《货币银行学》课程教学资源（专题探讨）利率专题

利率专题研究（双语对照）Study on interest rateI.本专题涉及的相关词汇（CONCEPTSINTHISCASE）simpleloans固定利率贷款fixed-paymentloanscouponbonds 息票presentvalue 现值yield-to-maturity到期收益率currentyield当期收益率nominalandrealinterestrates名义利率和实际利率rateofreturn回报率capitalgain资本利得interest-raterisk利率风险duration持续期II.案例探究：（CASESTUDY）假设你是某公司负责金融财务的管理人员，以下表格反映的是公司的承担债务和持有债券资产：请回答：(You have been hired to analyze the debt securities of your organization.Thefirmhas outstandingloans and bonds.Aquick review of thebalance sheetshows thefollowing:)NominalInterestLiabilityYearsto(coupon)Amount($)RateMaturitySelected Liabilities of the firm5%1800Simple Loans5,00012%19Fixed-Payment Loans4500,00010%Long-term Bonds#1101,080,00010%Long-termBonds#2Liabilities Total1,585,800930.50Market Price for Bond #1859.50Market PriceforBond#21,000.00FaceValue of EachBondSelected Current Assets of the fimMarketable Securities:Treasury Bills100,000Note: Treasury Bills have a $10000 face value, which matures in one year. Each Treasury Bill has a cost of $9,580001

1 利率专题研究（双语对照） Study on interest rate Ⅰ. 本专题涉及的相关词汇（CONCEPTS IN THIS CASE ） ⬧ simple loans 固定利率贷款 fixed-payment loans coupon bonds 息票 present value 现值 yield-to-maturity 到期收益率 current yield 当期收益率 nominal and real interest rates 名义利率和实际利率 rate of return 回报率 capital gain 资本利得 interest-rate risk 利率风险 ⬧ duration 持续期 Ⅱ. 案例探究：（CASE STUDY） 假设你是某公司负责金融财务的管理人员，以下表格反映的是公司的承担债 务和持有债券资产：请回答： （You have been hired to analyze the debt securities of your organization. The firm has outstanding loans and bonds. A quick review of the balance sheet shows the following: ）

请解答下列问题：1..Howmuch interest would the firm pay eachyearonthesimple-interestloan？（公司所每年所应支付其承担的单利计息的贷款的利息是多少？）2. How much would you write a check for to pay off the loan in one year?3.What is themonthly payment needed topay off the fixed-payment loans?（公司每月对固定支付贷款应付多少？）4.What is the current yield for each bond if the current price is:（债券1和2在以下市场价格时，其当期收益率是多少？）a.$920.50forBond#1?b.$860.50forBond#2?5.What istheexpected yieldtomaturityforeachbond?（每个债券的预期到期收益率是多少？）a.Bond#1selling for$930.50?b.Bond#2sellingfor$859.506. What is the rate of capital gain if both bonds sell for $900.00 in one year?a.Bond #1 selling for $930.50 today?b. Bond #2 selling for $859.50 today?7.If theYieldtoMaturityexpectedbyinvestorschangesto11%:（如果预期到期收益率调整到10%，则：）a.What will bethemarket price of Bond #1?b. What will be the market price of Bond #2?C.Whatwill bethepercent change inpriceforBond#1?d.What will bethepercent change in priceforBond#2?e.Since the change in expected yield to maturity is the same, why isthe amount of change different between the bonds?8.What istheyieldto maturityontheTreasuryBills(a discountbond)?9.What isthereal rateof interest if the nominal rateis 1o%and the2

2 请解答下列问题： 1. How much interest would the firm pay each year on the simple-interest loan? （公司所每年 所应支付其承担的单利计息的贷款的利息是多少？） 2. How much would you write a check for to pay off the loan in one year? 3. What is the monthly payment needed to pay off the fixed-payment loans? （公司每月对固定支付贷款应付多少?） 4. What is the current yield for each bond if the current price is: (债券 1 和 2 在以下市场价格时，其当期收益率是多少？) a. $920.50 for Bond #1? b. $860.50 for Bond #2? 5. What is the expected yield to maturity for each bond? (每个债券的预期到 期收益率是多少？) a. Bond #1 selling for $930.50? b. Bond #2 selling for $859.50 6. What is the rate of capital gain if both bonds sell for $900.00 in one year? a. Bond #1 selling for $930.50 today? b. Bond #2 selling for $859.50 today? 7. If the Yield to Maturity expected by investors changes to 11%: (如果预期 到期收益率调整到 10%，则：) a. What will be the market price of Bond #1? b. What will be the market price of Bond #2? c. What will be the percent change in price for Bond #1? d. What will be the percent change in price for Bond #2? e. Since the change in expected yield to maturity is the same, why is the amount of change different between the bonds? 8. What is the yield to maturity on the Treasury Bills (a discount bond)? 9. What is the real rate of interest if the nominal rate is 10% and the

inflationrateis3%?Ⅲ.网络资源阅读及思考：（1）登录雅虎财经网，查阅有关市场利率的分析报告：(http://finance.yahoo.com/news/Mortgage-Rates-in-2009-7-usnews-13807427.htmlMortgage Rates in 2009: 7 Things to Know)请分析解释：影响利率的因素（2)http://www.federalreserve.gov/releases/H15/data.htm阅读理解美国市场利率体系的种类和报价（3）http://stockcharts.com/charts/YieldCurve.html查看长期到期收益率（30年）和和中期（7年）以及短期到期收益率的图表，比较收益率曲线的一般形状，并回答：@therelationshipbetweenbondpricesand interestrates②thedistinctionbetweenrealandnominalinterestrates③thedistinctionbetweenbondyieldsandreturns

3 inflation rate is 3%? Ⅲ．网络资源阅读及思考： （１）登录雅虎财经网，查阅有关市场利率的分析报告： （http://finance.yahoo.com/news/Mortgage-Rates-in-2009-7-usnews-13807427.html Mortgage Rates in 2009: 7 Things to Know） 请分析解释：影响利率的因素 （２）http://www.federalreserve.gov/releases/H15/data.htm， 阅读理解美国市场利率体系的种类和报价 （３）http://stockcharts.com/charts/YieldCurve.html 查看长期到期收益率（30 年）和和中期（7 年）以及短期到期收益率的图表，比较收益 率曲线的一般形状，并回答： ①the relationship between bond prices and interest rates ②the distinction between real and nominal interest rates ③the distinction between bond yields and returns