问一道题：NO.PZ2016012101000197 [ CFA I ]

NO.PZ2016012101000197问题如下Innovative Inventions, Innee to raise €10 million. If the company chooses to issue zero-coupon bon, its bt-to- equity ratio will most likely:A.rise the maturity te approaches.B.cline the maturity te approaches.C.remain constant throughout the life of the bon A is correct.The value of the liability for zero-coupon bon increases the scount is amortiseover time. Furthermore, the amortiseinterest will reearnings increasing rate over time the value of the liability increases. Higher relative anlower relative equity (through retaineearnings) will cause the bt-to-equity ratio to increase the zero-coupon bon approamaturity.解析公司打算通过发行零息债券募集10 million资金。债券的初始入账价值是发行时候的市场价格。由于零息债券是期间不付息，期末归还本金，因此零息债券发行价格低于其面值，初始入账价值小于10 million。但是随着到期日临近，债券价值会逐渐趋于面值，到期日时回归债券面值，所以公司一开始的liability小于10 million，但是随着接近到期日，liability逐渐接近10 million（也就是逐渐增加）。同时，损益表中利息费用是基于债券的账面价值计算的，由于债券的账面价值随着到期日的临近逐渐增加，因此损益表中的利息也会增加，因此利润会减少，利润直接影响的是equity中的retaineearning项，所以equity会变低。Liability增加，equity降低，E会变大，A正确。 既然都期间不付息了 为什么还说 损益表中利息增多减少利润这个呢？

NO.PZ2016012101000197 问题如下 Innovative Inventions, Innee to raise €10 million. If the company chooses to issue zero-coupon bon, its bt-to- equity ratio will most likely: A.rise the maturity te approaches. B.cline the maturity te approaches. C.remain constant throughout the life of the bon A is correct.The value of the liability for zero-coupon bon increases the scount is amortiseover time. Furthermore, the amortiseinterest will reearnings increasing rate over time the value of the liability increases. Higher relative anlower relative equity (through retaineearnings) will cause the bt-to-equity ratio to increase the zero-coupon bon approamaturity.解析公司打算通过发行零息债券募集10 million资金。债券的初始入账价值是发行时候的市场价格。由于零息债券是期间不付息，期末归还本金，因此零息债券发行价格低于其面值，初始入账价值小于10 million。但是随着到期日临近，债券价值会逐渐趋于面值，到期日时回归债券面值，所以公司一开始的liability小于10 million，但是随着接近到期日，liability逐渐接近10 million（也就是逐渐增加）。同时，损益表中利息费用是基于债券的账面价值计算的，由于债券的账面价值随着到期日的临近逐渐增加，因此损益表中的利息也会增加，因此利润会减少，利润直接影响的是equity中的retaineearning项，所以equity会变低。Liability增加，equity降低，E会变大，A正确。 Innovative Inventions, Innee to raise €10 million. If the company chooses to issue zero-coupon bon, its bt-to- equity ratio will most likely:Arise the maturity te approaches.Bcline the maturity te approaches.Cremain constant throughout the life of the bon解析A is correct.The value of the liability for zero-coupon bon increases the scount is amortiseover time. Furthermore, the amortiseinterest will reearnings increasing rate over time the value of the liability increases. Higher relative anlower relative equity (through retaineearnings) will cause the bt-to-equity ratio to increase the zero-coupon bon approamaturity.这道题假设是zero-coupon bon只是为了暗示是scount bon吗？如果是有coupon payment的scount bon乎结论也成立？如果是premium bon话，bt降低(interest expense - coupon payment)，equity降低interest expense, 所以无法判断E如何变化，是吗？谢谢！

NO.PZ2016012101000197 问题如下 Innovative Inventions, Innee to raise €10 million. If the company chooses to issue zero-coupon bon, its bt-to- equity ratio will most likely: A.rise the maturity te approaches. B.cline the maturity te approaches. C.remain constant throughout the life of the bon A is correct.The value of the liability for zero-coupon bon increases the scount is amortiseover time. Furthermore, the amortiseinterest will reearnings increasing rate over time the value of the liability increases. Higher relative anlower relative equity (through retaineearnings) will cause the bt-to-equity ratio to increase the zero-coupon bon approamaturity.解析公司打算通过发行零息债券募集10 million资金。债券的初始入账价值是发行时候的市场价格。由于零息债券是期间不付息，期末归还本金，因此零息债券发行价格低于其面值，初始入账价值小于10 million。但是随着到期日临近，债券价值会逐渐趋于面值，到期日时回归债券面值，所以公司一开始的liability小于10 million，但是随着接近到期日，liability逐渐接近10 million（也就是逐渐增加）。同时，损益表中利息费用是基于债券的账面价值计算的，由于债券的账面价值随着到期日的临近逐渐增加，因此损益表中的利息也会增加，因此利润会减少，利润直接影响的是equity中的retaineearning项，所以equity会变低。Liability增加，equity降低，E会变大，A正确。 如题所说，favalue 1000，zero coupon。这样的话实际发行价格应该低于favalue，这样公司是不是就无法raise到10M？

NO.PZ2016012101000197问题如下Innovative Inventions, Innee to raise €10 million. If the company chooses to issue zero-coupon bon, its bt-to- equity ratio will most likely: A.rise the maturity te approaches. B.cline the maturity te approaches. C.remain constant throughout the life of the bon A is correct.The value of the liability for zero-coupon bon increases the scount is amortiseover time. Furthermore, the amortiseinterest will reearnings increasing rate over time the value of the liability increases. Higher relative anlower relative equity (through retaineearnings) will cause the bt-to-equity ratio to increase the zero-coupon bon approamaturity.解析公司打算通过发行零息债券募集10 million资金。债券的初始入账价值是发行时候的市场价格。由于零息债券是期间不付息，期末归还本金，因此零息债券发行价格低于其面值，初始入账价值小于10 million。但是随着到期日临近，债券价值会逐渐趋于面值，到期日时回归债券面值，所以公司一开始的liability小于10 million，但是随着接近到期日，liability逐渐接近10 million（也就是逐渐增加）。同时，损益表中利息费用是基于债券的账面价值计算的，由于债券的账面价值随着到期日的临近逐渐增加，因此损益表中的利息也会增加，因此利润会减少，利润直接影响的是equity中的retaineearning项，所以equity会变低。Liability增加，equity降低，E会变大，A正确。 如题

如果是premium发行的话，就是随着到期日的临近，E逐渐下降？