为什么到期收益率越高债券现值越低，求指点！

到期收益率是回报率吗？ 常识上来讲 回报率越高不是越赚钱吗。。。。那我买一个债券 到期收益率越高也就是回报率越高...怎么会现值越低呢？另外到期收益率是利率吗 什么关系~~~~

债券的现值低就是购买的价格低，而到期的面值固定不变，买进价越低就代表收益率越高。

The YTM is the rate that equals the discounted notional with the current market price, i.e., P*exp{YTM*t}=N.
So, the larger the YTM is, the smaller the P, market price of the bond, is.  

The YTM is the rate that equals the discounted notional with the current market price, i.e., P*exp{YTM*t}=N.
So, the larger the YTM is, the smaller the P, market price of the bond, is.  

ps: the example above is only for zero-coupon bond. With coupon bearing bonds, the YTM are similarly defined.

99rabbit 发表于 2011-10-13 05:30
债券的现值低就是购买的价格低，而到期的面值固定不变，买进价越低就代表收益率越高。

哈哈 谢谢！明白了！