问题如下:
Fairmont Golf issued fixed rate debt when interest rates were 6 percent. Rates have since risen to 7 percent. Using only the carrying amount (based on historical cost) reported on the balance sheet to analyze the company’s financial position would most likely cause an analyst to:
选项:
A.overestimate Fairmont’s economic liabilities.
B.underestimate Fairmont’s economic liabilities.
C.underestimate Fairmont’s interest coverage ratio.
解释:
A is correct.
When interest rates rise, bonds decline in value. Thus, the carrying amount of the bonds being carried on the balance sheet is higher than the market value. The company could repurchase the bonds for less than the carrying amount, so the economic liabilities are overestimated. Because the bonds are issued at a fixed rate, there is no effect on interest coverage.
这道题为啥不是用这个知识点解决呢?
我看大家讨论的好像都没有提到是 Premium 还是 discount 的 bond
我的理解是,coupon rate < market interest,因为发行了以后 market interest 从 6 升到 7 了,是一个 discount bond
那么根据讲义这个部分:
对于 discount,CFO 是 overstate 的,也就是高估了经济实质,可以这么理解么?