NO.PZ2020033003000017
问题如下:
Suppose a shareholder invests in a company with an initial investment amount of $100 million. The company issues a zero-coupon bond with a principal amount of $100 million due in one year. Assume the company has no dividend during the period. After 1 years, the company value is $90 million. What are the values of debt and equity?
选项:
A.$100 million in debt and $100 million in equity.
B.$90 million in debt and $100 million in equity.
C.$100 million in debt and $0 million in equity.
D.$90 million in debt and $0 in equity.
解释:
D is correct.
考点:Merton Model-Calculation
解析:企业的价值小于债券的价值,所以,债券的价值=90million,权益=企业价值-债券=0million。
这题不明白什么意思,请解释一下。