{"id":382236,"date":"2021-05-13T16:15:04","date_gmt":"2021-05-13T23:15:04","guid":{"rendered":"https:\/\/nai500.com\/?p=382236"},"modified":"2021-05-14T11:11:03","modified_gmt":"2021-05-14T18:11:03","slug":"%e5%82%b5%e5%88%b8-%e7%9f%a5%e8%ad%98-%e5%85%a5%e9%96%803-%e5%82%b5%e5%88%b8-%e5%a6%82%e4%bd%95-%e5%ae%9a%e5%83%b9","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e5%82%b5%e5%88%b8-%e7%9f%a5%e8%ad%98-%e5%85%a5%e9%96%803-%e5%82%b5%e5%88%b8-%e5%a6%82%e4%bd%95-%e5%ae%9a%e5%83%b9\/","title":{"rendered":"\u50b5\u5238\u77e5\u8b58\u5165\u95803\uff1a\u50b5\u5238\u5982\u4f55\u5b9a\u50f9\uff1f"},"content":{"rendered":"<h2><strong>\u50b5\u5238\u5b9a\u50f9<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u5e02\u5834\u6839\u64da\u50b5\u5238\u7684\u7279\u5b9a\u7279\u5fb5\u70ba\u5176\u5b9a\u50f9\u3002\u50b5\u5238\u7684\u50f9\u683c\u6bcf\u5929\u90fd\u5728\u8b8a\u5316\uff0c\u5c31\u50cf\u5176\u4ed6\u516c\u958b\u4ea4\u6613\u7684\u8b49\u5238\u4e00\u6a23\uff0c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/l\/law-of-supply-demand.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4efb\u4f55\u7279\u5b9a\u6642\u523b\u7684\u4f9b\u6c42\u95dc\u4fc2<\/span><\/a><span style=\"font-weight: 400;\">\u6c7a\u5b9a\u4e86\u89c0\u5bdf\u5230\u7684\u50f9\u683c\u3002\u4f46\u662f\u50b5\u5238\u7684\u4f30\u503c\u6709\u4e00\u500b\u908f\u8f2f\u3002\u5230\u76ee\u524d\u70ba\u6b62\uff0c\u6211\u5011\u5728\u8ac7\u8ad6\u50b5\u5238\u6642\uff0c\u5c31\u597d\u50cf\u6bcf\u500b\u6295\u8cc7\u8005\u90fd\u6301\u6709\u50b5\u5238\u81f3<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/maturity.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5230\u671f\u65e5<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u7684\u78ba\uff0c\u5982\u679c\u4f60\u9019\u6a23\u505a\uff0c\u4f60\u5c31\u80fd\u4fdd\u8b49\u5f97\u5230\u4f60\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/p\/principal.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u672c\u91d1<\/span><\/a><span style=\"font-weight: 400;\">\u548c\u5229\u606f\uff1b\u4f46\u662f\uff0c\u50b5\u5238\u4e0d\u4e00\u5b9a\u8981\u6301\u6709\u81f3\u5230\u671f\u65e5\u3002\u5728\u4efb\u4f55\u6642\u5019\uff0c\u50b5\u5238\u6301\u6709\u4eba\u90fd\u53ef\u4ee5\u5728\u516c\u958b\u5e02\u5834\u4e0a\u51fa\u552e\u4ed6\u5011\u7684\u50b5\u5238\uff0c\u50f9\u683c\u53ef\u80fd\u6703\u51fa\u73fe\u6ce2\u52d5\uff0c\u6709\u6642\u751a\u81f3\u662f\u5de8\u5927\u7684\u6ce2\u52d5\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u56db\u500b\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e5%82%b5%e5%88%b8-%e7%9f%a5%e8%ad%98-%e5%85%a5%e9%96%801-%e4%bb%80%e9%ba%bc%e6%98%af-%e5%82%b5%e5%88%b8\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e00\u90e8\u5206<\/a><\/strong>\u3001<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e5%82%b5%e5%88%b8-%e7%9f%a5%e8%ad%98-%e5%85%a5%e9%96%802-%e5%82%b5%e5%88%b8-%e6%9c%89%e5%93%aa%e4%ba%9b-%e7%a8%ae%e9%a1%9e\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e8c\u90e8\u5206<\/a><\/strong>\u548c<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e5%82%b5%e5%88%b8-%e7%9f%a5%e8%ad%98-%e5%85%a5%e9%96%804-%e5%82%b5%e5%88%b8%e7%9a%84-%e5%b8%b8%e8%a6%8b-%e5%95%8f%e9%a1%8c\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u56db\u90e8\u5206<\/a><\/strong>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u50b5\u5238\u7684\u50f9\u683c\u96a8\u8457\u7d93\u6fdf\u4e2d\u7684\u5229\u7387\u8b8a\u5316\u800c\u8b8a\u5316\u3002\u9019\u662f\u56e0\u70ba\u5c0d\u65bc<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/fixedrate-bond.