{"id":1458,"date":"2024-08-23T19:19:11","date_gmt":"2024-08-23T11:19:11","guid":{"rendered":"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/"},"modified":"2024-08-23T19:19:11","modified_gmt":"2024-08-23T11:19:11","slug":"bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity","status":"publish","type":"post","link":"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/","title":{"rendered":"\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u6307\u5357\uff1a\u7406\u89e3\u7968\u9762\u5229\u7387\u8207\u5230\u671f\u6b96\u5229\u7387"},"content":{"rendered":"<p>\u5728\u6295\u8cc7\u5e02\u5834\u4e2d\uff0c\u50b5\u5238\u662f\u4e00\u7a2e\u76f8\u5c0d\u5b89\u5168\u7684\u6295\u8cc7\u9078\u64c7\u3002\u77ad\u89e3\u50b5\u5238\u7684\u6b96\u5229\u7387\u8a08\u7b97\u65b9\u6cd5\u5c0d\u65bc\u6f5b\u5728\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\u81f3\u95dc\u91cd\u8981\u3002\u672c\u6587\u5c07\u8a73\u7d30\u4ecb\u7d39\u50b5\u5238\u7684\u4e0d\u540c\u5229\u7387\u578b\u5225\uff0c\u5305\u62ec\u7968\u9762\u5229\u7387\u3001\u5230\u671f\u6b96\u5229\u7387\uff08YTM\uff09\u3001\u8d16\u56de\u6b96\u5229\u7387\uff08YTC\uff09\u53ca\u7576\u671f\u6b96\u5229\u7387\uff08CY\uff09\uff0c\u4e26\u5206\u4eab\u5982\u4f55\u4f7f\u7528\u7dda\u4e0a\u5de5\u5177\u6216Excel \u9032\u884c\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\uff0c\u5e6b\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u66f4\u660e\u667a\u7684\u6295\u8cc7\u6c7a\u5b9a\u3002<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E4%B8%80%E3%80%81%E5%88%A9%E7%8E%87%E6%9C%89%E4%B8%89%E7%A8%AE\" >\u4e00\u3001\u5229\u7387\u6709\u4e09\u7a2e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E4%BA%8C%E3%80%81%E7%94%9A%E9%BA%BC%E6%98%AF%E7%A5%A8%E9%9D%A2%E5%88%A9%E7%8E%87\" >\u4e8c\u3001\u751a\u9ebc\u662f\u7968\u9762\u5229\u7387<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E4%B8%89%E3%80%81%E7%94%9A%E9%BA%BC%E6%98%AF%E5%88%B0%E6%9C%9F%E6%AE%96%E5%88%A9%E7%8E%87_YTM\" >\u4e09\u3001\u751a\u9ebc\u662f\u5230\u671f\u6b96\u5229\u7387 (YTM)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E5%9B%9B%E3%80%81%E7%94%9A%E9%BA%BC%E6%98%AF%E8%B4%96%E5%9B%9E%E6%AE%96%E5%88%A9%E7%8E%87_YTC\" >\u56db\u3001\u751a\u9ebc\u662f\u8d16\u56de\u6b96\u5229\u7387 (YTC)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E4%BA%94%E3%80%81%E4%B8%8D%E5%90%8C%E7%9A%84%E6%8A%95%E8%B3%87%E9%9C%80%E6%B1%82%E7%9C%8B%E4%B8%8D%E5%90%8C%E7%9A%84%E5%88%A9%E7%8E%87\" >\u4e94\u3001\u4e0d\u540c\u7684\u6295\u8cc7\u9700\u6c42\u770b\u4e0d\u540c\u7684\u5229\u7387<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E7%B5%90%E8%AB%96\" >\u7d50\u8ad6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/#%E5%B8%B8%E8%A6%8B%E5%95%8F%E9%A1%8C\" >\u5e38\u898b\u554f\u984c<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E4%B8%80%E3%80%81%E5%88%A9%E7%8E%87%E6%9C%89%E4%B8%89%E7%A8%AE\"><\/span>\u4e00\u3001\u5229\u7387\u6709\u4e09\u7a2e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8ac7\u5230\u50b5\u5238\u7684\u5229\u7387\uff0c\u6211\u5011\u901a\u5e38\u6703\u78b0\u5230\u4e09\u7a2e\u4e3b\u8981\u7684\u5229\u7387\uff1a\u7968\u9762\u5229\u7387\u3001\u5230\u671f\u6b96\u5229\u7387 YTM \u548c\u8d16\u56de\u6b96\u5229\u7387 YTC\u3002\u5b83\u5011\u5404\u81ea\u626e\u6f14\u8457\u4e0d\u540c\u7684\u89d2\u8272\uff0c\u5f71\u97ff\u8457\u50b5\u5238\u7684\u7e3d\u6536\u76ca\u3002\u4ee5\u4e0b\u662f\u9019\u4e09\u7a2e\u5229\u7387\u7684\u7c21\u55ae\u4ecb\u7d39\uff1a<\/p>\n<ol>\n<li>\n<p><strong>\u7968\u9762\u5229\u7387<\/strong>\uff1a\u662f\u50b5\u5238\u767c\u884c\u6642\u8a2d\u5b9a\u7684\u56fa\u5b9a\u5229\u7387\uff0c\u8868\u793a\u6295\u8cc7\u8005\u53ef\u4ee5\u7372\u5f97\u7684\u5b9a\u671f\u5229\u606f\u3002\u7968\u9762\u5229\u7387\u901a\u5e38\u4e0d\u96a8\u5e02\u5834\u5229\u7387\u8b8a\u52d5\u800c\u6539\u8b8a\uff0c\u56e0\u6b64\u5c0d\u65bc\u9577\u671f\u6301\u6709\u7684\u50b5\u5238\uff0c\u7968\u9762\u5229\u7387\u5c0d\u6536\u76ca\u7684\u5f71\u97ff\u5c24\u70ba\u660e\u986f\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u5230\u671f\u6b96\u5229\u7387 (YTM)<\/strong>\uff1a\u662f\u6307\u5982\u679c\u6295\u8cc7\u8005\u6301\u6709\u50b5\u5238\u81f3\u5230\u671f\u6240\u80fd\u7372\u5f97\u7684\u5e74\u5747\u6536\u76ca\u7387\u3002YTM \u8003\u616e\u4e86\u50b5\u5238\u7684\u5e02\u5834\u50f9\u683c\u8b8a\u52d5\u3001\u7968\u9762\u5229\u606f\u53ca\u5269\u9918\u5230\u671f\u5e74\u9650\uff0c\u901a\u5e38\u7528\u4f86\u53cd\u6620\u50b5\u5238\u5728\u5e02\u5834\u4e2d\u7684\u771f\u5be6\u56de\u5831\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u8d16\u56de\u6b96\u5229\u7387 (YTC)<\/strong>\uff1a\u662f\u91dd\u5c0d\u53ef\u8d16\u56de\u50b5\u5238\u800c\u8a00\u7684\uff0c\u8a08\u7b97\u7684\u662f\u5982\u679c\u50b5\u5238\u5728\u5230\u671f\u524d\u88ab\u8d16\u56de\uff0c\u6295\u8cc7\u8005\u6240\u80fd\u7372\u5f97\u7684\u5e74\u5747\u56de\u5831\u3002\u9019\u5728\u5b58\u5728\u63d0\u524d\u8d16\u56de\u689d\u6b3e\u7684\u60c5\u6cc1\u4e0b\u5c0d\u6295\u8cc7\u8005\u5c24\u70ba\u91cd\u8981\u3002<\/p>