债券投资与其它投资综合概述

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1、Chapter 14第十四章Investing in Bonds and Other Investments債券投資與其他投資1Why Consider Bonds?為何考慮債券?Bonds reduce risk through diversification.債券透過分散投資來降低風險Bonds produce steady current income.債券有穩定當期收益Bonds can be a safe investment if held to maturity.如果持有債券，直到到期，則債券投資是安全的2Basic Bond Terminology and Features債券

2、的基本術語和特性Par value the amount returned to the holder at maturity面值債券持有人於到期日時所回收的金額Coupon interest rate indicates the percentage of the face value that will be paid annually to the holder in the form of interest票面利率載明債券面值的百分比每年應以利息的形式支付Indenture a document that outlines the terms of the loan agreement

3、合約提供借貸合約具體條件的文件3Basic Bond Terminology and Features(contd)債券的基本術語和特性(續)Call provision allows the issuer to repurchase the bonds before the maturity date提前贖回條款債券發行人在到期前以提前贖回該債券Deferred calls provide more protection.延遲贖回較有保障Sinking fund money set aside annually to pay off the bonds at maturity償債基金透過定期

4、撥付錢到帳戶中，於到期時還清債務4Different Types of Bonds債券的類型Corporate bonds公司債券Treasury and agency bonds國庫債券與代理機構債券Municipal bonds市政公債Special situation bonds特別情況公債5Corporate Bonds公司債券Secured corporate debts are secured by collateral or real property liens公司債券是有抵押品或房地產做擔保secured bond擔保債券mortgage bond抵押債券6Corporate

5、 Bonds(contd)公司債券Unsecured corporate debts are not secured by collateral,and pay a higher return 無擔保品的公司債券，無抵押品擔保，且償還價款較高debenture long-term unsecured bond無擔保公司債券長期無擔保債券can have a hierarchy of payment,with unsubordinated and subordinated debentures次順位的無擔保債券7Treasury and Agency Bonds國庫債券與代理機構債券Treasu

6、ry bonds國庫債券Bills,notes,and bonds票據、票據與債券Treasury inflation-indexed bonds國庫通膨指數債券Savings bonds儲蓄債券U.S.Series EE bonds美國系列 EE債券I bonds I 債券Agency bonds代理機構債券Pass-through certificates傳遞證明書8Treasury Bills,Notes,and Bonds國庫券、票據和債券Considered risk free no default or call risk無風險，且無贖回的風險Pay a lower rate of

7、 interest than other bonds較其他債券付息較低Most interest is exempt from state and local taxes多數由聯邦支付的利息可免除州及地方租稅Treasury Direct avoids brokerage fees政府直接發行無代理費用9Treasury Bills,Notes,Bonds(contd)國庫券、票據和債券(續)Bills mature in 3,6,or 12 months國庫負債有3.6.或12個月的到期日稱國庫券 Notes mature in 2,3,5,or 10 years如果發行時卣2.3.5.或1

8、0年的到期日，稱為國庫票據Bonds mature in 10 to 30 years國庫債券有10 30年的限制All are sold in denominations of$1,000最小面額都是$1,000Can be purchased directly from the Treasury.可直接向國庫購買10Agency Bonds代理機構債券Issued by government agencies;authorized by Congress由聯邦政府的代理機構或國會授權發行Federal National Mortgage Association(FNMA)聯邦國家抵押協會F

9、ederal Home Loan Banks(FHLB)聯邦國家貸款銀行Low risk,with interest rates slightly higher than Treasury issues低風險，比國庫的債券利率微高Minimum denomination of$25,000 with maturities from 1 to 40 years一般最小面額為$25,000，到期日由1 40年11Pass-Through Certificates傳遞證明書Issued by Government National Mortgage Association(GNMA)由政府國家抵押協

10、會發行Minimum$25,000 certificate for pool of mortgages最小面額$25,000的抵押儲金證明Principal and interest repaid monthly每月償付本金與利息12Treasury Inflation-Indexed Bonds通膨指數債券Maturities of 10 years and a minimum par value of$1,000最小面值為$1,000,到期日為10年Inflation increases the face value of the bond,guaranteeing the investo

11、r a real return投資者保證有通貨膨脹加上債券面額的實質報酬Tax complication must pay taxes annually on par value adjustments稅賦問題複雜每年需支付面值調整的部分作為利息收入且課稅13U.S.Series EE Bonds美國系列EE債券Purchase price is one-half of the face value,ranging from$50 to$10,000買價是面值的一半，票面價值由$50-$10,000 不等Rate of return varies with the market rate報酬率

