请教老师，为什么有个解析里面说“BASE法则中A里的利率就是市场利率7%，S里的利率是coupon rate，L是增加了”

NO.PZ2016012101000198 问题如下 Fairmont Golf issuefixerate when interest rates were 6 percent. Rates have sinrisen to 7 percent. Using only the carrying amount (baseon historiccost) reporteon the balansheet to analyze the company’s financiposition woulmost likely cause analyst to: A.overestimate Fairmont’s economic liabilities. B.unrestimate Fairmont’s economic liabilities. C.unrestimate Fairmont’s interest coverage ratio. A is correct.When interest rates rise, bon cline in value. Thus, the carrying amount of the bon being carrieon the balansheet is higher ththe market value. The company coulrepurchase the bon for less ththe carrying amount, so the economic liabilities are overestimate Because the bon are issuea fixerate, there is no effeon interest coverage.解析公司发行了固定利率的公司债，发行时候的市场利率为6%。发行后市场利率上升到了7%。题目问，如果分析师仅基于债券的账面价值来分析公司的财务状况，会导致什么结果。账面价值是基于债券的历史成本入账的，也就是基于发行时候的市场利率6%来进行的会计处理。而实际上发行之后市场利率上升了，说明债券的市场价格下降了。AB两个都是在比较债券的账面价值和经济价值。相比其经济价值（实际的价值），账面价值是高估了。A正确，B不正确。Interest coverage ratio=EBIT/interest expense，由于债券是固定利率债券，公司实际支付的interest expense不会受到市场利率的影响，因此interest coverageratio不变，C不正确。 A和B，没看出来是相比于经济负债，实际的liability 高了。我看怎么就是说经济负债是高估了还是低估了。我是感觉经济负债是低估了。r 上涨，债券价格下跌；另，经济负债对应的是carry value 还是啥来的，记得讲义中有来的，但是找不到了

NO.PZ2016012101000198 问题如下 Fairmont Golf issuefixerate when interest rates were 6 percent. Rates have sinrisen to 7 percent. Using only the carrying amount (baseon historiccost) reporteon the balansheet to analyze the company’s financiposition woulmost likely cause analyst to: A.overestimate Fairmont’s economic liabilities. B.unrestimate Fairmont’s economic liabilities. C.unrestimate Fairmont’s interest coverage ratio. A is correct.When interest rates rise, bon cline in value. Thus, the carrying amount of the bon being carrieon the balansheet is higher ththe market value. The company coulrepurchase the bon for less ththe carrying amount, so the economic liabilities are overestimate Because the bon are issuea fixerate, there is no effeon interest coverage.解析公司发行了固定利率的公司债，发行时候的市场利率为6%。发行后市场利率上升到了7%。题目问，如果分析师仅基于债券的账面价值来分析公司的财务状况，会导致什么结果。账面价值是基于债券的历史成本入账的，也就是基于发行时候的市场利率6%来进行的会计处理。而实际上发行之后市场利率上升了，说明债券的市场价格下降了。AB两个都是在比较债券的账面价值和经济价值。相比其经济价值（实际的价值），账面价值是高估了。A正确，B不正确。Interest coverage ratio=EBIT/interest expense，由于债券是固定利率债券，公司实际支付的interest expense不会受到市场利率的影响，因此interest coverageratio不变，C不正确。 Interest coverage ratio=EBIT/interest expense，由于债券是固定利率债券，公司实际支付的interest expense不会受到市场利率的影响，因此interest coverage ratio不变。上面这句话不明白，不是利息费用是按照carry value*市场利率吗？谢谢老师！

NO.PZ2016012101000198 问题如下 Fairmont Golf issuefixerate when interest rates were 6 percent. Rates have sinrisen to 7 percent. Using only the carrying amount (baseon historiccost) reporteon the balansheet to analyze the company’s financiposition woulmost likely cause analyst to: A.overestimate Fairmont’s economic liabilities. B.unrestimate Fairmont’s economic liabilities. C.unrestimate Fairmont’s interest coverage ratio. A is correct.When interest rates rise, bon cline in value. Thus, the carrying amount of the bon being carrieon the balansheet is higher ththe market value. The company coulrepurchase the bon for less ththe carrying amount, so the economic liabilities are overestimate Because the bon are issuea fixerate, there is no effeon interest coverage.解析公司发行了固定利率的公司债，发行时候的市场利率为6%。发行后市场利率上升到了7%。题目问，如果分析师仅基于债券的账面价值来分析公司的财务状况，会导致什么结果。账面价值是基于债券的历史成本入账的，也就是基于发行时候的市场利率6%来进行的会计处理。而实际上发行之后市场利率上升了，说明债券的市场价格下降了。AB两个都是在比较债券的账面价值和经济价值。相比其经济价值（实际的价值），账面价值是高估了。A正确，B不正确。Interest coverage ratio=EBIT/interest expense，由于债券是固定利率债券，公司实际支付的interest expense不会受到市场利率的影响，因此interest coverageratio不变，C不正确。 我一直没有理解，“实际上发行之后市场利率上升了，说明债券的市场价格下降了。”这句话。AB两个都是在比较债券的账面价值和经济价值。相比其经济价值（实际的价值），账面价值是高估了。既然是以历史成本入账，那么账面价值（book value）就应该是以6%入账。对于债券发行公司来说，他要承担的interest是少了的，所以价值就应该增加啊，为什么会是bon cline in value。感觉我完全没有理解过来，错了两次。

NO.PZ2016012101000198 问题如下 Fairmont Golf issuefixerate when interest rates were 6 percent. Rates have sinrisen to 7 percent. Using only the carrying amount (baseon historiccost) reporteon the balansheet to analyze the company’s financiposition woulmost likely cause analyst to: A.overestimate Fairmont’s economic liabilities. B.unrestimate Fairmont’s economic liabilities. C.unrestimate Fairmont’s interest coverage ratio. A is correct.When interest rates rise, bon cline in value. Thus, the carrying amount of the bon being carrieon the balansheet is higher ththe market value. The company coulrepurchase the bon for less ththe carrying amount, so the economic liabilities are overestimate Because the bon are issuea fixerate, there is no effeon interest coverage.解析公司发行了固定利率的公司债，发行时候的市场利率为6%。发行后市场利率上升到了7%。题目问，如果分析师仅基于债券的账面价值来分析公司的财务状况，会导致什么结果。账面价值是基于债券的历史成本入账的，也就是基于发行时候的市场利率6%来进行的会计处理。而实际上发行之后市场利率上升了，说明债券的市场价格下降了。AB两个都是在比较债券的账面价值和经济价值。相比其经济价值（实际的价值），账面价值是高估了。A正确，B不正确。Interest coverage ratio=EBIT/interest expense，由于债券是固定利率债券，公司实际支付的interest expense不会受到市场利率的影响，因此interest coverageratio不变，C不正确。 老师好，关于这道题如果按照BASE考虑A=BV*利率，S不变，那最后在B/S中的E是6%比7%要小，所以6%下显示的负债被低估，选B。这样理解的问题出在哪里呢？谢谢。