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u56fa\u5b9a\u5229\u7387\u7684\u50b5\u5238<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u767c\u884c\u4eba\u5df2\u7d93\u627f\u8afe\u6839\u64da\u50b5\u5238\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/facevalue.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u7968\u9762\u50f9\u503c<\/span><\/a><span style=\"font-weight: 400;\">\u4f86\u652f\u4ed8\u7968\u606f\uff0c\u6240\u4ee5\u5c0d\u65bc1000\u7f8e\u5143\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/p\/par.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u9762\u503c<\/span><\/a><span style=\"font-weight: 400;\">\uff0c10%\u5e74\u7968\u606f\u7684\u50b5\u5238\uff0c\u767c\u884c\u4eba\u5c07\u6bcf\u5e74\u652f\u4ed8\u7d66\u50b5\u5238\u6301\u6709\u4eba100\u7f8e\u5143\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5047\u8a2d\u5728\u767c\u884c\u9019\u7a2e\u50b5\u5238\u6642\uff0c\u73fe\u884c\u7684\u5229\u7387\u4e5f\u662f10%\uff0c\u9019\u662f\u7531\u77ed\u671f\u653f\u5e9c\u50b5\u5238\u7684\u5229\u7387\u6c7a\u5b9a\u7684\u3002\u6295\u8cc7\u516c\u53f8\u50b5\u5238\u6216\u653f\u5e9c\u50b5\u5238\u90fd\u6703\u6709100\u7f8e\u5143\u7684\u56de\u5831\uff0c\u6240\u4ee5\u6295\u8cc7\u8005\u5c0d\u6295\u8cc7\u5169\u8005\u90fd\u7121\u52d5\u65bc\u8877\u3002\u7136\u800c\uff0c\u60f3\u50cf\u4e00\u4e0b\uff0c\u904e\u4e86\u4e00\u6bb5\u6642\u9593\uff0c\u7d93\u6fdf\u5f62\u52e2\u8f49\u58de\uff0c\u5229\u7387\u4e0b\u964d\u52305%\u3002\u73fe\u5728\uff0c\u6295\u8cc7\u8005\u53ea\u80fd\u5f9e\u653f\u5e9c\u50b5\u5238\u4e2d\u7372\u5f9750\u7f8e\u5143\uff0c\u4f46\u4ecd\u80fd\u5f9e\u516c\u53f8\u50b5\u5238\u4e2d\u7372\u5f97100\u7f8e\u5143\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u9019\u7a2e\u5dee\u7570\u4f7f\u5f97\u4f01\u696d\u50b5\u5238\u66f4\u6709\u5438\u5f15\u529b\u3002\u56e0\u6b64\uff0c\u5e02\u5834\u4e0a\u7684\u6295\u8cc7\u8005\u6703\u7af6\u76f8\u62ac\u9ad8\u50b5\u5238\u7684\u50f9\u683c\uff0c\u76f4\u5230\u5b83\u7684\u4ea4\u6613\u50f9\u683c\u8207\u7576\u6642\u7684\u5229\u7387\u74b0\u5883\u6301\u5e73\u2013\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u50b5\u5238\u7684\u4ea4\u6613\u50f9\u683c\u70ba2000\u7f8e\u5143\uff0c\u9019\u6a23100\u7f8e\u5143\u7684\u606f\u7968\u5c31\u4ee3\u8868\u4e865%\u7684\u7968\u606f\u3002\u540c\u6a23\uff0c\u5982\u679c\u5229\u7387\u98c6\u5347\u81f315%\uff0c\u90a3\u9ebc\u6295\u8cc7\u8005\u53ef\u4ee5\u5f9e\u653f\u5e9c\u50b5\u5238\u4e2d\u8cfa\u53d6150\u7f8e\u5143\uff0c\u4e0d\u6703\u70ba\u4e86\u8cfa\u53d6100\u7f8e\u5143\u800c\u652f\u4ed81000\u7f8e\u5143\u3002\u9019\u7a2e\u50b5\u5238\u5c07\u88ab\u51fa\u552e\uff0c\u76f4\u5230\u9054\u5230\u4e00