12、隨市場報酬率而變動Have a guaranteed minimum interest rate based on Treasury securities有個依照國庫利率為基準的保證最低利率High level of liquidity,but cashing in before maturity may reduce yield具有高流動性，在到期前隨時可被兌換成現金，但報酬率會降低14Municipal Bonds(Munis)市政公債Issued by to fund public projects由州、郡與市集其他公共代理人發行Interest earnings are federal

13、 tax-exempt利息是不被聯邦政府課稅Can be exempt from state taxes if you live in the state where bonds issued 假使你居住在某城市且購買該市所發行的市政公債，則債券收入免課城市、州和聯邦稅Not very liquid,due to the lack of a secondary market流動性不高，無次級市場可交易15Municipal Bonds(contd)市政公債(續)Two basic types兩種基本型態general obligation一般義務公債Revenue收益公債Serial matu

14、rity a portion of the debt comes due each year for a set number of years系列期限每年都有一部分的債券到期，通常分許多年Not risk free;check the bond ratings非無風險，注意債信評等16Special Situation Bonds特別情況債券Zero-coupon bonds 零息債券Junk bonds垃圾債券17Zero-coupon Bonds零息債券Issued by corporations,municipalities,and the Treasury(e.g.,STRIPS)由

15、公司、地方自治體與市府發行(例如STRIPS)Do not pay interest不付利息Are sold at a discount from face value以面額折價出售Annual appreciation is taxed although it is not realized每年債券價格的增值，雖無任何收入但仍被課稅Fluctuate more with interest rate changes than traditional bonds利率波動較傳統債券波動大18Junk Bonds垃圾債券Have very low ratings評等非常低Normally offer

16、 very high interest rates通常提供高的利率Have a high default rate有很高的違約風險利率Are almost always callable幾乎都是可贖回的19Bond Yield殖利率Is the total return on a bond investment債券投資的總報酬率Is not the same as the interest rate與一般利率不同Is affected by the bond price which may be more or less than face value受債券價格影響，可能高於或低於面值20Wa

17、ys to Measure Bond Yield計算殖利率的方法Current yield當期殖利率Yield to maturity到期殖利率Equivalent taxable yield on munis 等稅殖利率21Current Yield當期殖率利Ratio of annual interest payments to the bonds market price每年利息支付與債券市場價格的比率Current yield=當期殖利率=annual interest payments 債券的年付息/債券市場價格market price of the bond22Yield to M

18、aturity到期殖利率True yield received if the bond is held to maturity持有債券到到期日時，所收得的真實利率或報酬Approximate yield to maturity=近似到期殖利率=annual interest+par value-current price payments years to maturity par value+current price 2 年付息+(面值-現在價值)/到期年數 /(面值+當期價格/2)Equivalent Taxable Yield Equation for Munis市政公債的等稅殖利率E

19、quivalent taxable yield=等稅殖利率=tax-free yield on the municipal bond (1-investors marginal tax bracket)市政公債的免稅殖利/(1 投資人的邊際稅距)23Bond Ratings A Measure of Riskiness 債券評等風險的衡量Generally ratings run from AAA or Aaa for the safest to D for the extremely risky通常債券風險的等級由最安全的AAA到極危險的 DRatings categorize bonds

20、by default risk針對債券違約或不履行的風險Rating companies債評等級公司Standard&Poors標準普爾Moodys穆迪24Corporate Bond Quotes in The Wall Street Journal華爾街日報的公債報價Bonds the name of the issuer Bonds債券發行公司名稱Cur Yld the annual interest divided by the most current price Cur Yld當期殖利率即年息除以當期價格Vol the volume,or number,of bonds trade

21、d Vol交易量債券的交易數量25Corporate Bond Quotes(contd)公債報價(續)Close the last price paid for that issue.Measured in 1/8s or$1.25.收盤價前一交易日的最後價格，一般以1/8s 或$1.25衡量Net Chg the change in closing price from the prior days closing price.Measured in 1/8s or$1.25.淨變動當日收盤價與前一日收盤價的變動，一般以1/8s 或$1.25衡量26Reading Treasury Quo

22、tes in The Wall Street Journal華爾街日報的國庫券報價Rate the original interest rate on the bond 利率表示債券原始利率Maturity Mo/Yr the year and month the issue will mature 到期月/年表示到期的年與月Bid the previous days mid-afternoon bid price that Treasury dealers were willing to buy the issue for.Measured in 32nds of a point;a poi

