问题如下图:
选项:
A.
B.
C.
解释:
麻烦老师解释下这道题,对于debt,我看答案解释是debt记账是随市场价格记账。而不是用原始利率每年摊销debt,为什么?对于equity,为什么在增加呢?
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时,固定票面利率债券的fair value下降,公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时,bt-to-equity ratio会下降,因为bt下降,bt-to-equity ratio下降。 麻烦具体,推导下,上升的过程
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时,固定票面利率债券的fair value下降,公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时,bt-to-equity ratio会下降,因为bt下降,bt-to-equity ratio下降。 这是个折价发行的债券,应该随着时间的推移bt越来越高才对啊,那分母就越大,分子越小,那不应该是increase的吗
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时,固定票面利率债券的fair value下降,公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时,bt-to-equity ratio会下降,因为bt下降,bt-to-equity ratio下降。 RT,看了下其他同学和老师对于这道题的提问和,好像还没有老师E是如何变化,谢谢!
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时,固定票面利率债券的fair value下降,公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时,bt-to-equity ratio会下降,因为bt下降,bt-to-equity ratio下降。 这个债券是折价发行的,随着到期日的临近,L 是增加的,但E是降低的(interest expense 增加),E 不是应该增加吗?至于发行后I/Y的变化,不影响不是吗?
NO.PZ2016012102000154 The bt-to-equity ratio will crease. The bt-to-equity ratio will stthe same. B is correct. When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时,固定票面利率债券的fair value下降,公司的经济负债(economic liability)可能低于其财务报表上的负债金额。 分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时,bt-to-equity ratio会下降,因为bt下降,bt-to-equity ratio下降。 发行完之后利率上升,说明公司是以较低的成本融资,说明实际融资成本较低。然而分析师认为应该用fair value metho所以bt应该是高于实际成本,所以在分析师看来应该是e 增加的不是么?