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body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>到期殖利率(YTM)、票面利率是什麼？一次介紹債券的4種利率</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"3515\\\"></a>\\\r\\\n<h1>到期殖利率(YTM)、票面利率是什麼？一次介紹債券的4種利率</h1>\\\r\\\n\\\r\\\n<div><span>\\\n  <div style=\\\"--en-clipped-content:simplified\\\">\\\n<div><br/></div><div style=\\\"font-size: 16px; display:block; min-width: 100%;\\\"> <div style=\\\"background-color:transparent;font:inherit;vertical-align:baseline;\\\"><div style=\\\"background-color:transparent;font:inherit;vertical-align:baseline;font-family:&quot;PT Serif&quot;;font-size:16px;line-height:1.5em;color:rgb(31, 9, 9);text-align:left;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;width:36em;z-index:200;padding-left:2em;padding-right:2em;margin-left:auto;margin-right:auto;position:relative;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;position:relative;margin-left:-25px;margin-right:25px;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;padding-top:0px;padding-bottom:9em;position:relative;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;position:relative;margin-bottom:0px;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><h1 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;border:0px;font:inherit;vertical-align:baseline;font-size:35px;font-weight:normal;line-height:35px;margin-bottom:20px;padding:0px;margin:0px;\\\">到期殖利率(YTM)、票面利率是什麼？一次介紹債券的4種利率</h1><div style=\\\"padding:0px;border:0px;font:inherit;vertical-align:baseline;position:relative;height:1em;line-height:1;text-align:center;margin:0px;padding-top:1.5em;padding-bottom:1.5em;margin-bottom:0px;\\\"><div style=\\\"padding:0px;border:0px;font:inherit;vertical-align:baseline;background:-webkit-linear-gradient(0deg, rgb(243, 242, 238) 1%, rgb(31, 9, 9) 50%, rgb(243, 242, 238) 99%);position:absolute;left:-4em;top:50%;z-index:10;width:100%;padding-left:4em;padding-right:4em;height:0.1em;opacity:0.5;margin:0px;margin-bottom:0px;\\\"><span style=\\\"font:inherit;position:absolute;left:-4em;top:50%;z-index:10;width:100%;padding-left:4em;padding-right:4em;height:0.1em;margin:0px;opacity:0.5;background:-webkit-linear-gradient(0deg, rgb(243, 242, 238) 1%, rgb(31, 9, 9) 50%, rgb(243, 242, 238) 99%);\\\"></span></div></div></div>\\\n\\\n\\t\\t\\t<div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">\\\n\\\n\\t\\t\\t\\t<span style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n\\\n\\t\\t\\t\\t\\t2020.07.08\\\n\\\n\\t\\t\\t\\t</span>\\\n\\\n\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\">\\\n\\\n\\t\\t\\t\\t\\t<a href=\\\"https://rich01.com/category/learn-invest/bond-fixed-income-invest/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">債券投資</a>\\\n\\t\\t\\t\\t</div>\\\n\\\n\\t\\t\\t</div>\\\n\\\n\\t\\t\\\n\\\n\\t\\t\\\n\\t\\t\\\n\\\n\\\n\\t<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">最後更新：2023-08-11 </p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><img src=\\\":/10067f3f079647bbb3584755d15586ba\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20230808144359_19.jpg\\\" height=\\\"302\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">買債券前有一件很重要的事，就是要搞懂債券的4個利率(票面利率、當期殖利率、到期殖利率、贖回殖利率)，其中最重要的是到期殖利率(YTM)。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">這4種利率聽起來很相似，但意義差距卻可能很遠。本篇市場先生將一次介紹這4種債券利率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">如果還不熟悉債券，在開始閱讀本篇，可先閱讀：<a href=\\\"https://rich01.com/what-is-bonds/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">債券是什麼？</a></p>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">到期殖利率(YTM)是什麼？</h2>\\\n<blockquote style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;quotes:none;margin-bottom:1.5em;font-style:italic;border-left:5px solid;margin-left:2em;padding-left:1em;\\\"><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">到期殖利率 = 用買入價格、利息、票面金額計算 (可用excel算)</strong></p><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span></blockquote>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">在債券中談到殖利率，一般指的都是到期殖利率。