摘要
通常,到期收益率被用来判断债券的投资价值。但在债券实际交易和投资中,受税收因素、债券买入溢折价、浮息债基准利率调息等多种因素的影响,直接使用到期收益率(或其利差)来判断债券投资价值反而会出现一定的偏差。本文针对债券投资交易时的上述影响因素,提出相应的调整计算方法,以使判断债券真实投资价值变得相对简单易行。
Yield to maturity is normally used as an indicator of a bond＇s investment value. However, the real value of bond investment is influenced by many factors, such as taxes, premium/discount on bonds, and benchmark rate adjustment for floating-rate bonds. So directly using yield to maturity （or interest-rate spread） to judge the bond＇s value may result in deviation from the actual situation. This paper suggests an adjusted calculation based on the above-mentioned factors, in order to make it relatively easy and simple to judge the bond＇s real investment value.
出处
《中国货币市场》
2009年第9期34-37,共4页
China Money
关键词
债券真实投资价值
税收
溢折价
浮息债
real value of bond investment, taxes, premium/discount, floating-rate bonds
