标题: [CFA入门] 2009 Level 1 Mock AM 53题,请教,谢谢 [打印本页]
作者: faye626 时间: 2009-6-5 20:35 标题: 2009 Level 1 Mock AM 53题,请教,谢谢
不明白阿
为什么发行zero-coupon debt的公司的cash from CFO会比发行par bonds的公司要高( 在market rate, maturity date, face value一样的情况下)
谢谢
图片附件: 53.jpg (2009-6-5 20:34, 95.03 KB) / 下载次数 0
http://forum.theanalystspace.com/attachment.php?aid=14192&k=3a87411a6c4a941b7f00cf3bb5ce2272&t=1734793929&sid=o77944
作者: ylwhen 时间: 2009-6-5 21:26
现金流不用支付利息阿
作者: faye626 时间: 2009-6-5 21:40
但是pv就小了吧,要不谁肯买呢,我就想不通
N, I/Y, FV都一样的,一个有PMT一个没有PMT,当然是有PMT的BOND的PV高
作者: pingguohjy 时间: 2009-6-6 02:42
跟pv没关系，是coupon的关系，zero－coupon debt没有coupon payment，就没有operating cash outflow，所以cfo就被高估了
作者: crsby86 时间: 2009-6-6 09:22
let me try may be its a bit late but well
Zero bond has lower price than par bond which means it will has lower interest expense -> eliminates b
operating cash flow = armt - interest payment
zero has no interest so operating cash flow = amrt
par bond = armt - interest payment
thus a is right
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