{"id":7062,"date":"2022-05-23T03:55:04","date_gmt":"2022-05-22T19:55:04","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=7062"},"modified":"2022-05-23T03:59:38","modified_gmt":"2022-05-22T19:59:38","slug":"%e5%bc%b7%e7%a9%8d%e9%87%91%e5%82%b5%e5%88%b8%e5%9f%ba%e9%87%91%e6%87%89%e6%9c%89%e7%9a%84%e8%b3%87%e6%96%99%e6%8a%ab%e9%9c%b2","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2022\/05\/%e5%bc%b7%e7%a9%8d%e9%87%91%e5%82%b5%e5%88%b8%e5%9f%ba%e9%87%91%e6%87%89%e6%9c%89%e7%9a%84%e8%b3%87%e6%96%99%e6%8a%ab%e9%9c%b2\/","title":{"rendered":"\u5f37\u7a4d\u91d1\u50b5\u5238\u57fa\u91d1\u61c9\u6709\u7684\u8cc7\u6599\u62ab\u9732"},"content":{"rendered":"
<\/p>\n
\u4e0a\u6587<\/a>\u8a0e\u8ad6\u4e86\u653f\u5e9c\u52a0\u606f\u5c0d\u50b5\u5238\u57fa\u91d1\u50f9\u683c\u7684\u5f71\u97ff\uff0c\u4e3b\u8981\u95dc\u6ce8 duration \u5b58\u7e8c\u671f<\/span>\u7684\u8cc7\u6599\u62ab\u9732\u3002<\/span><\/p>\n <\/p>\n \u50b5\u5238\u4e0d\u540c\u65bc\u80a1\u7968\uff0c\u80a1\u7968\u5929\u5929\u90fd\u6709\u50b3\u5a92\u8a18\u8005\u53ca\u5206\u6790\u54e1\u8ddf\u9032\uff0c\u4e0a\u5e02\u516c\u53f8\u7684\u65b0\u805e\u53ca\u8cc7\u8a0a\u53c8\u5feb\u53c8\u65b0\uff0c\u5373\u4f7f\u662f\u9060\u5728\u5929\u908a\u7684\u516c\u53f8\u696d\u52d9\uff0c\u597d\u8207\u58de\u7684\u6d88\u606f\u90fd\u5341\u5206\u6d41\u901a\uff0c\u6240\u4ee5\u5f37\u7a4d\u91d1\u80a1\u7968\u57fa\u91d1\u7684\u6301\u6709\u8005\uff0c\u5c0d\u5176\u57fa\u91d1\u6301\u80a1\u7684\u8fd1\u6cc1\uff0c\u53ef\u4ee5\u5f9e\u4e0d\u540c\u6e20\u9053\u5f97\u77e5\u3002<\/span><\/p>\n <\/p>\n \u4f46\u662f\u50b5\u5238\u5247\u4e0d\u4e00\u6a23\uff0c\u5373\u4f7f\u662f\u540c\u4e00\u9593\u516c\u53f8\u540c\u4e00\u500b\u653f\u5e9c\u6240\u767c\u884c\u7684\u50b5\u5238\uff0c\u5176\u5167\u5bb9\u6642\u9593\u53ca\u689d\u6b3e\u90fd\u4e0d\u4e00\u6a23\uff0c\u800c\u4e14\u5e02\u5834\u8cc7\u8a0a\u5c11\uff0c\u6c92\u6709\u50b3\u5a92\u5c08\u9580\u8ddf\u9032\uff0c\u9802\u591a\u662f\u767c\u884c\u65e5 (\u4f8b\u5982\u7da0\u8272\u50b5\u5238) \u6642\u5831\u5c0e\u4e00\u4e0b\u3002<\/span><\/p>\n <\/p>\n \u6709\u9451\u65bc\u6b64\uff0c\u5f37\u7a4d\u91d1\u5c0d\u65bc\u7684\u50b5\u5238\u57fa\u91d1\u66f4\u61c9\u6709\u5168\u9762\u7684\u62ab\u9732<\/span>\uff0c\u52a0\u5f37\u8cc7\u8a0a\u7684\u900f\u660e\u5ea6\uff0c\u4ee4\u5f37\u7a4d\u91d1\u8a08\u5283\u6210\u54e1\u6709\u66f4\u597d\u7684\u9810\u671f\uff0c\u5c24\u5176\u662f\u81e8\u8fd1\u9000\u4f11\u4eba\u4ed5\uff0c\u4ed6\u5011\u7684\u5f37\u7a4d\u91d1\u8cc7\u7522\u6703\u6301\u6709\u5927\u6bd4\u4f8b\u7684\u50b5\u5238\u57fa\u91d1\uff0c\u50b5\u5238\u57fa\u91d1\u7684\u5fc5\u8981\u8cc7\u8a0a\uff0c\u5be6\u6709\u52a9\u4ed6\u5011\u9032\u884c\u8cc7\u7522\u914d\u7f6e\u7684\u90e8\u7f72\u3002<\/span><\/p>\n <\/p>\n \u4ee5\u4e0b\u7f85\u5217\u4e86\u4e00\u4e9b\u8cc7\u6599\u5167\u5bb9\u3002\u662f\u5e02\u5834\u4e0a\u4e00\u773e\u50b5\u5238\u57fa\u91d1\u90fd\u6703\u62ab\u9732\u7d66\u5927\u773e\u53ca\u6295\u8cc7\u8005\u7684\u8a0a\u606f\uff0c\u5e0c\u671b\u7a4d\u91d1\u5c40\u3001\u8a08\u5283\u53d7\u8a17\u4eba\u53ca\u6295\u8cc7\u7d93\u7406\u90fd\u53ef\u4ee5\u53c3\u8a73\u53c3\u8a73<\/span>\uff0c\u96c6\u601d\u5ee3\u76ca\uff0c\u8c50\u5bcc\u6210\u4efd\u57fa\u91d1\u8cc7\u8a0a\u5167\u5bb9\u53ca\u900f\u660e\u5ea6\u3002<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n Number of holdings<\/span><\/strong><\/span><\/p>\n <\/p>\n \u73fe\u6642\u5f37\u7a4d\u91d1\u6210\u4efd\u57fa\u91d1\u7684\u8cc7\u8a0a\u62ab\u9732\uff0c\u53ea\u8981\u6c42\u5217\u51fa\u57fa\u91d1\u6240\u6301\u6709\u982d\u5341\u5927\u7684\u8cc7\u7522\u3002\u5176\u5be6\u53ef\u4ee5\u52a0\u5f37\u6b64\u65b9\u9762\u7684\u8cc7\u8a0a\uff0c\u4f8b\u5982\u8981\u6c42\u62ab\u9732\u6240\u6301\u6709\u7684\u8cc7\u7522\u7684\u6578\u91cf<\/span>\uff0c\u5373number of holdings\u3002<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n (Weighted) Average coupon<\/span><\/strong><\/span><\/p>\n Coupon \u7968\u9762\u606f\u7387\u662f\u50b5\u5238\u6700\u57fa\u790e\u7684\u8cc7\u6599\uff0c\u5c24\u5176\u662f\u57fa\u91d1\u6301\u6709\u4e00\u7c43\u5b50\u50b5\u5238\uff0c\u5728\u62ab\u9732\u5b8c\u6301\u6709\u6578\u91cf\u4e4b\u5f8c\uff0c\u4fbf\u61c9\u8a72\u62ab\u9732\u7968\u9762\u606f\u7387\u7684\u5e73\u5747\u6578\uff0c\u5373\u6301\u6709\u6578\u91cf\u6bd4\u4f8b\u4e58\u4ee5coupon \u7968\u9762\u606f\u7387\u3002\u9019\u6a23\uff0c\u57fa\u91d1\u6295\u8cc7\u8005\u4fbf\u53ef\u4ee5\u77e5\u9053\u8a72\u57fa\u91d1\u6bcf\u5e74\u7684\u73fe\u91d1\u6d41\u5165\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Average maturity<\/span><\/strong><\/span><\/p>\n Maturity \u662f\u5230\u671f\u5e74\u671f\uff0caverage maturity \u662f\u57fa\u91d1\u6240\u6301\u6709\u7684\u50b5\u5238\u7684\u5e73\u5747\u5230\u671f\u5e74\u671f\uff0c\u4ee4\u57fa\u91d1\u6295\u8cc7\u8005\u4e86\u89e3\u8a72\u57fa\u91d1\u7684\u50b5\u5238\u6295\u8cc7\u7b56\u7565\u3002\u4e00\u822c\u4f86\u8aaa\uff0c\u6108\u9577\u5230\u671f\u5e74\u671f\u4fbf\u6709\u6108\u9ad8\u56de\u5831\u3002\u53e6\u5916\uff0c\u7576\u52a0\u606f\u671f\u6642\uff0c\u50b5\u5238\u57fa\u91d1\u7684\u6295\u8cc7\u7d93\u7406\u61c9\u964d\u4f4eaverage maturity,\u00a0 \u964d\u4f4e\u57fa\u91d1\u5c0d\u52a0\u606f\u7684\u5f71\u97ff\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Credit rating distribution<\/span><\/strong><\/p>\n \u5f37\u7a4d\u91d1\u7684\u50b5\u5238\u57fa\u91d1\u61c9\u8a72\u4ee5\u6295\u8cc7\u65bc\u9ad8\u8cea\u7d20\u7684\u50b5\u5238\u70ba\u4e3b\uff0c\u5373\u662f\u6295\u8cc7\u65bc\u300c\u6295\u8cc7\u7d1a\u5225\u300d\u50b5\u5238\uff0c\u800ccredit rating distribution \u5c31\u662f\u57fa\u91d1\u62ab\u9732\u6240\u6301\u6709\u7684\u50b5\u5238\u65bc\u5404\u500bcredit rating \u4fe1\u7528\u8a55\u7d1a\u7684\u6bd4\u4f8b\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Current yield<\/span><\/strong><\/span><\/p>\n \u4e0a\u6587<\/a>\u5df2\u7d93\u8a0e\u8ad6\u4e86yield \u5b73\u606f\u7387\uff0c\u5b73\u606f\u7387\u662f\u6700\u91cd\u8981\u7684\u50b5\u5238\u6295\u8cc7\u53c3\u8003\uff0c\u6240\u4ee5\u5f37\u7a4d\u91d1\u7684\u50b5\u5238\u57fa\u91d1\u662f\u5fc5\u9808<\/strong>\u8981\u5217\u51fa current yield \u7684\u3002\u53ef\u60dc\u9019\u9805\u6700\u91cd\u8981\u6295\u8cc7\u8cc7\u8a0a\u5728\u73fe\u6642\u7684\u62ab\u9732\u898f\u5b9a\u7adf\u7136\u4e0d\u662f\u5fc5\u9808\u7684\uff0c\u4ee4\u50b5\u5238\u57fa\u91d1\u6295\u8cc7\u8005\u5b8c\u5168\u4e0d\u77e5\u9053\u57fa\u91d1\u7684\u5be6\u969b\u60c5\u6cc1\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Yield to maturity<\/span><\/strong><\/span><\/p>\n \u8a08\u7b97yield \u5b73\u606f\u7387\u6709\u591a\u7a2e\u8868\u9054\uff0c\u800cyield to maturity \u5230\u671f\u5b73\u606f\u7387\u4ea6\u662f\u91cd\u8981\u8cc7\u8a0a\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Effective Duration<\/span><\/strong><\/p>\n \u4e0a\u6587<\/a>\u4ea6\u8a0e\u8ad6\u4e86duration \u5b58\u7e8c\u671f vs maturity \u5230\u671f\u5e74\u671f\uff0c\u8a18\u5f97duration \u662f\u52a0\u6e1b\u606f\u5c0d\u57fa\u91d1\u50f9\u683c\u7684\u5f71\u97ff<\/strong>\u3002<\/span><\/p>\n <\/p>\n \u73fe\u6642\u6709\u591a\u91cd\u8a08\u7b97duration \u7684\u65b9\u6cd5\uff0c\u7d71\u4e00\u4f7f\u7528effective duration \u4fbf\u53ef\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Convexity<\/span><\/strong><\/p>\n Convexity \u662fduration \u7684\u518d\u8b8a\u5316\uff0c\u662f\u8f03\u9032\u968e\u7684\u8cc7\u8a0a\uff0c\u5c0d\u65bc\u666e\u7f85\u5927\u773e\u7684\u5f37\u7a4d\u91d1\u53ef\u80fd\u8f03\u6df1\u5967\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Equity beta<\/span><\/strong><\/p>\n Equity beta \u662f\u6307\u50b5\u5238\u57fa\u91d1\u7684\u50f9\u683c\u8b8a\u5316\u8207\u80a1\u5e02(equity) \u7684\u95dc\u4fc2\u3002\u4e00\u822c\u4f86\u8aaa\uff0c\u50b5\u5238\u8207\u80a1\u5e02\u662f\u5c11\u8a31\u76f8\u53cd\u7684\uff0c\u9019\u4ee4\u50b5\u5238+\u80a1\u7968<\/strong>\u7684\u8cc7\u7522\u914d\u7f6e\u7d44\u5408\u80fd\u5920\u964d\u4f4e\u6ce2\u5e45\u3002<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n \u8cc7\u6599\u62ab\u9732\u4f8b\u5b50\uff0c\u53d6\u81eaiShare \u7684 TLT ETF:<\/span><\/p>\n <\/a><\/p>\n <\/p>\n <\/p>\n <\/p>\n \u8cc7\u6599\u62ab\u9732\u4f8b\u5b50\uff0c\u53d6\u81eaVanguard \u7684 VTC ETF:<\/span><\/p>\n <\/a><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n \u5c0f\u7d50<\/span><\/strong><\/p>\n <\/p>\n \u4ee5\u4e0a\u662f\u8f03\u5e38\u898b\u7684\u50b5\u5238\u57fa\u91d1\u7684\u62ab\u9732\u8cc7\u8a0a\uff0c\u7576\u4e2d\uff0c yield\u3001coupon\u3001maturity\u3001duration \u7b49\u5c24\u5176\u91cd\u8981<\/span>\u3002<\/span><\/p>\n <\/p>\n \u5e0c\u671b\u5f37\u91d1\u5c40\u53ca\u53d7\u8a17\u4eba\u80fd\u6cbf\u6b64\u601d\u8def\u53bb\u52a0\u5f37\u6210\u4efd\u57fa\u91d1\u7684\u8cc7\u8a0a\u62ab\u9732\uff0c\u9700\u77e5\u9000\u4f11\u4eba\u58eb\u4eba\u6578\u6108\u4f86\u6108\u591a\uff0c\u589e\u5f37\u9000\u4f11\u4eba\u58eb\u5c0d\u50b5\u5238\u57fa\u91d1\u7684\u8a8d\u8b58\u5df2\u7d93\u662f\u523b\u4e0d\u5bb9\u7de9\u3002<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n \u5ef6\u4f38\u95b1\u8b80<\/span><\/strong><\/span><\/p>\n <\/p>\n https:\/\/corporatefinanceinstitute.com\/resources\/knowledge\/finance\/duration\/<\/span><\/a><\/p>\n <\/p>\n https:\/\/www.raymondjames.com\/wealth-management\/advice-products-and-services\/investment-solutions\/fixed-income\/bond-basics\/duration-and-convexity<\/span><\/a><\/p>\n <\/p>\n
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