债券价格关系 Bond Pricing Relationships ■价格和收益是反向关系 Inverse relationship between price and yield ■债券到期收益率的增长会导致价格下降的幅度低于与 收益的等规模减少相联系的价格上升的幅度 An increase in a bond's yield to maturity results in a smaller price decline than the gain associated with a decrease in yield ■长期债券比短期债券更具价格敏感性 Long- term bonds tend to be more price sensitive than short-term bonds 16-416-4