NO.PZ2018101501000048
问题如下：
If the inflation is higher than expected and everything else hold constant, what will happen on the value of the real tax savings from depreciation and the real after-tax interest expense, respectively?
选项：
A.Both would decrease.
B.Both would increase.
C.One would increase and the other would decrease.
解释：
A is correct.
考点：More on Cash Flow Projections
解析：如果通货膨胀高于预期，real tax会上升，real tax saving会下降。
债券的利费用是固定的，当通货膨胀高于预期，实际购买力下降，那么发行人实际支付出去的利息费用则会下降。
如题，可以理解通胀上升对于支付利息的债券人而言是利好。实际支付的税后利息费用是下降的。但如果从EBIT出发。interest expense = EBIT*r = (S-C-D)*r 已知通胀高于预期，那么EBIT中D扣减少，EBIT相对更多，Interest expense也会更高。
这样的角度是否中间有考虑缺失的地方？烦请老师解答哈。谢谢
