Spencer · 2020年04月18日

问一道题：NO.PZ201601200500000701

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问题如下：

1. For Concept 1, the statement is correct regarding the effects on:

选项：

the real tax savings from depreciation, but incorrect regarding the real after-tax interest expense.

both the real tax savings from depreciation and the real after-tax interest expense.

neither the real tax savings from depreciation nor the real after-tax interest expense.

解释：

C is correct.

The value of the depreciation tax savings is increased, and the value of the real after-tax interest expense is also increased. Due to the lower inflation, the value has increased (essentially discounting at a lower rate).

老师请问为何 the value of the real after-tax interest expense也是增加的呢

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已采纳答案

Debrah_品职答疑助手 · 2020年04月19日

同学你好，effects of inflation是非常重要的结论，需要掌握。

债券利息是固定的，如果通货膨胀超出预期，那么对于发行债券的公司来说，实际支付的利息没那么值钱（购买力下降），所以对公司来说是好的。如果未来通货膨胀小于预期，说明未来的货币贬值幅度低于预期，说明钱越值钱，那么发行人实际支付出去的利息费用的value上升了。举个例子，要付出的coupon是一定的，譬如都是100，如果通胀不及预期，那么100块显然是更值钱了，the value of the real after-tax interest expense就增加了

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sfy2008 · 2021年05月09日

Try anothr way to think :since the target is to calculate REAL DEP (1-T) and REAL int (1-T) we can consider the inflation whether in THE first part or in the second part as INFLATION TAX,I try to think inflation as INFLATION TAX, in this way it will be easy to under stand.SINCE "inflation tax " will be low,so the T will be lower SO 1-T WILL BE HIGHER. And X(1-T) should be higher.

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问一道题：NO.PZ201601200500000701

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