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ȷġ ˾Ƿծȯڹ˾ ڹ˾ծȯۡC coupon rate iYTM ֵ1000 ytmcoupon rateʱ npv ͻС1000ֵ ˾800=C/(1+i)+C/(1+i)^2+...+C/(1+i)^n+1000/(1+i)^n ûдġ ...

ϢƱʾƱʣڷʱԼÿÿֵһ100Ԫ֧ϢԷкͲ䶯ˣʹǸҲԼˣ仯٣ô䶯 ʾǰּۼʡ ڼ۸ͬ...

ծȯķм۸ʱծȯδֽгֵ죬ֵмۡ ƱʵгʣʣʱõķмһծȯֵǸѧ⣬ͨʱ仯󵼻á ͶߵĽǶȣгʸ...

ҲƳڣ1938F.R.Macaulayġδʱ䷢ֽĿǰֳֵÿֵھñֽʱʱޣȻͣܺͳծȯĿǰļ۸õֵǾڡ...

ʵַдʽģ(עʡԵǰ)(Ʊֵ+ƱϢ)/(1+r)+ƱϢ)/(1+r)+ƱϢ)/(1+r)+ƱϢ)/(1+r)(עʡԵǡ+ƱϢ)/(1+r))ʽʵϾԭַļʽӴӺ濪ʼһ...

ָ1δ֧ıΪֵʹõʣָƱûеڵƱҪ֣нϢп۳ʹõʡ2ҲָʣԱнֹƱΪнʱ֧ϢϢ...

ãͬΪļֻжںгϢ仯ͬ 1ծȯֵֺм۸ 2

=Ȩֽ¼۸ Ϊ6%ʱƱʣծȯ۸ΪƱ۸Ϊ100Ԫ ÿϢƱ=100*6%=6Ԫ =[6*1/(1+6%)+6*2/(1+6%)^2+6*3/(1+6%)^3+100*3/(1+6%)^3]/100=2.833 Ϊ10%ʱծȯ۸=6/(1+10%)+6/(1+10%)...

ֵ1000Ԫ10ծȯֵ1134.2һ󰴵8%㣬ֵΪ1124.9 ծȯԼǷ涨Լծȯ֧ϢɷΪϢծȯϢծȯϢƱۻծȯࡣ ϢƱۻծȯ븽ϢծȯƣծȯҲ涨...

=114-102=12 ɱ=102 = / ɱ=114-102/102 = 114 / 102 - 1 = / 1ʵϾdzɱ

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