23、nt equals one-hundredth of par.買價買價參考前一日中午國庫券交易商願意支付的買價，以第32點來衡量，一點相當於面值的百分之一Asked the previous days mid-afternoon ask price the Treasury dealers were willing to sell the issue for賣價賣價參考前一日中午國庫券交易商願意賣出的價格27Reading Treasury Quotes(contd)國庫券報價(續)Chg change from the prior days bid price淨變動與前一日賣出價格的變化As

24、k Yld is the effective rate of return on the investment有效殖利率對投資人的有效殖利率STRIPS refers to zero-coupon bonds 零息債券與零息債券有關Days to Mat listed for T-bills due to their short maturity lengths 到期天數由於到期日很短所以列出到期天數28Bond Valuation Principles債券評價原則Value of a bond=債券價值=present value of +present value of repayment

25、 all interest payments of par at maturity 付息的現值 +到期償還面值的現值Bonds fluctuate in value,and the longer the time to maturity the greater the fluctuation.債券價值會波動，到期日越長波動越大29Valuation Principles(contd)評價的原則(續)Why would an investors required rate of return change?為何投資人要求報酬率會變動？Change in the risk associated w

26、ith the firm issuing the bond.因為公司的債信評等變動Change in general interest rates in the market.因為總體的市場利率變動30Valuation Principles(contd)評價的原則(續)As the available rate of return increases,the value of a lower rated bond decreases and an investor would pay a discount.當利率提高時，低於市場利率的債券的價值會降低，投資人可以折價買進As the avai

27、lable rate of return drops,the value of a higher rated bond increases and an investor would pay a premium.當利率降低時，高於市場利率的債券價格會提高，投資人必須溢價買進31Valuation Principles(contd)評估的原則(續)Interest rates affect bond valuation by changing the demand,and price,for a bond.利率會借由影響債券的需求而影響債券的價值Interest rates and bond v

28、alues are inversely related in the secondary market.But the call price limits the upward price on a bond with a call provision.在次級市場，債券的利率和價值是呈相反的關係，但是贖回的價格會限制這個價格的上升As a bond approaches its maturity date,its market value approaches it par value.當債券接近期到期日時，市場價值會與其面值接近32Bond Valuation Relationships a

29、nd The Investor債券價值與投資者的關係If you expect interest rates to increase,buy short-term bonds.如果你希望利率上升，購買短期債券If you expect interest rates to decrease,buy long-term non-callable bonds.如果你希望利率下跌，購買長期不可贖回債券33The Pros of Investing in Bonds贊成投資債券的觀點If interest rates drop,bond prices will rise.假如利率下跌，債券價值會上升Bo

30、nds reduce risk through diversification.透過分散降低的債券的風險Bonds produce steady current income.債券提供穩定的當期收入Bonds can be a safe investment if held to maturity.如果持有債券直到到期，則債券投資是安全的34The Cons of Investing in Bonds反對投資債券的觀點If interest rates rise,bond prices will fall.假使利率上升，債券價格會下跌If the issuer experiences fina

31、ncial problems,the bondholder may lose.假如發行人有財務困難，持有人可能會有損失If interest rates drop,rather than experiencing price appreciation,the bond may be called.假使利率下跌，債券價格上升，債券有可能被贖回35The Cons of Investing in Bonds(contd)反對投資債券的觀點(續)If you need to sell your bonds early,you may have a problem selling them at a

32、reasonable price.如果你必須提早賣掉你的債券，想要賣到合理的價格是有困難的Finding a good investment outlet for the interest you receive may be difficult.為你所收到的利息找到一個好的投資出路可能很困難36Analyzing Bond Choices債券選擇分析Think about taxes.考慮稅賦Keep the inverse relationship between interest rates and bond price in mind.牢記利率與價格之間存在反向關係Avoid lose

33、rs,and dont worry about picking winners.避免輸家，而不需要擔憂選擇贏家Consider only high quality bonds.僅考慮品質較佳的債券Buy a bond when it is first issued,rather than in the secondary market.購買初級市場發行的債券別購買次級市場發行債券37Analyzing Bond Choices(contd)債券選擇分析(續)Avoid bonds that might get called.避免可能被贖回的債券Match your bonds maturity

