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kevinzhu · 2020年07月01日

问一道题:NO.PZ2016012102000154 [ CFA I ]

问题如下:

When market interest rate is 7%, a company issues a $1 million bond with maturity of 3-year, a 5% coupon rate, and annual interest payments. After the bond is issued, the maket interest rate increases.

For analytical purposes, which of the following statements is the most correct?

选项:

A.

The debt-to-equity ratio will increase.

B.

The debt-to-equity ratio will decrease.

C.

The debt-to-equity ratio will stay the same.

解释:

B is correct.

When the market rate increases, the bond price will decrease. For analytical purposes, in debt-to-equity ratio, lower debt and higher equity will decrease its value.

还是不能理解,interest rate上升导致debt的增加,D/E应该增加

2 个答案
已采纳答案

Olive_品职助教 · 2020年07月07日

不管是溢价还是折价发行,只要发行后市场利率上升,公司负债里面已经发行的债券价值就会下降。

Olive_品职助教 · 2020年07月02日

嗨,从没放弃的小努力你好:


这道题考的是分析师的观点,为了体现经济实质,分析师应该采用fair value option所体现的debt金额,市场利率上升,bond的价值应该下降,debt下降,因此debt-to-equity ratio下降。


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kevinzhu · 2020年07月06日

如果是溢价发行,市场利率上升,结果相反吗?

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