债券到期收益率简便计算公式的改进

Modification of Simple Formula on Bonds' Yield to Maturity

在对计算到期收益率(YTM)简便计算公式进行的数学推导基础上,将式中购买价格与面值的平均值作为考虑资金时间价值的投资额,改为用两者的加权平均值作为考虑资金时间价值的投资额,从而给出了一个改进的简便计算公式。通过实例对两种简便计算公式进行了比较,结果表明,改进后的简便计算公式误差更小。

Based on the mathematical deduction of YTM（the yield to maturity）, the paper put forward a modi lied simple formula by using the weighted average of purchasing price and face value as investment value considering cap ital＇s time value, which used the average of purchasing price and face value before. Through the comparison between these two simple formulas, the result shows that the modified simple formula has less error when calculating.