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A Comparison of Static Measures of Liquidity to Integrative Measures of Financial and Operating Liquidity: An Application to Restaurant Operators and Restaurant Franchisors

机译：流动性静态衡量指标与财务和经营流动性综合衡量指标的比较：对餐饮经营者和餐馆特许经营者的应用

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摘要

The results presented in this paper show that integrative financial and operating measures of liquidity provide investors and creditors with additional information beyond that provided by static measures of short-term liquidity such as the current and quick ratios. Analyzing a sample of restaurant firms over the period 1994-2003, our analysis of these dynamic measures of liquidity provide a drastically different view of short-term solvency than those produced from the static measures. Specifically, the static measures of liquidity imply that restaurant companies are not liquid However, restaurant companies, when evaluated under this integrative framework, were shown to be more liquid based on their financial and operating liquidity than their current and quick ratios implied. Thus, financial analysts, creditors and managers should evaluate both dynamic liquidity measures as well as static measures in their evaluation of the risk associated with covering their short-term obligations when evaluating the short-term financial liquidity and short-term credit worthiness of firms. In addition, careful attention should be paid to both financial and operating measures of liquidity to establish what changes, if any, have occurred in a company’s liquidity position over time. This is an important finding for managers and investors in all industries since short-term illiquidity implies a high risk of default if the banks refuse to refinance all or part of the debt. This in turn may impact the cost of short-term financing and may result in an impact on their overall financing costs and required returns from equity investors.
机译：本文介绍的结果表明，流动性的综合财务和运营指标为投资者和债权人提供了除静态短期流动性指标（例如流动比率和速动比率）以外的其他信息。通过分析1994年至2003年期间的一家餐饮企业样本，我们对这些动态流动性度量的分析提供了与静态度量相比完全不同的短期偿付能力视图。具体来说，流动性的静态衡量标准意味着餐饮公司不是流动性。但是，在这种综合框架下进行评估时，基于其财务和经营流动性，餐饮公司比其当前和速动比率所显示的更具流动性。因此，在评估公司的短期财务流动性和短期信用价值时，财务分析师，债权人和管理人员在评估与覆盖其短期债务有关的风险时，应同时评估动态流动性度量和静态度量。此外，应同时注意流动性的财务和运营措施，以确定公司随时间流逝发生的变化（如果有）。对于所有行业的经理和投资者而言，这是一个重要发现，因为如果银行拒绝为全部或部分债务再融资，则短期的流动性不足意味着存在违约风险。反过来，这可能会影响短期融资的成本，并可能对其短期融资成本和股权投资者的要求回报产生影响。

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