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债券定价模型阐释了在假定无交易税的条件下债券资产的定价机制。然而,交易税与所得税都会影响债券资产价格。拓展的债券含税定价模型能够揭示资产定价机制中的税收效应机理,并反映资产定价机制中的税收因素与风险因素的相互作用过程。
The bond pricing model illustrates the pricing of bond assets under the assumption that there is no transaction tax. However, both the transaction tax and the income tax will affect the bond asset price. The expanded model of tax-inclusive pricing of bonds can reveal the tax effect mechanism in the asset pricing mechanism and reflect the interaction between tax factors and risk factors in the asset pricing mechanism.