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4.1 4.2 4.3 4.4 4.5

2. 4.1 ??????. ????????????,?????????(discount)???????????,?????????????????????,??????? ??:??????,?????????. ???:????30?????:??4??,??????10??. 3. ??????. ????(simple loan)???????3?????,???????,????3.3?????????(fixed payment loan)???????3?????,?25???,????3,305??????(coupon bond)?3???????????,?

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4.1 4.2 4.3 4.4 4.5

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    1. 1 Chapter4 ?????? 4.1 ?????? 4.2 ????? 4.3 ????????? 4.4 ????????? 4.5 ?????????

    2. 2 4.1 ?????? ????????????,?????????(discount)???????????,?????????????????????,??????? ??:??????,?????????

    3. 3 ?????? ????(simple loan)???????3?????,???????,????3.3??? ??????(fixed payment loan)???????3?????,?25???,????3,305?? ????(coupon bond)?3???????????,?????10??????3,000????,???10???3????(principal)? ????(discount bond)??1?1???????,???27,000?,?????3??;????,?1?????????3???

    4. 4 ???????????

    5. 5 4.2 ????? ??????????,??????????,????????????????????????????????(yield to maturity,??YTM)????????????? ??????????,?????????????????????????????????

    6. 6 ?????????? ???1????????,????3??,1?????33,000?,???1???33,000????????3??????? ??:

    7. 7 ?????? ???????30,000?,?????????25??????3,305,???1???????? ,?2???????? ,????,?25???????? ,??????? ??:

    8. 8 ?????????? ??????????3??,?????3??,??10??????3,000?(?????10%),???????????? ??????????:

    9. 9 ????:?????P>????F?,?????????????; ????:?????P=????F?,?????????????; ????:?????P<????F?,??????????????

    10. 10 ???????????????????,???????????(??),?????????????????????? ?????:

    11. 11 4. ?????????? ?????27,000(P)?????1?????,?1?????????30,000(F)????,?????i????:

    12. 12 4.3 ????????? 1. ????? ????,???????????????????????????????C??????P: ???????,???????????????

    13. 13 2. ????? id ,??????:

    14. 14 ?????????????????,??????????????????????????,??????????????,???????????????????????????,?????????????????????????????

    15. 15 4.4 ????????? ????????????,?????????????????? ??????=?????+????? ????????????,??????????????? ??????,???????? ?????????,??????????? ?????????,?????????????

    16. 16 ????????? ??????10?????????????1,000?,?????1,000?,?????8%???????,?1,100?????,?????(RET)????

    17. 17 ????????? ??t?????n?????????????Pt?,?????F?,?????rb???t+1??Pt+1?????,?????(RET)????

    18. 18 ??????????????(?)

    19. 19 ??????????????(?) ????????????,???????????????? ??????,????????? ?????????,???????????? ?????????,????????????

    20. 20 4.5 ????????? ?????(Fisher equation): r=i-pe ????=????-??????? ????(Fisher's Hypothesis): ?????????1%,????????1%? ????,???????r????????

    21. 21 ?4-2???,????,???????,????????;??,?????????1987-1998??,??????????4%?6%??,????????,??????????????

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