找金融词汇 来路透金融词典
收益率曲线 - Shouyilv quxian
参见: Maturity
收益率曲线是显示一组货币和信贷风险均相同，但期限不同的债券或其他金融工具收益率的图表。纵轴代表收益率，横轴则是距离到期的时间。收益率曲线有很多种，如政府公债的基准收益率曲线、存款收益率曲线、利率互换收益率曲线及信贷收益率曲线(credit curves)等。基准收益率曲线是市场上其他证券的参照标准，所用的证券必须符合流动性、规模、价格、可得性、流通速度和其他一些特征标准。收益率曲线并非静止不变，随时都可能发生快速的变动。例如，中央银行官员的三言两语即可引发较高的通货膨胀预期，从而令长期债券价格下跌的幅度高于短期债券。在正常情况下，收益率曲线从左向右上升，因为年期越长收益率会越高，以反映投资风险随年期拉长而升高的情形。就这种收益率曲线而言，若长期收益率的升幅大于短期收益率，收益率曲线会变陡。倒挂的收益率曲线则是从左向右下滑，反映短期收益率高于长期收益率的异常情况。 这可能是因为投资者预期通货膨胀率长期而言要下降，或是债券的供给将大幅减少，这两种预期都会压低收益率（见图18）。
Yield Curve
See also: Maturity
The graphical representation of the yields of a set of bonds or other instruments with the same credit risk and currency, but with different maturities. Yield is plotted along the vertical axis and time to maturity on the horizontal axis. There are many different yield curves, including government benchmark curves, deposit curves, swap curves, and credit curves. Benchmark curves consist of securities that meet certain criteria for liquidity, size, price, availability, turnover rate and other characteristics. These securities set standards for the market against which other issues can be measured. A yield curve is not static and can change quickly at any time. For example, a word or two from a central banker can fuel expectations of higher inflation, which may cause longer-term debt prices to fall more than short-term prices. The normal yield curve is positive, rising from left to right, because yields on longer maturities are higher than on short maturities to reflect the greater risk of lending money for a longer time. If the yield curve is positive sloping it will steepen as the longer yields move up more than the shorter ones. An inverted, or negative, yield curve slopes downwards from left to right, with short-term yields higher than long-term yields. Investors may be expecting a reduction in inflation in the longer term or there may be expectations of sharply reduced supply of bonds, both of which will depress yields.
