摘要
本文通过单利、复利的经济特征进行对比分析 ,发现其各自的优点和不足 ,并用实证研究指出单利理论在债券估价方面的缺点 ,即在单利计息情况下债券的理论卖价和理论买价存在较大差异 ,在例子中 ,二者最大差异达到该债券票面利率的 1 7%。给出了到期一次还本付息债券的复利估价方法 ,证明了在债券投资中复利估价方法的合理性。最后指出将我国单利计息体制改为复利计息体制在理论研究、债券投资和与国际经济体制接轨等方面的必要性。
In this paper,the advantages and shortcomings of simple interest and compound interest are found through the contrast and analysis of their economic features And a real example is quoted to point out a defect of the simple interest theory in bonds appraisal The defect is that a large difference between the theoretical selling price of a bond and the theoretical buying price exist The largest difference in the example is 17% of the interest rate on the bond It is given that an appraisal method uses compound interest for the bonds,which pay the principal and interest at maturity And it is proved that it is reasonable appraisal method uses compound interest in bodes investment Finally,it is pointed out that the necessity of compound interest method in the aspects of theory studies,bonds investment and approaching with international economic system,etc
出处
《石家庄经济学院学报》
2001年第5期448-452,共5页
Journal of Shijiazhuang University of Economics
