存续期是债券价格对利率变动敏感度的指标,亦可视为投资人收回其债券投资的资金所需时间的一个指标。存续期越长,债券价格对利率的变动越敏感。存续期与债券的年期是不同的概念,年期一定程度上亦反映债券对利率风险的敏感度,在其他条件相同的情况下,年期越长,价格对利率的变动越敏感。但由于债券价格对利率风险的敏感度同时受票面利率、付息的频率及年期 Duration is an indicator of the sensitivity of a bond’s price to a change in interest rates and can also be taken as an indicator of the time it takes an investor to recover its bond investment. The longer the duration, the more sensitive the bond prices to changes in interest rates. The term of existence is different from the term of the bond. The term also reflects the sensitivity of the bond to the interest rate risk to a certain extent. In other cases, the longer the term, the more sensitive the price is to the change of the interest rate. However, the sensitivity of the bond prices to the interest rate risk is affected by the coupon rate, the frequency and period of interest payment