151****72002023-11-23 17:27:49

However, the value of the liability for zero-coupon bonds increases as the discount is amortized over time while the liability will not change for the par bonds. Furthermore, the amortized interest will reduce earnings at an increasing rate over time as the value of the liability increases. Higher relative debt and lower relative equity (through retained earnings) will cause the debt/equity ratio to increase as the zero-coupon bonds approach maturity, compared to the bonds issued at par.这三段分别解释一下什么意思，每个举例说明一下，谢谢