唯學(xué)網(wǎng)小編提醒：CFA金融分析師考試難度很高，建議考生可以在大學(xué)期間先把CFA一級(jí)考過，畢業(yè)拿到學(xué)位時(shí)把二級(jí)考過。這樣無論從會(huì)計(jì)還是金融投資分析的層面都充分覆蓋到了。CFA金融分析師考試作為系統(tǒng)的較成熟的考試，其難度也是逐級(jí)深入的。

債券投資:分析和估值

十五 Asset Valuation: Debt Investments: Analysis and Valuation

1.A: Introduction to the Valuation of Fixed Income Securities

a: Describe the fundamental principles of bond valuation.

Bond investors are basically entitled to two distinct types of cash flows: 1) the periodic receipt of coupon income over the life of the bond, and 2) the recovery of principal (par value) at the end of the bond's life. Thus, in valuing a bond, you're dealing with an annuity of coupon payments, plus a large single cash flow, as represented by the recovery of principal at maturity, or when the bond is retired. These cash flows, along with the required rate of return on the investment, are then used in a present value based bond model to find the dollar price of a bond.

b: Explain the three steps in the valuation process.

The value of any financial asset can be determined as the sum of the asset’s discounted cash flows. There are three steps:

Estimate the cash flows.

Determine the appropriate discount rate.

Calculate the sum of present values of the estimated cash flows.

c: Explain what is meant by a bond's cash flow.

This LOS is very straightforward. A bond's cash flow is the coupon or principal value. For an option-free bond (meaning that the bond is not callable, putable, convertible, etc.), the expected cash flow structure is shown on the time line below.

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