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米其林 · 2022年02月25日

为什么FV是等于face value？

  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%

face value应该就是面值吧，那这种题里面的FV都是等于face value吗？谢谢老师

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已采纳答案

王琛_品职助教 · 2022年02月26日

嗨，努力学习的PZer你好：


1

是的。face value 是面值，按计算器时，FV 等于 face value

这道题考查的知识点是计算债务的税「后」成本，因为税率已知，所以难点在于计算债务的税「前」成本

2

背景是公司要发债融资，需要我们计算融资的资本成本，我们介绍了几种不同的资本成本，比如普通股、优先股、发债

对应发债融资来说，本应计算「公司」承担的资本成本，对象应该是「公司」；只不过为了理解方便，我们其实是在计算「投资者」获得的收益，对象是「投资者」

因为二者是等价的，公司承担的资本成本，和投资者获得的收益是相同的

又因为债券价格和期间现金流等数据均已知，所以使用 YTM 方法，计算投资者获得的收益

3

YTM 的原理，是假设投资者持有债券至到期，所以期间现金流和期末的本金都能稳定的获得

在按计算器的时候，只要明确，对象是「投资者」即可

期初，投资者买了公司发行的债券，所以对于投资者，PV 对应债券价格，再考虑到现金流方向为流出，所以为 PV = -900

期间，投资者获得公司支付的利息，所以 PMT 对应期间现金流，再考虑到现金流方向为流入，所以 PMT = +40

期末，除了最后一笔利息，投资者还获得公司偿还的本金，所以 FV 对应期末的本金，再考虑到现金流方向为流入，所以 FV = +1000

按照上述现金流数据，按计算器即可

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

米其林 · 2022年02月26日

好详细呀，谢谢老师。

NANK · 2022年02月25日

债券本来就是在到期日偿还面值金额的

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