</strong></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">到期殖利率(英文: Yield to Maturity，簡稱YTM)是考慮債券買入價格、未來可領取的利息、持有到期後拿回本金，來推算出的年化報酬率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">換句話說，債券殖利率就是指買入債券一直持有至到期為止的實質投資報酬率，因此又可稱為到期殖利率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">舉例來說，一張債券定價是100元，票面利率是5%，以102元的價格買入，持有5年，最後可拿回本金100元，那麼計算出來的殖利率為4.54%。如下圖：</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><img src=\\\":/666bf203adff44e88bb9ca23560f46b5\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20230712144707_42.jpg\\\" height=\\\"227\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">票面利率是什麼？</h2>\\\n<blockquote style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;quotes:none;margin-bottom:1.5em;font-style:italic;border-left:5px solid;margin-left:2em;padding-left:1em;\\\"><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">票面利率 = 每年利息 ÷ 債券面額</strong></p><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span></blockquote>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">票面利率(英文: Coupon Rate)指的是債券在發行時，直接被印刷在債券票面上的應付利率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">假如一張債券的面額(Face Value)是100元，票面利率是5%，那麼每年投資人會收到的利息就是5元，到期時拿回本金100元。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">要注意的是，<strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">債券面額不等於你買進債券的價格(買入價格)</strong>，也就是說，面額是100元，但你買進的價格不一定是100元，價券交易價格是變動的，而面額和票面利率是不會變的。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">在整個債券交易中，票面利率常常被用作話術，看似6%票面利率的債券，實際上如果你根據市價買入，到期殖利率(YTM)可能只有3%。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">票面利率只是債券報酬計算過程用的數字，實際債券投資時，票面利率毫無任何意義。</p>\\\n<blockquote style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;quotes:none;margin-bottom:1.5em;font-style:italic;border-left:5px solid;margin-left:2em;padding-left:1em;\\\"><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">市場先生補充：</strong></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">當我們以溢價購入債券時，到期殖利率一定會小於票面利率，而當我們以低於票面價格購入債券時，到期殖利率會高於票面利率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">以美國公債為例，假設公債票面價值是100元：</p>\\\n<ul style=\\\"padding:0px;border:0px;font:inherit;vertical-align:baseline;margin:0px 0px 1.5em 1.5em;list-style:none;margin-top:-1em;list-style-type:square;\\\">\\\n<li style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;list-style-type:inherit;list-style-position:outside;\\\">當購入價格 = 100元，到期殖利率 = 票面利率</li>\\\n<li style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;list-style-type:inherit;list-style-position:outside;\\\">當購入價格 &gt; 100元，到期殖利率 &lt; 票面利率</li>\\\n<li style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;list-style-type:inherit;list-style-position:outside;\\\">當購入價格 &lt; 100元，到期殖利率 &gt; 票面利率</li>\\\n\\\n</ul>\\\n<span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span></blockquote>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">當期殖利率是什麼？</h2>\\\n<blockquote style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;quotes:none;margin-bottom:1.5em;font-style:italic;border-left:5px solid;margin-left:2em;padding-left:1em;\\\"><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">當期殖利率 = 每年利息 ÷ 買入價格</strong></p><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span></blockquote>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">當期殖利率(英文: Current Yield)是考慮債券的買入價格，計算出當期的收益率。當買入價格大於票面價格時，當期殖利率會低於票面利率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">假如一張債券定價是100元，票面利率是5%，投資人以102元買入，那麼他每年會收到的利息為5元，當期殖利率=5÷102=4.9%。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">當期殖利率只考量到了目前的收益，沒有考量到到期時拿回本金的損益，因此不是最好參考數字。(以上面這個案例來說，用102元買入，到期只有拿回100元本金，因此本金損失了2元，故實際的報酬率會低於4.9%)</p>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">贖回殖利率是什麼？</h2>\\\n<blockquote style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;quotes:none;margin-bottom:1.5em;font-style:italic;border-left:5px solid;margin-left:2em;padding-left:1em;\\\"><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">贖回殖利率 = 用買入價格、利息、贖回時市場價格計算 (可用excel算)</strong></p><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span></blockquote>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">贖回殖利率 (英文: Yield to Call，簡稱YTC)是在債券未到期前就要出售，想要計算持有期間的報酬率時用的殖利率，意思是考量買入價格、已領取的利息、賣出價格來推算出的年化報酬率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">在持有過程中，雖然到期殖利率是固定的，但因債券交易價格是變動的，這代表你任何時間點提早賣出的話，報酬率也是隨時變動的。