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vvwa2022 · 2023年05月20日

请问为什么要这么样算3705.6

  1. CFA II
  2. FRA

NO.PZ2023040501000006

问题如下：

Dagmar AG is a European-based manufacturing firm that prepares its financial statements according to International Financial Reporting Standards (IFRS). Two members of Dagmar’s treasury group, Henrik Ferdinand and Adele Christoph, are reviewing Dagmar’s portfolio of investments.


The contribution from the investment in Alme to Dagmar’s net earnings (in thousands) for 2017 is closest to:

选项：

A.

€222.

B.

€234.

C.

€200.

解释：

The investment in Alme was classified as held to maturity. Therefore, Dagmar would use amortized cost as the method to account for the investment, and the effect on net earnings would be the interest revenue earned for the year at the effective market rate at the time of purchase by Dagmar (6%).

The interest revenue (in thousands) for 2013 can be calculated:

Market rate at issue × Book value at the beginning of the year (see supporting calculations for the book value): 6.0% × €3,705.6 = €222.3


如果是2016年买入该债券，为什么不是用面值4040来计算呢

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1 个答案

王园圆_品职助教 · 2023年05月20日

同学你好，本题问的是“contribution from the investment in Alme to Dagmar’s net earnings ”，作为持有至到期的债券，fair value的变动是不做任何账务处理的，唯一的只有每年收到的interest income会影响投资公司的earnings

而无论什么样的债券，要计算interest income都是用amortized cost*发行债券时候的市场利率来计算的，这是一级的知识了哦，或者建议你再看下固收相关的知识点回忆一下

要算2017年年初的amortized cost从而计算interest，因为债券从2016年年底到2026年年底，还有10年到期，你可以认为这个债券就是一个期限为10年的，每年固定付息，利率依然是发行时候利率的，到期还本4000的债券，从而计算2017年年初的债券价格应该是多少（这个债券的价格就和amortized cost是完全相同的，且这种算法是最简便的），算出来就是这个3705.6了

或者你可以先算2016年年初的时候债券的初始购买价格，也就是期限变成11年，每年固定付息，利率依然是发行时候利率的，到期还本4000的债券，这样就可以算出初始购买价格，然后经过一年的摊销以后算出2017年年初（也就是2016年年底）的债券carrying value（肯定和3705.6一致），然后再继续用这个Carrying value计算interest income的

摊销方式可以看以下讲义截图——这里的interest payment就是coupon payment，摊销值用来增加/减少期初的债券carrying value


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