34、 to your investment time horizon.債券到期日必需與你的投資期限相符Stick to large issues.釘住大量發行者When in doubt,go Treasury!當有疑慮時，去購買國庫證券38Preferred Stock An Alternative to Bonds特別股債券之外的另一種選擇Hybrid security with characteristics of stocks and bonds特別股是具有普通股與債券特性的混合證券Dividend payments can be skipped,without the company b

35、eing bankrupt不支付股息也不會引起破產Dividends are a fixed amount a fixed dollar amount or a percentage of the stocks par value股息是固定的，固定的金額或是面值的固定百分比39Preferred Stock An Alternative to Bonds(contd)特別股債券之外的另一種選擇(續)Dividends are paid before common stock dividends股息的支付是在普通股股息之前Do not share in other profits with th

36、e common stockholders無法與普通股股東分享額外的獲利No voting rights無投票權No fixed maturity date無固定的到期日Rated like bonds,typically medium grade利率與債券相同，一般是中等的水準40Features and Characteristics of Preferred Stock特別股的特色與特徵Multiple issues some companies have multiple issues of preferred stock,each with a different dividend多

37、次發行公司能發行種以上的特別股，每一種股息都不同Cumulative feature all past unpaid dividends must be paid before common stock dividends are paid累積的特色要求全部過去未付的特別股股息，要在發放普通股股息以前就支付Adjustable rate the dividend rate changes with the market interest rate rather than letting the value of the stock drop可調整的利率以提供投資者對抗因利率波動而影響股價價值的

38、服務41Features and Characteristics of Preferred Stock(contd)特別股的特色與特徵(續)Convertibility preferred stock can be exchanged for common stock at any time可轉變性特別股的持有者能隨時轉換成普通股Callability issuer can repurchase the stock in case interest rates drop可贖回性發行公司可於利率下跌時將股票贖回42The Valuation of Preferred Stock特別股的價值The

39、 value of preferred stock is the present value of the perpetuity of dividends特別股的價值=永久固定股息的現值Value =annual dividend required rate of return特別股價值=每年特別股股息/預期的報酬率43Risks Associated with Preferred Stock Investing特別股的風險If interest rates rise,the value of the preferred stock drops.假如利率攀升，特別股股價下跌If interes

40、t rates drop,the value rises,and the stock may be called.假如利率下跌，特別股價值上升就有可能被贖回44Risks Associated with Preferred Stock Investing(contd)特別股的風險(續)Investors dont participate in the capital gains that common stockholders receive.投資者不能參與普通股股東所收到的資本利得Preferred stock does not have the safety of a bond,becau

41、se dividends can be passed without the risk of bankruptcy.投資者無債券付息的安全，因為特別股股息未被支付，而沒有破產的風險45Investing in Real Estate投資房地產Direct investments直接投資vacation homes度假住宅commercial property(e.g.,apartment buildings,office buildings,etc.)商業資產(公寓大樓、辦公大樓等)undeveloped land未開發土地Indirect investments間接投資real estate

42、 syndicates房地產聯盟組織real estate investment trusts(REIT)房地產投資信託46Real Estate:Pros and Cons房地產：Income produced with an opportunity of capital appreciation有增值的機會Few tax advantages稅賦較少的優點Direct investment is active time,energy,and knowledge required直接投資須相當投入時間、精力、知識Illiquidity不具流動性Overbuilding can hurt pr

43、ices過度的開發會傷害到價格4748Investing(Speculating)in Metals,Gems,Collectibles投資(投機)金屬、珠寶及收藏品Just Dont Do It!放手去做Speculation is not investing.投機買賣並非投資Collectibles are fine as entertainment,but not as savings vehicles.收藏品作為娛樂是很好，但不適合作為投資的手段Price depends on supply and demand.供需決定了價格49Summary摘要Determinants of a

44、bonds return記算債券報酬Reasons to invest in bonds為何要投資債券annual interest payments年利率支付額return of the par value面值的報酬Measures of bond returns債券報酬的計算current yieldd當期殖利率yield to maturity到期殖利率50Summary(contd)摘要(續)Sources of bonds債券的來源Corporations公司Treasury and other agencies國庫或其他代理機構Municipalities市政公債Bond ratings AAA to D債評等AAA到DBond valuation and the relationship with interest rates債券評價及相關利率51Summary(contd)摘要(續)Features of preferred stock特別股的特性Real estate investments房地產投資Speculative“investments”precious投機性投資 metals,gems,and collectibles金屬、珠寶與收藏品52演讲完毕，谢谢观看！