[CFA入门] 2009 Level 1 Mock AM 53题,请教,谢谢 公司, market, 发行

faye626

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

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2009-6-5 20:34

ylwhen

 现金流不用支付利息阿

faye626

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

pingguohjy

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

crsby86

 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