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BA%8C%E3%80%81%E7%94%9A%E9%BA%BC%E6%98%AF%E7%A5%A8%E9%9D%A2%E5%88%A9%E7%8E%87\"><\/span>\u4e8c\u3001\u751a\u9ebc\u662f\u7968\u9762\u5229\u7387<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7968\u9762\u5229\u7387\u662f\u6307\u50b5\u5238\u767c\u884c\u6642\u6240\u5177\u5099\u7684\u56fa\u5b9a\u5e74\u5229\u7387\uff0c\u901a\u5e38\u63db\u7b97\u6210\u6bcf\u5e74\u53ef\u7372\u5f97\u7684\u5229\u606f\u56de\u5831\u3002\u5047\u8a2d\u4e00\u5f35\u9762\u503c\u70ba100\u842c\u5143\u7684\u50b5\u5238\uff0c\u7968\u9762\u5229\u7387\u70ba5%\uff0c\u90a3\u9ebc\u6bcf\u5e74\u6295\u8cc7\u8005\u4fbf\u53ef\u7372\u5f975\u842c\u5143\u7684\u5229\u606f\u3002\u8a08\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n\\(<br \/>\n\\text{\u7968\u9762\u5229\u7387} = \\frac{\\text{\u6bcf\u5e74\u5229\u606f}}{\\text{\u50b5\u5238\u9762\u984d}} \\times 100\\%<br \/>\n\\)\n<p>\u7968\u9762\u5229\u7387\u901a\u5e38\u4e0d\u96a8\u5e02\u5834\u8b8a\u5316\uff0c\u800c\u662f\u6839\u64da\u7576\u524d\u7684\u7d93\u6fdf\u72c0\u6cc1\u53ca\u5e02\u5834\u9700\u6c42\u800c\u8a2d\u5b9a\u3002\u5728\u5e02\u5834\u5229\u7387\u4e0a\u5347\u6642\uff0c\u820a\u7968\u9762\u5229\u7387\u7684\u50b5\u5238\u50f9\u683c\u5c07\u4e0b\u964d\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E4%B8%89%E3%80%81%E7%94%9A%E9%BA%BC%E6%98%AF%E5%88%B0%E6%9C%9F%E6%AE%96%E5%88%A9%E7%8E%87_YTM\"><\/span>\u4e09\u3001\u751a\u9ebc\u662f\u5230\u671f\u6b96\u5229\u7387 (YTM)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5230\u671f\u6b96\u5229\u7387\u662f\u6295\u8cc7\u8005\u6301\u6709\u81f3\u50b5\u5238\u5230\u671f\u6240\u7372\u5f97\u7684\u5be6\u969b\u6536\u76ca\u7387\uff0c\u662f\u8a55\u4f30\u50b5\u5238\u5438\u5f15\u529b\u7684\u91cd\u8981\u6307\u6a19\u3002\u8a08\u7b97 YTM \u6642\uff0c\u8003\u616e\u4e86\u7968\u9762\u5229\u606f\u3001\u7576\u524d\u50f9\u683c\u53ca\u5269\u9918\u7684\u5230\u671f\u671f\u9650\u3002YTM \u7684\u8a08\u7b97\u516c\u5f0f\u76f8\u5c0d\u8907\u96dc\uff0c\u901a\u5e38\u9700\u8981\u7528\u5230\u8ca1\u52d9\u8a08\u7b97\u5668\u6216Excel \u9032\u884c\u8a08\u7b97\u3002\u4e00\u822c\u7684\u8a08\u7b97\u65b9\u5f0f\u70ba\uff1a<\/p>\n\\(<br \/>\n\\text{YTM} = \\frac{C + \\frac{(F - P)}{N}}{\\frac{(F + P)}{2}}<br \/>\n\\)\n<p>\u5176\u4e2d\uff0cC \u662f\u6bcf\u5e74\u7968\u606f\uff0cF \u662f\u50b5\u5238\u7684\u9762\u984d\uff0cP \u662f\u7576\u524d\u5e02\u5834\u50f9\u683c\uff0cN \u662f\u5269\u9918\u5e74\u6578\u3002<\/p>\n<p>\u5229\u7528\u7dda\u4e0a\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u5668\u53ef\u4ee5\u65b9\u4fbf\u5730\u6c42\u5f97 