新人报到！求各路大神帮我解答关于利率的问题，进贴看，谢谢！

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利率上升，债券价格下降。我对这个还是不太懂。1.这里的利率到底指什么？2.货币金融学里，宏观经济学里产品市场货币市场那块的利率到底指什么？3.为什么利率上升，债券价格会下降？我自己也有一点理解，但就是不知道最准备的应该是怎样。求大神！

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关键词：新人报到 宏观经济学 货币金融学 债券价格 货币金融 货币金融学 货币市场 经济学 产品

按照传统金融理论严格意义上说的话 是指债券的到期收益率上升 债券价格下降  但一般而言实务中我们认为是指市场利率和债券价格呈反比关系。
利率上升 投资者可以选择存银行啊 那根据供需关系 债券的价格自然就下降了 。
我没看过货币金融学 但利率指的应该就是市场利率。

天阙 发表于 2014-5-18 23:56
利率上升，债券价格下降。我对这个还是不太懂。1.这里的利率到底指什么？2.货币金融学里，宏观经济学里产品 ...

1.绝大部分公司都有债务，利率提高，利息负担加重，公司净利润和股息相应减少，股票价格下降；反之，股价上升。
2.在市场资金量一定的情况下，利率高的话，其他投资工具收益会相应增加，一部分会留流向储蓄，债券等固定收益的，对股票需求减少，股票在很大程度上受市场供求影响的，导致股价下降；反之，亦然。
3.利率一部分投资者要负担较高的利息才能借到所需资金进行证券投资；若利率下降，投资者能以较低的利率借到所需资金，增加融资和对股票需求，股价上扬。

天阙 发表于 2014-5-18 23:56
利率上升，债券价格下降。我对这个还是不太懂。1.这里的利率到底指什么？2.货币金融学里，宏观经济学里产品 ...

利息可以看做是投资的机会成本，把利息当做投资的成本。也可以把利息可以看做投资者转让资本所有权或使用权的回报。

At first glance, the inverse relationship between interest rates and bond prices seems somewhat illogical, but upon closer examination, it makes sense. An easy way to grasp why bond prices move opposite to interest rates is to consider zero-coupon bonds, which don't pay coupons but derive their value from the difference between the purchase price and the par value paid at maturity.

For instance, if a zero-coupon bond is trading at $950 and has a par value of $1,000 (paid at maturity in one year), the bond's rate of return at the present time is approximately 5.26% ((1000-950) / 950 = 5.26%).

For a person to pay $950 for this bond, he or she must be happy with receiving a 5.26% return. But his or her satisfaction with this return depends on what else is happening in the bond market. Bond investors, like all investors, typically try to get the best return possible. If current interest rates were to rise, giving newly issued bonds a yield of 10%, then the zero-coupon bond yielding 5.26% would not only be less attractive, it wouldn't be in demand at all. Who wants a 5.26% yield when they can get 10%? To attract demand, the price of the pre-existing zero-coupon bond would have to decrease enough to match the same return yielded by prevailing interest rates. In this instance, the bond's price would drop from $950 (which gives a 5.26% yield) to $909 (which gives a 10% yield).

Now that we have an idea of how a bond's price moves in relation to interest-rate changes, it's easy to see why a bond's price would increase if prevailing interest rates were to drop. If rates dropped to 3%, our zero-coupon bond - with its yield of 5.26% - would suddenly look very attractive. More people would buy the bond, which would push the price up until the bond's yield matched the prevailing 3% rate. In this instance, the price of the bond would increase to approximately $970. Given this increase in price, you can see why bond-holders (the investors selling their bonds) benefit from a decrease in prevailing interest rates.

I hope this works.
Good luck. :)

这样 你先看看曼昆的经济学原理 宏观部分 能帮助你不少  

cpamodeler 发表于 2014-5-19 01:56
At first glance, the inverse relationship between interest rates and bond prices seems somewhat illo ...

利率懂  英文不是太懂

xiaodingd 发表于 2014-5-19 13:37
利率懂  英文不是太懂

Sorry, buddy.
Or, you may use bond value formula to get the intuition.
The bigger the denominator, the lower the PV value. :)
Good luck buddy.

3、pv=R/(1+r) + R/(1+r)^2……+R/(1+r)^n + M/(1+r)^n
公示列出来就很明白了。PV是现值，R是利息，r是利率，M是票面价值。利率上升，现值下降。财务管理年金部分讲的比较详细。
1、利率是指市场利率。
2、宏观经济中的IS-LM是研究的产品市场和货币市场的均衡，利率既是市场利率，也是ZF货币政策中的利率。

李傻 发表于 2014-5-19 21:46
3、pv=R/(1+r) + R/(1+r)^2……+R/(1+r)^n + M/(1+r)^n
公示列出来就很明白了。PV是现值，R是利息，r是利率 ...

你这个倒是蛮科学的。