting perspective because inventory reduction has a limit, particularly for a growing firm.

inventory 减少,cash不是增加了吗?

说的是long term source of growth in FCFE.存货减少可能是因为LIFO liquidation,这个是不可持续的

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