<p>讲义里面说：发行带有认股权证的债券与发行普通的债券或者可转换债券相比较，相同的金额的话，股权证的债券因为一部分金额计入了所有者权益了，所以认股权证的债券所确认的债务要小．发行认股权证的债券的负债对所有者权益比率，负债对总资产比率都要比发行普通的债券或者可转换债券要小．</p><p>那么从我理解来说，带有认股权证的可转债的利息费用应该比同等价值的可转债利息要少，但做Qbank的时候遇到一个题：</p>Compared to a company that issues convertible debt, a company that issues an equivalent combination of conventional bonds with warrants attached will have: <p></p>A)greater interest expense and greater equity <p></p>B)lower interest expense and higher total assets <p></p>C)greater interest expense and lower total assets <p></p>&nbsp; <p></p>答案是A <p></p>解释为：Interest expense for bonds with warrants attached is higher because the value of the warrants is treated as equity and the bond portion as if it were issued at a discount. The cash interest plus the amortization of the discount will be greater than the (cash) interest expense for the convertible bonds. Since the discounted liability will be smaller and assets are the same (at issuance), equity is greater for the bonds with warrants attached. Another way to think about this is that the estimated value of the warrants is added to equity, whereas the value of the conversion option on convertible bonds is not. <p></p>&nbsp; <p></p>感觉很糊涂，请老师和考友给解释一下吧，非常感谢。 <p></p>

[此贴子已经被作者于2009-3-16 8:45:27编辑过]