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小冰山 · 2021年02月14日

请问8%是coupon payment吗

  1. CFA I
  2. FRA

NO.PZ2016012102000039

问题如下：

Given the following information, calculate the company's diluted EPS:

company has net income of $200,000 and 150,000 common shares outstanding from the beginning of the year. Company also has 1,000, 8%, $1,000 par bonds convertible into 24 shares each,

outstanding as of the beginning of the year. The tax rate is 35%.

选项：

A.

$1.1.

B.

$1.3

C.

$2.17.

解释：

Basic EPS = $200,000150,000=$1.3\frac{\$200,000}{150,000}=\$1.3

Check if the convertible bonds are dilutive:

Impact of numerator= (1,000 x 1,000 x 0.08) x (1 - 0.35) = $52,000

Impact of denominator = (1,000 x 24) = 24,000 shares

Impact per share =

$52,00024,000shares=$2.17\frac{\$52,000}{24,000shares}=\$2.17

$2.17 > basic EPS of $1.3, so the bonds are antidilutive. Then the diluted EPS = basic EPS = $1.3.

您好 请问对于convertible bond，题目中给的8%是coupon吗？如果公司发行债券，要付出去的应该是coupon payment，但coupon中又包括了本金和利息，那为什么利息直接是1000*8%呢？ 不好意思突然有点不太理解这个8%是什么，和fixed income那里有点混淆了，麻烦助教老师帮忙解答，谢谢你！
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Olive_品职助教 · 2021年02月15日

嗨，从没放弃的小努力你好：


按照bond这个知识点所学的：

  • 平价发行债券interest expense就等于coupon；
  • 对于非平价发行的债券会计处理，interest expense应该是用发行时候的市场价格乘以发行时候的市场利率（即effective interest rate）得出。

一般计算diluted EPS这里都会简化，给一个平价的债券。不太会跟bond的会计处理混在一起考察。 

可转债稀释性的影响，就是对NI的影响，如果不转，正常的利息就是1000*8%，因为题目中的债券价值=面值=1000，是平价发行债券。


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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