YTM\uff0c\u7701\u53bb\u7e41\u7463\u7684\u8a08\u7b97\u904e\u7a0b\u3002\u9019\u5c0d\u65bc\u77ac\u606f\u842c\u8b8a\u7684\u5e02\u5834\u4f86\u8aaa\u5c24\u70ba\u91cd\u8981\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%9B%9B%E3%80%81%E7%94%9A%E9%BA%BC%E6%98%AF%E8%B4%96%E5%9B%9E%E6%AE%96%E5%88%A9%E7%8E%87_YTC\"><\/span>\u56db\u3001\u751a\u9ebc\u662f\u8d16\u56de\u6b96\u5229\u7387 (YTC)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8d16\u56de\u6b96\u5229\u7387\u662f\u91dd\u5c0d\u53ef\u8d16\u56de\u50b5\u5238\u7684\u4e00\u7a2e\u8a08\u7b97\u65b9\u6cd5\uff0c\u8868\u793a\u5982\u679c\u50b5\u5238\u5728\u5230\u671f\u524d\u88ab\u8d16\u56de\uff0c\u6295\u8cc7\u8005\u7684\u9810\u671f\u5e74\u6536\u76ca\u7387\u3002\u901a\u5e38\u5728\u50b5\u5238\u5e02\u5834\u4e2d\uff0c\u767c\u884c\u8005\u53ef\u9078\u64c7\u5728\u7279\u5b9a\u671f\u9593\u5167\u4ee5\u7d04\u5b9a\u50f9\u683c\u8d16\u56de\u50b5\u5238\u3002YTC \u7684\u8a08\u7b97\u65b9\u5f0f\u8207 YTM \u76f8\u4f3c\uff0c\u4f46\u9700\u8003\u616e\u8d16\u56de\u6642\u9593\u53ca\u8d16\u56de\u50f9\u7b49\u56e0\u7d20\u3002<\/p>\n<p>\u5982\u540c YTM\uff0cYTC \u7684\u8a08\u7b97\u901a\u5e38\u4e5f\u53ef\u900f\u904e\u7dda\u4e0a\u8a08\u7b97\u5668\u9032\u884c\uff0c\u8b93\u6295\u8cc7\u8005\u91dd\u5c0d\u4e0d\u540c\u7684\u50b5\u5238\u7279\u6027\u505a\u51fa\u5408\u7406\u5224\u65b7\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E4%BA%94%E3%80%81%E4%B8%8D%E5%90%8C%E7%9A%84%E6%8A%95%E8%B3%87%E9%9C%80%E6%B1%82%E7%9C%8B%E4%B8%8D%E5%90%8C%E7%9A%84%E5%88%A9%E7%8E%87\"><\/span>\u4e94\u3001\u4e0d\u540c\u7684\u6295\u8cc7\u9700\u6c42\u770b\u4e0d\u540c\u7684\u5229\u7387<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5728\u9032\u884c\u50b5\u5238\u6295\u8cc7\u6642\uff0c\u6295\u8cc7\u8005\u9700\u6839\u64da\u81ea\u8eab\u9700\u6c42\u9078\u64c7\u5408\u9069\u7684\u5229\u7387\u578b\u5225\uff1a<\/p>\n<ul>\n<li><strong>\u7576\u671f\u6b96\u5229\u7387 (CY)<\/strong>\uff1a\u9019\u7a2e\u5229\u7387\u8d8a\u9069\u5408\u9700\u8981\u77ed\u671f\u73fe\u91d1\u6d41\u7684\u6295\u8cc7\u8005\u3002\u5982\u679c\u50b5\u5238\u7684\u5e02\u5834\u50f9\u683c\u4e0b\u8dcc\uff0c\u7576\u671f\u6b96\u5229\u7387\u5c07\u63d0\u5347\u3002\u4f8b\u5982\uff0c\u82e5\u7968\u9762\u5229\u606f\u70ba5\u842c\u5143\uff0c\u50b5\u5238\u5e02\u5834\u50f9\u683c\u964d\u81f390\u842c\u5143\uff0c\u5247\uff1a<\/li>\n<\/ul>\n\\(<br \/>\n\\text{\u7576\u671f\u6b96\u5229\u7387} = \\frac{5\u842c\u5143}{90\u842c\u5143} = 