引言1975年10月,美国当时最大的零售公司 WT Grant申请破产保护,4个月后,该公司倒闭。这个消息震撼了整个美国金融市场。在1973年的时候,Grant 公司的市盈率达到20%,这比其他几个有名的竞争对手都高。Grant 公司倒闭的根本原因,是对现金流转循环管理不利。存货周转慢,松懈的应收款政策,使得1974年周转期比1970年长了一个多月。由于债权人不愿延长还款期,Grant 公司被迫寻求向银行借款。在它提出破产前的10年中,Grant 不是运用自有流动资产维持日常营运,而是依靠举债维持。由于传统的流动性比率指标中包含当期应收款项,因此难以发现其中的问题。但是,如果认真检查一下现 Introduction In October 1975, WT Grant, the then largest retail company in the United States, filed for bankruptcy protection and four months later the company went bankrupt. The news shocked the entire U.S. financial market. In 1973, Grant's P / E reached 20%, which is higher than several other well-known competitors. The root cause of Grant's collapse is the adverse management of the cash flow cycle. Slow inventory turnover, lax receivables policy, making the 1974 turnaround more than a month longer than 1970. Because creditors were unwilling to extend the repayment period, Grant was forced to seek loans from banks. In the ten years before it filed for bankruptcy, Grant did not rely on its own liquid assets to maintain day-to-day operations but relied on debt. As the traditional liquidity ratio indicator includes the current accounts receivable, it is difficult to find the problem. However, if you check carefully now