淑同學(xué)
2020-09-18 10:11請(qǐng)問(wèn) an increase in the bond's yield will result in a decrease in the fair value of the bond liability.以及 changes in yield result in a divergence between the book value of the bond liability and the fair value of the bond.是什么意思？基礎(chǔ)班講義P325
所屬：CFA Level I > Financial Reporting and Analysis 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Vicky助教
2020-09-18 14:59
該回答已被題主采納
同學(xué)你好，
an increase in the bond's yield will result in a decrease in the fair value of the bond liability.
意思是說(shuō)債券利率上升，會(huì)導(dǎo)致債券公允價(jià)值負(fù)債下降。這是因?yàn)閭逝c債券價(jià)格呈反比，債券價(jià)格等于未來(lái)現(xiàn)金流折現(xiàn)求和，折現(xiàn)率就是債券利率，因此價(jià)格和利率成反比。
以及 changes in yield result in a divergence between the book value of the bond liability and the fair value of the bond.
這是說(shuō)利率的改變會(huì)導(dǎo)致債券負(fù)債的賬面價(jià)值和公允價(jià)值出現(xiàn)差異，這是因?yàn)閭墓蕛r(jià)值也就是市場(chǎng)價(jià)值是隨著利率的變化而變化的。但是賬面價(jià)值的計(jì)算是基于債券發(fā)行時(shí)的利率，不會(huì)發(fā)生改變，這就導(dǎo)致兩者出現(xiàn)了差異。
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