问题如下:
All else equal, which of the following would least likely affect the price of a particular company‘s bond?
选项:
A.
The expected inflation rate falls.
B.
The company’s future cash flows are expected to increase.
C.
The yield to maturity on real default-free investments rises.
解释:
考点:The Present Value Model
解析: 选项A:expected inflation rate 影响的是分母折现率,通货膨胀率下降,分母变小,债券价格变大。
选项B:债券是固定收益产品,即使公司未来现金流的增加,债券取得的利息仍然不变,因此不会影响债券的价格。
选项C:yield to maturity on real default-free investments 影响的是分母折现率,分母变大,股票价格变小。因此本题选B。
老师好,请问公司的预期现金流变高,credit risk不是下来了吗?从而影响债券价格