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债券的证券组合的主要风险来自于利率变化,就是期限结构的变化。期限结构的变化影响所有债券的价格,而且有非确定的收益。久期模型的引入,在一定程度上改善了我国债券投资利率风险管理领域理论不足的境况,丰富了我国不甚成熟的债券投资理论体系。与此同时,债券投资者将久期模型用于自己的投资实践,可以有效防范投资的利率风险,实现资产的利率免疫,并有助于其树立科学的市场投资理念,从而最终促进我国债券市场的健康发展。
The main risk of a bond’s portfolio is the change in interest rates, which is the change in term structure. Changes in the term structure affect the price of all bonds, but also have non-deterministic benefits. The introduction of the long-term model, to a certain extent, has improved the theoretical underdevelopment in the field of bond interest rate risk management in our country, and enriched the less mature theoretical system of bond investment in our country. At the same time, bond investors use the model of duration in their own investment practice, which can effectively guard against the interest rate risk of investment and achieve the interest rate immunity of assets, and help them establish a scientific concept of market investment so as to eventually promote China’s bond market The healthy development.