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">計算方式很簡單，跟到期殖利率一樣，在excel計算即可，於最後拿回的金額處輸入目前市價，即可得到贖回殖利率。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">舉例來說，一張債券定價是100元，票面利率是5%，以102元的價格買入，持有3年後，要以103元的價格售出，那麼計算出來的贖回殖利率為5.21%。如下圖：</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><img src=\\\":/e1c10970f71e41bb8c694ffea2756d78\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20230712144709_65.jpg\\\" height=\\\"227\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">比較債券的4種利率</h2>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">以下把票面利率、當期殖利率、到期殖利率、贖回殖利率做一個比較：</p>\\\n<table style=\\\"font-weight:inherit;font-style:inherit;font-variant:inherit;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;border-collapse:collapse;border-spacing:0px;font-size:1em;margin-bottom:1.5em;\\\">\\\n<tbody style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td colspan=\\\"3\\\" style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">債券的4種利率比較</strong></td>\\\n</tr>\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">利率種類</strong></td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">計算方式</strong></td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\"><b style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">意思</b></td>\\\n</tr>\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">票面利率</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">每年利息 ÷ 債券面額</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">債券在發行時，直接印在債券票面上的利率</td>\\\n</tr>\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">當期殖利率</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">每年利息 ÷ 買入價格</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">考慮債券的買入價格，算出當期的收益率<br/>\\\n(不會考量到期時拿回本金的損益)</td>\\\n</tr>\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">到期殖利率<br/>\\\nYTM(重要)</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">用買入價格、利息、票面金額計算</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">買入債券~到期為止的實質投資報酬率</td>\\\n</tr>\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">贖回殖利率<br/>\\\nYTC(重要)</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">用買入價格、利息、贖回時市場價格計算</td>\\\n<td style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">債券未到期前要出售，想計算持有期間的報酬率時使用</td>\\\n</tr>\\\n<tr style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;\\\">\\\n<td colspan=\\\"3\\\" style=\\\"margin:0px;border:0px;font:inherit;padding:0.25em 0.25em 0.25em 0.4em;vertical-align:top;\\\">資料整理：<a href=\\\"https://rich01.com/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">Mr.Market市場先生</a></td>\\\n</tr>\\\n</tbody>\\\n</table>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">對於投資債券來說，購買時最重要的是看到期殖利率(YTM)，在持有期間要出售則是要看贖回殖利率(YTC)，票面利率跟當期殖利率並不重要。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">特別提醒一下，在債券持有的過程中，如果債券價格上漲了，當下出售雖會比持有至到期賺更多，但決定我們是否要出售，不僅僅是考慮賣出有賺更多，而且還要考慮售出得到的現金，有沒有其他更好的投資機會？</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">因為售出後要再買相同的債券，市場價格也變貴了，換句話說，當下你雖然賺到錢，但那些現金不見得能再找到當初高殖利率的機會。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">如果缺乏更好的投資機會，現金不能創造同等或更好報酬時，其實也可以考慮繼續持有債券。</p>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">如何查詢債券的票面利率、到期殖利率？</h2>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">一般來說，債券下單的介面都會揭露它的票面利率及到期殖利率，以下以<a href=\\\"https://rich01.com/firstrade-account-open/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">Firstrade券商</a>、<a href=\\\"https://rich01.com/ib-interactivebrokers-open/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">IB盈透證券</a>購買美國公債為例：</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">以Firstrade來說，債券的票面利率可以在「Coupon」這個欄位找到(但不重要)，而到期殖利率則可在「YTM」這個欄位找到(看YTM是重點)，總共兩個步驟，如下圖：</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><img src=\\\":/a6df67994328466f9dd470694298bad1\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20230712103134_85.jpg\\\" height=\\\"302\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<blockquote style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;quotes:none;margin-bottom:1.5em;font-style:italic;border-left:5px solid;margin-left:2em;padding-left:1em;\\\"><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">市場先生補充：</strong></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\">由上圖可以看到，差不多的存續期間，票面利率儘管有點不一樣，但會在價格(Price)上調整，所以最後到期殖利率還是差不多的。