CFA——The Time Value of Money

The Time Value of Money——货币的时间价值

required rates of return——要求的回报率

discount rates——折扣率

the stated annual interest rate——规定年利率

the frequency of compounding——复利频率

an ordinary annuity——普通年金

an annuity due——定期年金

a perpetuity annuity——永久年金

a series of unequal cash flows——一些列不平等现金流

when we place a value on any security——当我们对于任何一种证券进行估值

deal with equivalence relationships between cash flows with different dates——处理不同现金流之间的等价关系

determine the worth at a future point in time of an amount invested today——确定今天投资金额在未来时间点的价值

suppilers of funds——资金供应方

demanders of funds——资金需求方

interest rate r = Real risk-free interest rate + Inflation premium + Default risk premium + Liquidity premium + Maturity premium

Real risk-free interest rate——实际无风险收益率

Inflation premium——通胀溢价

reflect the average inflation rate expected over the maturity of the debt——反映债务到期期间的平均通胀率

nominal risk-free interest rate——名义无风险收益率

nominal risk-free interest rate = real risk-free interest rate + inflation premium

US Treasury bill（TS-bill）——美国国库券

represent the nominal risk-free interest rate over that time horizon——代表该时间范围内的名义无风险收益率

backed by the full faith and credit of the US government——以美国政府的充分信任和信用为后盾

Default risk premium——违约风险溢价

Liquidity premium——流动性溢价

the risk of loss relative to an investment's fair value——相对投资公允价值的损失风险

Maturity premium——到期溢价

the increased sensitivity of the market value of debt to a change in market interest rates as marturity is extended, in general(holding all else equal)

一般来说，随着到期日的延长，债务市场价值对市场利率变化的敏感性增加(保持其他条件相同)

The difference between the interest rate on longer-maturity, liquid Treasury debt and that on short-term Treasury debt reflects a positive maturity premium for the longer-term debt (and possibly different inflation premium as well)

长期流动性国债利率与短期国债利率之间的差异反映了长期债务的正到期溢价(也可能存在不同的通胀溢价)