CSC Volume1 Chapter6课后作业

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Zijin 提问于4年之前

您好！我做了Chapter6的课后作业有几道题不明白，可不可以麻烦帮忙解答一下呀～

Q5 这道题我主要不太明白conversion 和 forced conversion之间的区别，看了书上的那个example感觉理解的也不太好。所以可以用中文大概解释一下吗～
Q7关于Euro Bond我记得老师上课不是说要涉及到3个国家才算是吗？那AC应该都不是吧？为什么这道题不选A呢？
Q23关于金融杠杆，我记得老师上课的意思是会使收益扩大如果借钱的话。那这样的话A为什么错呢？
Q25上课老师很快把这部分过去了，可不可以详细介绍一下公司债的几个其他保护条款呢？各自对应保护什么呢？
Q26完全不太明白这道题涉及到那一部分的内容。。。

以上就是我所有的问题了，非常感谢老师的回答！！?

1个回答

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jixint123 老师回答于4年之前

Q5 conversion是投资者的权利, 可以让投资者在未来一段时间内, 把债券转换成股票, forced conversion是发行商的权利, 可以在市场利率低时, 强行退掉一批债券。
Q7 只要发行的货币和发行所在国家不同就是Eurobond。不是涉及到三个国家
Q23 A选项说增加shareholder‘s equity, 这是财务报表上面的一项, 只有发行股票融资时才会增加, 发行债券和他无关，只会增加debt
Q25

Debt test

This provision limits the amount of additional debt that a firm may issue by establishing a maximum debt-to-asset ratio.

Dividend test

This provision establishes the rules for the payment of dividends by the firm and ensures equity will not be drained by excessive dividend payments.

Sale of assets or merger

This clause protects the debt holder in the event that all of the firm’s assets are sold or that the company is merged with another company, forcing either the retiring of the debt or its assumption by the newly-merged company.

Additional bond provisions

This clause states which financial tests and other circumstances allow the firm to issue additional debt.

这是原版书上的解释, 自己看一下
Q26
To maintain regularity and transparency in its debt operations, the Government holds regularly scheduled quarterly auctions for benchmark bonds of two, five, and 10 years, as well as semi-annual auctions for the benchmark 30-year bond. Available denominations are $1,000, $5,000, $100,000, and $1 million. 、
这道题答案错了, 应该选B 10,000, 我让后台改过来。