5.56\\%<br \/>\n\\)\n<ul>\n<li>\n<p><strong>\u5229\u7528 Excel \u9032\u884c\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97<\/strong>\uff1a\u5c0d\u65bc\u81ea\u5b78\u80fd\u529b\u5f37\u3001\u5e0c\u671b\u9032\u884c\u8907\u96dc\u8a08\u7b97\u7684\u6295\u8cc7\u8005\uff0cExcel \u63d0\u4f9b\u7684\u91d1\u878d\u51fd\u5f0f\u76f8\u7576\u4fbf\u5229\u3002\u4f7f\u7528 <code>YIELD<\/code> \u51fd\u5f0f\u53ef\u4ee5\u5feb\u901f\u8a08\u7b97 YTM\uff0c\u63d0\u4f9b\u66f4\u70ba\u6e96\u78ba\u7684\u56de\u5831\u9810\u6e2c\u3002<\/p>\n<\/li>\n<li>\n<p><strong>\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u7dda\u4e0a\u5de5\u5177<\/strong>\uff1a\u5e02\u9762\u4e0a\u5b58\u5728\u8a31\u591a\u7dda\u4e0a\u8a08\u7b97\u5668\uff0c\u80fd\u7c21\u5316\u6b96\u5229\u7387\u7684\u8a08\u7b97\u904e\u7a0b\uff0c\u8b93\u6295\u8cc7\u8005\u80fd\u5920\u5feb\u901f\u67e5\u8a62\u548c\u6bd4\u8f03\u4e0d\u540c\u50b5\u5238\u7684\u5438\u5f15\u529b\u3002<\/p>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AB%96\"><\/span>\u7d50\u8ad6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5728\u9019\u7bc7\u6587\u7ae0\u4e2d\uff0c\u6211\u5011\u63a2\u8a0e\u4e86\u95dc\u65bc\u50b5\u5238\u5229\u7387\u4ee5\u53ca\u6b96\u5229\u7387\u7684\u591a\u7a2e\u8a08\u7b97\u65b9\u6cd5\u3002\u7406\u89e3\u50b5\u5238\u7684\u7968\u9762\u5229\u7387\u3001\u5230\u671f\u6b96\u5229\u7387\u8207\u8d16\u56de\u6b96\u5229\u7387\u7b49\u5229\u7387\u5f62\u5f0f\uff0c\u4e26\u904b\u7528\u7dda\u4e0a\u8a08\u7b97\u5668\u6216Excel\u9032\u884c\u6709\u6548\u64cd\u4f5c\uff0c\u80fd\u5e6b\u52a9\u6295\u8cc7\u8005\u4f5c\u51fa\u66f4\u7cbe\u78ba\u7684\u6295\u8cc7\u6c7a\u7b56\u3002\u96a8\u8457\u5e02\u5834\u8b8a\u5316\uff0c\u6295\u8cc7\u8005\u8981\u7a4d\u6975\u8a55\u4f30\u5229\u7387\u8b8a\u52d5\u5c0d\u65bc\u81ea\u8eab\u6295\u8cc7\u7b56\u7565\u7684\u5f71\u97ff\uff0c\u4ee5\u9054\u5230\u6700\u4f73\u7684\u6295\u8cc7\u56de\u5831\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%B8%B8%E8%A6%8B%E5%95%8F%E9%A1%8C\"><\/span>\u5e38\u898b\u554f\u984c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>\n<p>\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u4e2d\uff0c\u4ec0\u9ebc\u662f\u7968\u9762\u5229\u7387\uff1f<br \/>\nA\uff1a\u7968\u9762\u5229\u7387\u662f\u50b5\u5238\u767c\u884c\u6642\u6240\u8a2d\u5b9a\u7684\u56fa\u5b9a\u5229\u7387\uff0c\u8868\u793a\u6295\u8cc7\u8005\u53ef\u4ee5\u7372\u5f97\u7684\u5b9a\u671f\u5229\u606f\u3002<\/p>\n<\/li>\n<li>\n<p>\u5982\u4f55\u8a08\u7b97\u5230\u671f\u6b96\u5229\u7387 (YTM)\uff1f<br \/>\nA\uff1aYTM\u7684\u8a08\u7b97\u516c\u5f0f\u70ba (\u6bcf\u5e74\u7968\u606f + (\u9762\u984d \u5e02\u50f9) \/ \u5269\u9918\u5e74\u6578) \/ ((\u9762\u984d + \u5e02\u50f9) \/ 2)\u3002<\/p>\n<\/li>\n<li>\n<p>\u70ba\u4ec0\u9ebc\u8d16\u56de\u6b96\u5229\u7387 (YTC) \u5c0d\u6295\u8cc7\u8005\u91cd\u8981\uff1f<br \/>\nA\uff1aYTC\u8a08\u7b97\u4e86\u50b5\u5238\u5728\u63d0\u524d\u8d16\u56de\u60c5\u6cc1\u4e0b\u7684\u5e74\u5747\u56de\u5831\uff0c\u5c0d\u6295\u8cc7\u8005\u9762\u5c0d\u63d0\u524d\u8d16\u56de\u7684\u50b5\u5238\u6709\u91cd\u8981\u53c3\u8003\u50f9\u503c\u3002<\/p>\n<\/li>\n<li>\n<p>\u70ba\u4ec0\u9ebc\u5230\u671f\u6b96\u5229\u7387 (YTM) \u662f\u8861\u91cf\u50b5\u5238\u5438\u5f15\u529b\u7684\u91cd\u8981\u6307\u6a19\uff1f<br \/>\nA\uff1aYTM\u4ee3\u8868\u6295\u8cc7\u8005\u6301\u6709\u81f3\u50b5\u5238\u5230\u671f\u6240\u80fd\u7372\u5f97\u7684\u5be6\u969b\u6536\u76ca\u7387\uff0c\u662f\u8a55\u4f30\u50b5\u5238\u6295\u8cc7\u50f9\u503c\u7684\u91cd\u8981\u6a19\u6e96\u4e4b\u4e00\u3002<\/p>\n<\/li>\n<li>\n<p>\u5229\u7528Excel\u9032\u884c\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u6709\u54ea\u4e9b\u512a\u52e2\uff1f<br \/>\nA\uff1aExcel\u63d0\u4f9b\u91d1\u878d\u51fd\u5f0f\u5982<code>YIELD<\/code>\u51fd\u5f0f\uff0c\u80fd\u5920\u5feb\u901f\u8a08\u7b97YTM\uff0c\u5e6b\u52a9\u6295\u8cc7\u8005\u505a\u51fa\u66f4\u70ba\u6e96\u78ba\u7684\u56de\u5831\u9810\u6e2c\u3002<\/p>\n<\/li>\n<li>\n<p>\u4ec0\u9ebc\u662f\u7576\u671f\u6b96\u5229\u7387 (CY)\uff1f\u9069\u5408\u54ea\u985e\u6295\u8cc7\u8005\uff1f<br \/>\nA\uff1a\u7576\u671f\u6b96\u5229\u7387\u8868\u793a\u7576\u524d\u50b5\u5238\u7684\u6536\u76ca\u7387\uff0c\u5c0d\u9700\u8981\u77ed\u671f\u73fe\u91d1\u6d41\u7684\u6295\u8cc7\u8005\u7279\u5225\u9069\u5408\u3002<\/p>\n<\/li>\n<li>\n<p>\u5e02\u9762\u4e0a\u7684\u7dda\u4e0a\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u5668\u6709\u54ea\u4e9b\u4f5c\u7528\uff1f<br \/>\nA\uff1a\u7dda\u4e0a\u8a08\u7b97\u5668\u80fd\u7c21\u5316\u6b96\u5229\u7387\u8a08\u7b97\u904e\u7a0b\uff0c\u8b93\u6295\u8cc7\u8005\u80fd\u5920\u5feb\u901f\u67e5\u8a62\u548c\u6bd4\u8f03\u4e0d\u540c\u50b5\u5238\u7684\u5438\u5f15\u529b\u3002<\/p>\n<\/li>\n<li>\n<p>\u5e02\u5834\u5229\u7387\u8b8a\u52d5\u5c0d\u50b5\u5238\u6295\u8cc7\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<br \/>\nA\uff1a\u7576\u5e02\u5834\u5229\u7387\u4e0a\u5347\u6642\uff0c\u820a\u7968\u9762\u5229\u606f\u7684\u50b5\u5238\u50f9\u683c\u5c07\u4e0b\u964d\uff1b\u53cd\u4e4b\uff0c\u5e02\u5834\u5229\u7387\u4e0b\u964d\u6642\uff0c\u50b5\u5238\u50f9\u683c\u5247\u6703\u4e0a\u5347\u3002<\/p>\n<\/li>\n<li>\n<p>\u6295\u8cc7\u8005\u61c9\u5982\u4f55\u9078\u64c7\u5408\u9069\u7684\u5229\u7387\u578b\u5225\uff1f<br \/>\nA\uff1a\u6295\u8cc7\u8005\u9700\u6839\u64da\u81ea\u8eab\u9700\u6c42\uff0c\u9078\u64c7\u5408\u9069\u7684\u5229\u7387\u578b\u5225\uff0c\u5982\u6839\u64da\u6295\u8cc7\u671f\u9650\u3001\u6536\u76ca\u7387\u9700\u6c42\u7b49\u56e0\u7d20\u505a\u51fa\u9078\u64c7\u3002<\/p>\n<\/li>\n<li>\n<p>\u5982\u4f55\u5229\u7528\u50b5\u5238\u6b96\u5229\u7387\u8a08\u7b97\u65b9\u6cd5\u5e6b\u52a9\u505a\u51fa\u66f4\u660e\u667a\u7684\u6295\u8cc7\u6c7a\u5b9a\uff1f<br \/>\nA\uff1a\u77ad\u89e3\u4e0d\u540c\u5229\u7387\u578b\u5225\uff0c\u904b\u7528Online\u5de5\u5177\u6216Excel\u9032\u884c\u8a08\u7b97\uff0c\u8b93\u6295\u8cc7\u8005\u66f4\u6e96\u78ba\u5730\u8a55\u4f30\u5404\u7a2e\u50b5\u5238\u7684\u98a8\u96aa\u548c\u56de\u5831\uff0c\u4ee5\u505a\u51fa\u66f4\u660e\u667a\u7684\u6295\u8cc7\u9078\u64c7\u3002<\/p>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u6295\u8cc7\u5e02\u5834\u4e2d\uff0c\u50b5\u5238\u662f\u4e00\u7a2e\u76f8\u5c0d\u5b89\u5168\u7684\u6295\u8cc7\u9078\u64c7\u3002\u77ad\u89e3\u50b5\u5238\u7684\u6b96\u5229\u7387\u8a08\u7b97\u65b9\u6cd5\u5c0d\u65bc\u6f5b\u5728\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\u81f3\u95dc\u91cd\u8981\u3002\u672c\u6587\u5c07\u8a73\u7d30\u4ecb&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[2718,2726,2724,2725,2723],"class_list":["post-1458","post","type-post","status-publish","format-standard","hentry","tag-2718","tag-2726","tag-excel","tag-2725","tag-2723"],"yoast_head":"<!-- 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content=\"\u5728\u6295\u8cc7\u5e02\u5834\u4e2d\uff0c\u50b5\u5238\u662f\u4e00\u7a2e\u76f8\u5c0d\u5b89\u5168\u7684\u6295\u8cc7\u9078\u64c7\u3002\u77ad\u89e3\u50b5\u5238\u7684\u6b96\u5229\u7387\u8a08\u7b97\u65b9\u6cd5\u5c0d\u65bc\u6f5b\u5728\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\u81f3\u95dc\u91cd\u8981\u3002\u672c\u6587\u5c07\u8a73\u7d30\u4ecb...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/choozseo.com\/blog\/finance\/bond-yield-calculation-guide-understanding-coupon-rate-and-yield-to-maturity\/\" \/>\n<meta property=\"og:site_name\" content=\"ChoozSEO\uff5c\u91d1\u878d\u7406\u8ca1\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-23T11:19:11+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" 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