</p><span style=\\\"font:inherit;quotes:none;font-style:italic;\\\"></span></blockquote>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">以IB來說，只查得到債券的到期殖利率(這個也是重點)，總共兩個步驟，如下圖：</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><img src=\\\":/883ee2112b60470ca8c4973de594d875\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20230717100625_68.jpg\\\" height=\\\"302\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><img src=\\\":/cf97dd805cfc499ba645ec44e54b9c1e\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20230717100640_41.jpg\\\" height=\\\"227\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<h2 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:30px;line-height:35px;margin-top:35px;margin-bottom:15px;\\\">快速重點整理：債券的票面利率、當期殖利率、到期殖利率、贖回殖利率</h2>\\\n<ol style=\\\"padding:0px;border:0px;font:inherit;vertical-align:baseline;margin:0px 0px 1.5em 1.5em;list-style:none;margin-top:-1em;list-style-type:decimal;\\\">\\\n<li style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;list-style-type:inherit;list-style-position:outside;\\\">買進債券時要看到期殖利率(YTM)，在持有期間要出售則是要看贖回殖利率(YTC)。</li>\\\n<li style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;list-style-type:inherit;list-style-position:outside;\\\">不要看票面利率跟當期殖利率買賣債券，這兩個數字在投資上沒意義。如果理專跟你說票面利率，那很大可能是話術。</li>\\\n<li style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;list-style-type:inherit;list-style-position:outside;\\\">決定債券是否要出售，不是只看有沒有賺到錢，還要看贖回金額是否有更好的再投資機會，整體效益是否大於把債券持有到期。</li>\\\n</ol>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">債券其實是個很好用的投資工具，但也必須正確使用才行，更多債券文章可閱讀：</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">1. <a href=\\\"https://rich01.com/what-is-bonds/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">什麼是債券，有哪些投資方式？</a></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">2. <a href=\\\"https://rich01.com/bond-etf-treasuries-5/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">認識5檔美國公債ETF</a></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">3. <a href=\\\"https://rich01.com/what-municipal-bonds/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">美國市政債是什麼？如何投資？</a></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">4. <a href=\\\"https://rich01.com/high-yield-bond-wrong-1/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">為什麼高收益債沒有避險功能？</a></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">5. <a href=\\\"https://rich01.com/use-interactive-broker-buy-bond/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">如何使用IB盈透證券買美國公債？完整圖解下單教學</a></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">專欄作者：牟均俞　主編：市場先生</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">加入市場先生FB社團，充實更多理財好知識</strong></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">50歲之前想退休一定要懂理財，<br/>解決投資的煩惱！</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><a href=\\\"https://bit.ly/2NTBOAv\\\" style=\\\"color:rgb(6, 85, 136);border:0px;font:inherit;vertical-align:baseline;text-decoration:none;display:block;background-color:transparent;margin:0px;padding:0px;\\\" target=\\\"_blank\\\"></a></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;text-align:center;margin-bottom:1em;margin-top:1em;\\\"><a href=\\\"https://bit.ly/2NTBOAv\\\" style=\\\"color:rgb(6, 85, 136);border:0px;font:inherit;vertical-align:baseline;text-decoration:none;display:block;background-color:transparent;margin:0px;padding:0px;\\\" target=\\\"_blank\\\"><img src=\\\":/7ed165414caf4cb88734ab0cc781983e\\\" type=\\\"image/gif\\\" data-filename=\\\"20190824195036_69.gif\\\" height=\\\"204\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;max-width:100%;\\\" width=\\\"576\\\"/></a></div><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"></p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">最近市場先生開了一堂的「<strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">用美股ETF創造穩定現金流</strong>」教學課程，<br/>這堂課程會從基礎入門、資料查詢到實際操作，<br/>教你學會建立一個穩定的全球ETF投資組合，目前累積已經有將近1100位同學上課。