NO.PZ2018101501000048
问题如下:
If the inflation is higher than expected and everything else hold constant, what will happen on the value of the real tax savings from depreciation and the real after-tax interest expense, respectively?
选项:
A.Both would decrease.
B.Both would increase.
C.One would increase and the other would decrease.
解释:
A is correct.
考点:More on Cash Flow Projections
解析:如果通货膨胀高于预期,real tax会上升,real tax saving会下降。
债券的利费用是固定的,当通货膨胀高于预期,实际购买力下降,那么发行人实际支付出去的利息费用则会下降。
如果此题对标的不是债券,而是实物资产,请问通胀过高的条件下,实际税赋的情况会是如何的呢?