影响债券收益的因素（Factors affecting bond yields）.docVIP

影响债券收益的因素（Factors affecting bond yields） [scholar] the higher the coupon interest rate, the higher the bond interest income, the higher the bond yield. The coupon rate depends on the market interest rate, the maturity of the bond, the credit level of the issuer and the liquidity level of the bond. The higher the market interest rate, the higher the coupon interest rate; the longer the duration of the bond, the higher the coupon interest rate; the higher the issuers credit rating, the lower the coupon interest rate; the higher the liquidity of the bond, the lower the coupon interest rate. (2) market interest rate and bond price; The calculation formula of bond yields shows that the change of market interest rate has a reverse relation with the fluctuation of bond price, that is, when the market interest rate rises, the bond price drops and the bond price rises when the market interest rate decreases. Changes in market interest rates lead to changes in bond prices, which lead to differences in the sale of bonds. The market interest rate rises, the bond buying and selling price difference is positive, the investment income of the bond increases, the market interest rate reduces, the bond buying and selling spreads is negative, the investment income of the bond reduces. As market interest rates rise and fall, investors can buy more bonds if they can buy and sell bonds at the right time. Of course, if the timing of investor bond trading is not good, it will also reduce bond yields. The bond yield is lower than the coupon rate when the bond price is higher than its face value. On the contrary, it is higher than the coupon rate. (3) the investment cost of bonds; The cost of bond investment is roughly divided into three parts: purchase cost, transaction cost and tax cost. The purchase cost is the amount paid by the investor to buy the bond (the amount of the bond purchased and the price of the bond, the principal); the transaction costs include brokerage commissions, transa