NO.PZ2016012101000197
问题如下：
Innovative Inventions, Inc. needs to raise €10 million. If the company chooses to issue zero-coupon bonds, its debt-to- equity ratio will most likely:
选项：
A.rise as the maturity date approaches.
B.decline as the maturity date approaches.
C.remain constant throughout the life of the bond.
解释：
A is correct.
The value of the liability for zero-coupon bonds increases as the discount is amortised over time. Furthermore, the amortised interest will reduce earnings at an increasing rate over time as the value of the liability increases. Higher relative debt and lower relative equity (through retained earnings) will cause the debt-to-equity ratio to increase as the zero-coupon bonds approach maturity.
解析：公司打算通过发行零息债券募集10 million资金。
债券的初始入账价值是发行时候的市场价格。由于零息债券是期间不付息，期末归还本金，因此零息债券发行价格低于其面值，初始入账价值小于10 million。
但是随着到期日临近，债券价值会逐渐趋于面值，到期日时回归债券面值，所以公司一开始的liability小于10 million，但是随着接近到期日，liability逐渐接近10 million（也就是逐渐增加）。
同时，损益表中利息费用是基于债券的账面价值计算的，由于债券的账面价值随着到期日的临近逐渐增加，因此损益表中的利息也会增加，因此利润会减少，利润直接影响的是equity中的retained earning项，所以equity会变低。
Liability增加，equity降低，D/E会变大，选项A正确。
Innovative Inventions, Inc. needs to raise €10 million. If the company chooses to issue zero-coupon bonds, its debt-to- equity ratio will most likely:
A
rise as the maturity date approaches.
B
decline as the maturity date approaches.
C
remain constant throughout the life of the bond.
解析
A is correct.
The value of the liability for zero-coupon bonds increases as the discount is amortised over time. Furthermore, the amortised interest will reduce earnings at an increasing rate over time as the value of the liability increases. Higher relative debt and lower relative equity (through retained earnings) will cause the debt-to-equity ratio to increase as the zero-coupon bonds approach maturity.
这道题假设是zero-coupon bonds只是为了暗示是discount bond是吗？如果是有coupon payment的discount bond似乎结论也成立？
如果是premium bond的话，debt降低(interest expense - coupon payment)，equity降低interest expense, 所以无法判断D/E如何变化，是吗？
谢谢！
