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袁翀 · 2021年10月11日

选项C为什么不对呢？

  1. CFA I
  2. FRA

NO.PZ2017102901000069

问题如下：

For a bond issued at a premium, using the effective interest rate method, the:

选项：

A.

carrying amount increases each year.

B.

amortization of the premium increases each year.

C.

premium is evenly amortized over the life of the bond

解释：

B is correct.

The amortization of the premium equals the interest payment minus the interest expense. The interest payment is constant and the interest expense decreases as the carrying amount decreases. As a result, the amortization of the premium increases each year.

premium不是在bond的存续期内被摊销完的吗？
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已采纳答案

Kiko_品职助教 · 2021年10月13日

嗨，从没放弃的小努力你好：


C选项错在了evenly，并不是平均的分摊，是逐年增加的，每年的数字都不一样。


具体同学可以参考下这个答案，解释的比较清楚。https://class.pzacademy.com/qa/16868 我这里也把重点复制在这里。


债券的发行可以是平价可以是溢价也可能是折价，如果是折价和溢价，那么超出和少余的部分就需要每年进行摊销，这样债券价格就会在到期日慢慢回归面值了。

在有效利率法，也就是摊余成本法中，每年进行摊销的金额是不一样的，如果是溢价债券，因为它会慢慢回归面值，所以每年的账面价值会下降，那么 每年的利息费用就会下降。

因为期末的账面价值= 期初的账面价值+int-coupon=期初账面价值-对溢价的摊销

所以每年对溢价的摊销=Coupon-int expense，其中Coupon每年不变，int每年变小（int= 期初账面价值*有效利率，账面价值逐年下降，有效利率不变）， 所以每年对溢价的摊销是上升的。


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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