NO.PZ2018101501000048
问题如下:
If the inflation is higher than expected and everything else hold constant, what will happen on the value of the real tax savings from depreciation and the real after-tax interest expense, respectively?
选项:
A.Both would decrease.
B.Both would increase.
C.One would increase and the other would decrease.
解释:
A is correct.
考点:More on Cash Flow Projections
解析:如果通货膨胀高于预期,real tax会上升,real tax saving会下降。
债券的利费用是固定的,当通货膨胀高于预期,实际购买力下降,那么发行人实际支付出去的利息费用则会下降。
如题,可以理解通胀上升对于支付利息的债券人而言是利好。实际支付的税后利息费用是下降的。但如果从EBIT出发。interest expense = EBIT*r = (S-C-D)*r 已知通胀高于预期,那么EBIT中D扣减少,EBIT相对更多,Interest expense也会更高。
这样的角度是否中间有考虑缺失的地方?烦请老师解答哈。谢谢