各位板友大家好 在家自修寫課本習題的時候遇到不能理解的地方 希望有人能稍微解釋一下 題目出自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. 答案與詳解如下 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. 我的問題出在 interest expense 應該是 fair value * market interest rate 而在發行債券時 不管是面額發行或折價發行的債券 fair value 不該是相同的嗎 譬如說 A 公司發行 $1m 債券 fair value = $1m B 公司折價發行 $1.1m 債券(舉例) 折價後 fair value 也是 $1m 而市場利率一樣 A, B 損益表上就會得到一樣的 interest expense 所以 (A) 應該是錯的吧 同樣 (C) 也不會是對的 因為兩者 interest expense 相等 但折價發行的 interest expense 中有一部分是 amortization of discount 所以 cash flow 反而會比較少 希望板上前輩高人能提供意見 謝謝!! -- 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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