NO.PZ201601200500000701
问题如下：
1. For Concept 1, the statement is correct regarding the effects on:
选项：
A.the real tax savings from depreciation, but incorrect regarding the real after-tax interest expense.
B.both the real tax savings from depreciation and the real after-tax interest expense.
C.neither the real tax savings from depreciation nor the real after-tax interest expense.
解释：
C is correct.
The value of the depreciation tax savings is increased, and the value of the real after-tax interest expense is also increased. Due to the lower inflation, the value has increased (essentially discounting at a lower rate).
老师之前总结的不是inflation上升，对于tax saving上涨，但tax是下降的嘛，两者是反向关系。
但是为什么这里两个都上涨啊？
inflation 低于预期，钱更值钱，所以利息费用高，同时资产公允价格下降，折旧下降，折旧的税盾作用也应该下降啊。
