问题已解决
老師,b和d有什么區(qū)別
FAILED



?您好!很高興為您解答,請(qǐng)稍等
2023 08/26 07:40

廖君老師 

2023 08/26 07:50
您好,當(dāng)債券付息周期延長(zhǎng),到期時(shí)間越遠(yuǎn),債務(wù)能力越強(qiáng),因此債券發(fā)行價(jià)格越高。因?yàn)閷?shí)際市場(chǎng)利率比票面利率低,而票面利率不會(huì)隨著發(fā)行價(jià)格的增加而改變,因此價(jià)格和實(shí)際市場(chǎng)利率有差距,而這種差距就是折價(jià),債券發(fā)行時(shí)的折價(jià)越大,債券價(jià)格就越高。
然而,當(dāng)債券期限變長(zhǎng)的時(shí)候,在以相同的票面利率條件下,由于到期本息值會(huì)延遲,因此,經(jīng)過(guò)貼現(xiàn)后的現(xiàn)值就越來(lái)越小,債券發(fā)行價(jià)格也會(huì)下降,從而導(dǎo)致債券價(jià)值下降。因此,付息周期延長(zhǎng)會(huì)導(dǎo)致債券價(jià)值上升,而期限變長(zhǎng)會(huì)導(dǎo)致債券價(jià)值下降。

84785009 

2023 08/26 08:08
票面利小于實(shí)際利率,時(shí)間越長(zhǎng),期限越長(zhǎng),價(jià)值會(huì)降低啊,投資人越來(lái)越不劃算啊

廖君老師 

2023 08/26 08:12
您好,期限長(zhǎng)是價(jià)值低,這是D項(xiàng)
付息周期延長(zhǎng)理解本是半年付息現(xiàn)在一年付息一次。i=(1+r/m)m-1所以,當(dāng)一年多次計(jì)息時(shí),實(shí)際年利率高于名義年利率,反過(guò)來(lái)說(shuō)少次計(jì)息實(shí)際利率小于名義利率。利率下降,折現(xiàn)率變小,折現(xiàn)值變大。
期限變長(zhǎng)是本來(lái)是半年到期,現(xiàn)在1年到期,折現(xiàn)時(shí)間變長(zhǎng),價(jià)值下降。
