问题如下图：
还是不明白，是以历史成本入账，为什么和市场利率改变有关？
选项：
A. 
B. 
C. 
解释：
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时，固定票面利率债券的fair value下降，公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时，bt-to-equity ratio会下降，因为bt下降，bt-to-equity ratio下降。 麻烦具体，推导下，上升的过程
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时，固定票面利率债券的fair value下降，公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时，bt-to-equity ratio会下降，因为bt下降，bt-to-equity ratio下降。 这是个折价发行的债券，应该随着时间的推移bt越来越高才对啊，那分母就越大，分子越小，那不应该是increase的吗
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时，固定票面利率债券的fair value下降，公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时，bt-to-equity ratio会下降，因为bt下降，bt-to-equity ratio下降。 RT，看了下其他同学和老师对于这道题的提问和，好像还没有老师E是如何变化，谢谢！
NO.PZ2016012102000154 问题如下 When market interest rate is 7%, a company issues a $1 million bonwith maturity of 3-year, a 5% coupon rate, anannuinterest payments. After the bonis issue the maket interest rate increases.In analyst's view, whiof the following statements is the most corre? A.The bt-to-equity ratio will increase. B.The bt-to-equity ratio will crease. C.The bt-to-equity ratio will stthe same. B is correct.When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时，固定票面利率债券的fair value下降，公司的经济负债(economic liability)可能低于其财务报表上的负债金额。分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时，bt-to-equity ratio会下降，因为bt下降，bt-to-equity ratio下降。 这个债券是折价发行的，随着到期日的临近，L 是增加的，但E是降低的（interest expense 增加），E 不是应该增加吗？至于发行后I/Y的变化，不影响不是吗？
NO.PZ2016012102000154 The bt-to-equity ratio will crease. The bt-to-equity ratio will stthe same. B is correct. When market interest rates increase, the fair value of a bonwith a fixecoupon rate creases anthe company’s economic liability mlower thits reportebt. For analyticpurposes, in bt-to-equity ratio, lower anhigher equity will crease its value. 考点债券利息费用的计算 当市场利率上升时，固定票面利率债券的fair value下降，公司的经济负债(economic liability)可能低于其财务报表上的负债金额。 分析师更倾向于使用fair value metho计量bon所以在分析公司财务指标时，bt-to-equity ratio会下降，因为bt下降，bt-to-equity ratio下降。 发行完之后利率上升，说明公司是以较低的成本融资，说明实际融资成本较低。然而分析师认为应该用fair value metho所以bt应该是高于实际成本，所以在分析师看来应该是e 增加的不是么？