</p>\\\n<p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">線上課程》<a href=\\\"http://bit.ly/2FV3hPc\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">美股ETF創造穩定現金流線上課程連結</a></p><p style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">如果覺得這篇文章有幫助，</strong><br/><strong style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;\\\">幫我按個讚，分享給更多人看到，謝謝！</strong></p><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\">\\\n\\t\\\n<div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:0px;\\\"><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;\\\"><a href=\\\"https://rich01.com/what-is-callable-bond/?relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\" title=\\\"可贖回債券是什麼？值得投資？一次看懂可贖回債券\\\"><img src=\\\":/0dc2d02cb5df480bb10bc7f9af28a680\\\" type=\\\"image/jpeg\\\" data-filename=\\\"20220715092537_54.jpg\\\" height=\\\"200\\\" style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;border-color:rgb(6, 85, 136);\\\" width=\\\"350\\\"/></a><h4 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:20px;margin-top:30px;margin-bottom:1.5em;\\\"><a href=\\\"https://rich01.com/what-is-callable-bond/?relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=0\\\" style=\\\"color:rgb(6, 85, 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136);\\\" width=\\\"350\\\"/></a><h4 style=\\\"font-family:&quot;PT Serif&quot;;text-align:left;margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;font-weight:bold;font-size:20px;margin-top:30px;margin-bottom:1.5em;\\\"><a href=\\\"https://rich01.com/what-is-zero-coupon-bond/?relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=2&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=2&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=2&amp;relatedposts_hit=1&amp;relatedposts_origin=12171&amp;relatedposts_position=2\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\" title=\\\"零息債券是什麼？投資有風險嗎？和有配息債券有什麼不同？\\\">零息債券是什麼？投資有風險嗎？和有配息債券有什麼不同？</a></h4></div></div></div>\\\n\\t\\t\\\n\\\n\\t\\t<div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;display:block;\\\">\\\n\\\n\\t\\t\\t標籤: <a href=\\\"https://rich01.com/tag/%e6%ae%96%e5%88%a9%e7%8e%87/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">殖利率</a>, <a href=\\\"https://rich01.com/tag/%e5%82%b5%e5%88%b8/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">債券</a>, <a href=\\\"https://rich01.com/tag/%e7%a5%a8%e9%9d%a2%e5%88%a9%e7%8e%87/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">票面利率</a>, <a href=\\\"https://rich01.com/tag/%e7%95%b6%e6%9c%9f%e6%ae%96%e5%88%a9%e7%8e%87/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">當期殖利率</a>, <a href=\\\"https://rich01.com/tag/%e5%88%b0%e6%9c%9f%e6%ae%96%e5%88%a9%e7%8e%87/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">到期殖利率</a>, <a href=\\\"https://rich01.com/tag/%e8%b4%96%e5%9b%9e%e6%ae%96%e5%88%a9%e7%8e%87/\\\" style=\\\"color:rgb(6, 85, 136);margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;text-decoration:none;\\\" target=\\\"_blank\\\">贖回殖利率</a>\\\n\\t\\t</div>\\\n\\\n\\t</div></div></div><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;margin-bottom:1.5em;position:absolute;top:-1000px;left:-1000px;\\\">Measure</div><div style=\\\"margin:0px;padding:0px;border:0px;font:inherit;vertical-align:baseline;position:absolute;top:-1000px;left:-1000px;line-height:1;margin-bottom:0px;\\\">Measure</div></div></div></div></div></div></div></div>\\\n</div>\\\n</span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":34804}]"
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updated_time: 2025-11-28T16:20:19.768Z
created_time: 2025-11-28T16:20:19.768Z
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