0息债券怎么理解专题之「财务管理」债券2

欢迎回到财务管理知识共享。继上一期内容后，我将分享如何购买债券才能保障我们的利益。(大卫亚设，Northern Exposure)财务管理知识共享。

Welcome back to Financial Management Knowledge Sharing, followed immediately by the last issue in which we share how to buy bonds to guarantee our interests.

要保证我们的利益的话就需要进行债券的估值了，当我们知道它的价值的时候，再将其与我们的要求对比，观察其能否达到我们的利益要求，这也能让我们有购买的依据。这时候我们就需要用到计算了。

To guarantee our interest, the valuation of the bond is necessary, and when we know its value, compare it with our requirements and observe whether it meets our interest requirements, which also makes us have a basis for will need to use the calculations by then.

任何金融资产的估值都是资产预期创造现金流的现值，债券也不例外。债券的现金流依赖于债券的主要特征。对于一只典型的公司债券而言，如中国铝业公司发行的企业债券，其现金流由5年的债券利息支付加上债券到期时需偿还的本金(100 元面值)组成。如果是浮动利率债券，利息支付随时间变化而变化。如果是零息债券，则没有利息支付，只在债券到期时按面额支付。债券价值的计算公式表示为:

The valuation of any financial asset is the present value of the asset expected to create cash flow, and bonds are no exception. The cash flow of the bond depends on the main characteristics of the bond. For a typical corporate bond, such as corporate bonds issued by Chinalco, its cash flow consists of five years of bond interest payments plus the principal ($ 100 par value) payable at the maturity of the bond. If floating interest bonds, interest payments vary over time. If it is a zero-interest bond, no interest is paid, only in denomination when the bond expires. The calculation formula for the bond value is expressed as follows:

式中，Ra 表示债券的市场利率，这是计算债券现金流现值的折现率，亦即投资者投资债券所要求的必要报酬率。M为面值，该数额是到期时必须支付的。n为债券的到期期限。债券发行以后，n逐年减少。如果债券按年支付利息，n以年为单位来衡量，则发行到期年限为15年的债券(初始到期时间=15)，一年以后n=14，两年以后n=13,依此类推。后面会提到半年付息债券，这些债券每6个月支付一次利息，则图2- 23中的n以半年为单位来衡量。如果债券为半年付息债券，则I为年利息额的一半。如果公司发行的是零息债券，那么I为0;如果是浮动利率债券，则I也是变动的。式子可用于计算任何债券的价值。

In 10, Ra represents the market interest rate of bonds, the discount rate to calculate the current value of bond cash flow, the necessary remuneration rate required for investors to invest in bonds. M is face value and that amount must be paid when due. n is the maturity term of the bond. After the bond issuance, the n was reduced year by year. If the bond pays interest annually, n is measured in years, issue a maturity of 15 years (initial maturity =15), one year later n=14, two years later n=13, and so on. Referring later to semi-annual interest payment bonds that pay interest every six months, the n in Figure 2-23 is measured in half-year units. If the bond is semi-annual interest payment, I is half the annual interest. If the company issues zero interest bonds, I is 0; if floating interest bonds, I is also variable. Equformula may be used to calculate the value of any bond.

通过此方法就能估算出债券的价值了，然后我们就可以通过数据来说话，从数据上来体现这份债券到底有没有我们购买的价值，好了，本期的内容就到这里了，下期我们将谈谈通过购买债券进行投资的优缺点，有什么值得注意的地方，我们下期见。

Through this method can estimate the value of the bond, and then we can speak through the data, from the data to reflect the bond has the value of our purchase, well, the content of this period is here, the next period we will talk about the advantages and disadvantages of investment by buying bonds, what is worth noting, we see the next period.

参考资料:百度百科。
翻译:谷歌翻译。
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