\u500b\u80fd\u5e73\u8861\u6536\u76ca\u7387\u7684\u50f9\u683c\uff0c\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u50f9\u683c\u70ba666.67\u7f8e\u5143\u3002<\/span><\/p>\n<h2><strong>\u8207\u5229\u7387\u6210\u53cd\u6bd4<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u9019\u5c31\u662f\u70ba\u4ec0\u9ebc\u50b5\u5238\u7684\u50f9\u683c\u8207\u5229\u7387\u6210\u53cd\u6bd4\u7684\u8457\u540d\u8aaa\u6cd5\u662f\u6709\u6548\u7684\u3002\u7576\u5229\u7387\u4e0a\u5347\u6642\uff0c\u50b5\u5238\u50f9\u683c\u4e0b\u964d\uff0c\u4ee5\u9054\u5230\u4f7f\u50b5\u5238\u7684\u5229\u7387\u8207\u73fe\u884c\u5229\u7387\u76f8\u7b49\u7684\u6548\u679c\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8aaa\u660e\u9019\u4e00\u6982\u5ff5\u7684\u53e6\u4e00\u7a2e\u65b9\u6cd5\u662f\u8003\u616e\u5728\u50f9\u683c\u8b8a\u5316\u7684\u60c5\u6cc1\u4e0b\uff0c\u800c\u4e0d\u662f\u5728\u5229\u7387\u8b8a\u5316\u7684\u60c5\u6cc1\u4e0b\uff0c\u6211\u5011\u50b5\u5238\u7684\u6536\u76ca\u7387\u6703\u662f\u591a\u5c11\u3002\u4f8b\u5982\uff0c\u5982\u679c\u50f9\u683c\u5f9e1000\u7f8e\u5143\u4e0b\u964d\u5230800\u7f8e\u5143\uff0c\u90a3\u9ebc\u6536\u76ca\u7387\u5c31\u6703\u4e0a\u5347\u523012.5%\u3002\u767c\u751f\u9019\u7a2e\u60c5\u6cc1\u662f\u56e0\u70ba\u4f60\u5728\u50f9\u503c800\u7f8e\u5143\u7684\u8cc7\u7522\u4e0a\u5f97\u5230\u4e86\u540c\u6a23\u7684100\u7f8e\u5143\u4fdd\u8b49\uff08100\u7f8e\u5143\/800\u7f8e\u5143\uff09\u3002\u76f8\u53cd\uff0c\u5982\u679c\u50b5\u5238\u7684\u50f9\u683c\u4e0a\u5347\u52301200\u7f8e\u5143\uff0c\u6536\u76ca\u7387\u5c31\u6703\u7e2e\u6e1b\u52308.33%\uff08100\u7f8e\u5143\/1200\u7f8e\u5143\uff09\u3002<\/span><\/p>\n<h2><strong>\u5230\u671f\u6536\u76ca\u7387(YTM)<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u50b5\u5238\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/y\/yieldtomaturity.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5230\u671f\u6536\u76ca\u7387\uff08YTM\uff09<\/span><\/a><span style=\"font-weight: 400;\">\u662f\u8003\u616e\u50b5\u5238\u50f9\u683c\u7684\u53e6\u4e00\u7a2e\u65b9\u5f0f\u3002 YTM\u662f\u6307\u5982\u679c\u50b5\u5238\u4e00\u76f4\u6301\u6709\u5230\u5176\u58fd\u547d\u7d50\u675f\u6642\u9810\u671f\u7684\u7e3d<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/return.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u56de\u5831<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u5230\u671f\u6536\u76ca\u7387\u88ab\u8a8d\u70ba\u662f<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/l\/longterm.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u9577\u671f<\/span><\/a><a href=\"https:\/\/www.investopedia.com\/terms\/b\/bond-yield.asp\"><span style=\"font-weight: 400;\">\u50b5\u5238\u6536\u76ca\u7387<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u4f46\u7528<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/a\/annual.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5e74<\/span><\/a><span style=\"font-weight: 400;\">\u7387\u8868\u793a\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u5982\u679c\u6295\u8cc7\u8005\u6301\u6709\u50b5\u5238\u76f4\u81f3\u5230\u671f\uff0c\u4e26\u4e14\u6240\u6709\u7684\u4ed8\u6b3e\u90fd\u5982\u671f\u9032\u884c\uff0c\u90a3\u9ebc\u5c31\u662f\u6295\u8cc7\u65bc\u50b5\u5238\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/i\/irr.