Aragornnnn
2019-6-4 18:51:11
9 吹。加息影響經濟無人買佢products, risk of insolvency increased due to increased interest payment, more tax shield benefit, 會考慮用internal financing, 要用hedging instrument (forward/future contract, interest rate swap)。
Impact to bondholder - market value of existing bonds will decrease (downward sloping yield curve)
Impact to shareholders - need increased return due to increased insolvency return. May need higher dividends to incentivize them to carry on to invest in equity (otherwise switch to debt investment)
加息 借貸成本高左 d人借錢買股票成本高左 股價跌
持續加息 債價下跌