各位板友大家好 在家自修写课本习题的时候遇到不能理解的地方 希望有人能稍微解释一下 题目出自CFA自家教材 Level 1, Reading 38, Practice 2 Alpha Aircraft receives $1 million for bonds issued at face value, and Beta Bizjets receives $1 million for bonds issued at a discount. As a result of the bond issue, compared to Alpha Aircraft, Beta Bizjets will most likely record higher A. periodic interest expense on the income statement. B. liabilities on the balance sheet at the time of issue. C. periodic interest payments on the cash flow statement. 答案与详解如下 A is correct. At the time of issue, both companies will record a $1,000,000 liability and cash from financing inflow. The income statement will reflect interest expense equal to the cash interest payments plus amortization of the initial discount. Because both companies received the same amount, the bonds issued at a discount will have a higher face value and higher periodic interest expense on the income statement. However, the amortization is a non-cash expense and will not appear on the statement of cash flows. 我的问题出在 interest expense 应该是 fair value * market interest rate 而在发行债券时 不管是面额发行或折价发行的债券 fair value 不该是相同的吗 譬如说 A 公司发行 $1m 债券 fair value = $1m B 公司折价发行 $1.1m 债券(举例) 折价後 fair value 也是 $1m 而市场利率一样 A, B 损益表上就会得到一样的 interest expense 所以 (A) 应该是错的吧 同样 (C) 也不会是对的 因为两者 interest expense 相等 但折价发行的 interest expense 中有一部分是 amortization of discount 所以 cash flow 反而会比较少 希望板上前辈高人能提供意见 谢谢!! -- Blossom! Commander and the leader, ╭══╮╭══╮╭══╮/ ∕ ∕ Bubbles! She is the joy and the laughter, ║╭╮║║╭╮║║╭═╯ ∕ ∕ Buttercup! She is the toughest fighter, ║╰╯║║╰╯║║║╭╮ ∕ ∕ Powerpuffs save the day! ☆PowerPuffGirl☆║╭═╯║╭═╯║╰╮║● ∕ Fighting crime ~ Trying to save the world ╰╯ower╰╯uff ╰●═╯irls∕ by Here they come just in time ~ The Powerpuff Girls ~~~ Powerpuff! ● Sgenius --

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