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木木RJ · 2021年11月07日

解析的一点想法

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000022

问题如下：

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

选项：

A.

6.2 percent.

B.

6.4 percent.

C.

6.6 percent.

解释：

C is correct.

FV = $1,000; PMT = $40; N = 10; PV = -$900

Solve for i. The six-month yield, i, is 5.3149%

YTM = 5.3149% × 2 = 10.62985%

r d (1−t) = 10.62985%(1−0.38) = 6.5905% rd(1 − t) = 10.62985%(1 − 0.38) = 6.5905%

如果严格按照现金流支出的话，是不是应该N=10，PV=900，PMT=-40，FV=-1000，比较符合逻辑？

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1 个答案

王琛_品职助教 · 2021年11月08日

嗨，爱思考的PZer你好：


解析的思路，和同学的思路，都是可以的。关键是 PV 和 FV、PMT 的符号是相反的

解析是站在投资者购买债券角度出发的，因为 YTM 方法，本身定义就是站在投资者角度的，所以原版书的正文和课后题，都是站在投资者角度出发，来确认 PV 和 FV 的符号的

同学是站在公司发行债券角度出发的。两种角度都可以，看同学更容易理解哪种角度，答案都是一样的哈

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