為什麼公債殖利率上升會跌 - 股票
By Anthony
at 2021-02-26T09:05
at 2021-02-26T09:05
Table of Contents
小弟修超過八堂財經課，
應該可以算是一介財經專家。
舉個例子比較好懂。
目前公債大部分是零息債券，
就是不分配債息，
到期依票面給付。
假設目前利率1%，
政府發行10年公債，
票面100元，
目前市價怎麼算？
答案：
100/(1.01)^10 = 90.5287
過了一年後~
情境一
利率不變
100/(1.01)^9 = 91.4340
情境二
利率為2%
100/(1.02)^9 = 83.6755
所以說啊，
升息債價格就會下跌。
用另個角度想，
新發的債利率比較高，
舊債利率低，
價格就是要下去，
使兩者利率相等才會平衡。
--
應該可以算是一介財經專家。
舉個例子比較好懂。
目前公債大部分是零息債券，
就是不分配債息，
到期依票面給付。
假設目前利率1%，
政府發行10年公債，
票面100元，
目前市價怎麼算？
答案：
100/(1.01)^10 = 90.5287
過了一年後~
情境一
利率不變
100/(1.01)^9 = 91.4340
情境二
利率為2%
100/(1.02)^9 = 83.6755
所以說啊，
升息債價格就會下跌。
用另個角度想，
新發的債利率比較高，
舊債利率低，
價格就是要下去，
使兩者利率相等才會平衡。
--
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