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5167\u90e8\u56de\u5831\u7387<\/span><\/a><span style=\"font-weight: 400;\">\u3002 YTM\u662f\u4e00\u500b\u8907\u96dc\u7684\u8a08\u7b97\u65b9\u6cd5\uff0c\u4f46\u4f5c\u70ba\u8a55\u4f30\u4e00\u7a2e\u50b5\u5238\u76f8\u5c0d\u65bc\u5e02\u5834\u4e0a\u4e0d\u540c\u7968\u9762\u548c\u671f\u9650\u7684\u5176\u4ed6\u50b5\u5238\u7684\u5438\u5f15\u529b\u7684\u6982\u5ff5\u662f\u76f8\u7576\u6709\u7528\u7684\u3002 YTM\u7684\u8a08\u7b97\u516c\u5f0f\u5305\u62ec\u6c42\u89e3\u4ee5\u4e0b\u516c\u5f0f\u4e2d\u7684\u5229\u7387\uff0c\u9019\u4e0d\u662f\u4e00\u4ef6\u5bb9\u6613\u7684\u4e8b\uff0c\u56e0\u6b64\uff0c\u5927\u591a\u6578\u5c0dYTM\u611f\u8208\u8da3\u7684\u50b5\u5238\u6295\u8cc7\u8005\u6703\u4f7f\u7528\u8a08\u7b97\u6a5f\u8a08\u7b97\uff1a<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-382229 lazyload\" data-src=\"https:\/\/nai500.com\/wp-content\/uploads\/2021\/05\/\u503a\u52383.png\" data-sizes=\"(max-width: 357px) 100vw, 357px\" data-srcset=\"https:\/\/nai500.com\/wp-content\/uploads\/2021\/05\/\u503a\u52383.png 357w, https:\/\/nai500.com\/wp-content\/uploads\/2021\/05\/\u503a\u52383-300x97.png 300w\" alt=\"\" width=\"357\" height=\"115\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 357px; --smush-placeholder-aspect-ratio: 357\/115;\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6211\u5011\u9084\u53ef\u4ee5\u7528\u4e00\u7a2e\u88ab\u7a31\u70ba\u50b5\u5238\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/d\/duration.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4e45\u671f<\/span><\/a><span style=\"font-weight: 400;\">\u7684\u63aa\u65bd\u4f86\u8861\u91cf\u5728\u5229\u7387\u8b8a\u5316\u7684\u60c5\u6cc1\u4e0b\u50b5\u5238\u50f9\u683c\u7684\u9810\u671f\u8b8a\u5316\u3002\u4e45\u671f\u6700\u521d\u662f\u6307<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/z\/zero-couponbond.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u96f6\u606f\u50b5\u5238<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u5176\u671f\u9650<\/span><i><span style=\"font-weight: 400;\">\u662f<\/span><\/i><span style=\"font-weight: 400;\">\u5176\u5230\u671f\u65e5\uff0c\u6240\u4ee5\u4e45\u671f\u7528\u5e74\u6578\u70ba\u55ae\u4f4d\u8868\u793a\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7136\u800c\uff0c\u70ba\u4e86\u5be6\u969b\u7684\u76ee\u7684\uff0c\u4e45\u671f\u4ee3\u8868\u4e86\u5728\u5229\u7387\u8b8a\u53161%\u7684\u60c5\u6cc1\u4e0b\uff0c\u50b5\u5238\u7684\u50f9\u683c\u8b8a\u5316\u3002\u6211\u5011\u628a\u9019\u7b2c\u4e8c\u500b\u66f4\u5be6\u7528\u7684\u5b9a\u7fa9\u7a31\u70ba\u50b5\u5238\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/m\/modifiedduration.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u4fee\u6b63\u4e45\u671f<\/span><\/a><span style=\"font-weight: 400;\">\u3002<\/span><\/p>\n<p><span style=\"font-weight: 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