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圆又圆 · 2023年02月04日

为什么不是PV900,FV-1000

  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%

这个是C以900元的价格发行到期日为1000的债券不是，所以当期获得900的现金流入，到期付出1000.

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王琛_品职助教 · 2023年02月05日

嗨，从没放弃的小努力你好：


1

同学的理解是可以的

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

也请参考：https://class.pzacademy.com/qa/94844

2

其实同学站在公司的角度，也可以算出资本成本

N=10, PMT=-40, PV=900, FV=-1000, solve for I/Y=5.31%

两种理解角度都可以哈，同学看做题时，哪种方法更好理解，只要答案算对即可

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

圆又圆 · 2023年02月05日

哦，我知道我为啥算的不对，pmt应该是付出去从公司角度，谢谢回答

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