On the theory of bond sales price

[Abstract] bond sales,oakley sunglasses outlet, according to annuity interest, maturity principal and debt service due by compound interest bond sales price of two is consistent with theory, while the maturity of a single principal interest is accrued coupon bonds do not meet the bond sales price theory, the theory can not be simply determined according to the traditional premium, discount, equivalent to three sales price should be based on an in-depth analysis of specific circumstances. [Key words] equivalent sales price of a bond sale of discount sales premium bonds is the economic mainstay for the sale to raise funds to record and reflect the relationship between debt and debt securities, is the economic activity The most common form of financial instruments, corporate financing is an important way. Consider bond funds should normally be the case of calculating the time value of the value of bonds, subject to the sales, cash flow is the bond’s sales price, cash flow is the return of bond interest and principal. This paper from China Union WWW.LWLM.COM collected. A bond sale price theory and the problems is the core issue of bond financing bond sales price to determine the bond’s sale price is used when bond sales price, which paid investors to buy bonds prices. Traditional financial theory holds that the bond sale in three ways: a premium sales, ie sales price greater than face value; discount sales, the sales price less than par value; equivalent to sales, that sales price is equal to the nominal value. The reason there is a premium bond sales, discount sales and equivalent to sell, this is because the interest rate on the capital market is constantly changing, and upon sale of corporate bonds, you can not adjust their nominal interest rates. From bond sales to the official opening of India, often takes time, during this time if the interest rate on the capital market changes, we must adjust the sales price of the ways to make a smooth bond sales. Sales, higher than the coupon rate when market interest rates, should be discounted sales; lower than the coupon rate when market interest rates, should command a premium; when the market interest rate equals nominal interest rate should be equivalent to sales. However, I found in teaching and research in the bond discount, premium sales reason is not entirely true, in some cases does not comply with the law. First, let us look at an example: Example 1: a company selling a corporate bond debt service, the bond face value of 100 yuan for a period of 5 years, the coupon rate is 10%, excluding compound interest, May 1 at the time of sale market rate is 9%,cheap oakley sunglasses, find the sale price. Solution: According to the bond pricing model, using the following formula to calculate sales price: = 150 × 0.6499 = 97.485 (million) based on market interest rates (9%) was lower than the coupon rate ( 10%), the theory should be a premium sales, sales prices should be greater than 100, while the calculated selling price 97.485 yuan, less than 100 values. Clearly not the premium sales. Two different modes of bond interest payments of sales price on the case, why bond sales price theory contrary to the results of it? After extensive research, that this is due to different methods of payment of interest due. The following interest payment according to the different ways in three cases the analysis of bond sales price: 1. Sell bonds to pay interest annuity means Example 2 A five-year corporate bonds sold in denominations of 100 yuan. 10% coupon rate, the interest paid once a year, due payment of principal when market interest rates were 9%, 10%, 12%, the bond price P are the number of sales? Solution: the bond of the and interest bonds available discounted sales price: i = 9%: P = 100 × 10% × (P / A, 9%, 5) +100 / (1 +9%) 5 = 10 × 3.8897 +100 × 0.6499 = 103.887 (dollars) i = 10%: P = 100 × 10% × (P / A, 10%, 5) +100 / (1 ten l0%) 5 = 10 × 6.200 +100 × 0.3800 = 100 (yuan) i = 12%: P = 100 × 10% × (P / A, 12%, 5) +100 / (1 +12%) 5 = 10 × 3.6048 +100 × 0.5674 = 92.788 (million) calculated by the above example shows, the bond interest to be paid by annuities, the market interest rate is lower than the coupon rate,mbt shoes clearance, sales price higher than the face value; market interest rate equal to the coupon rate, the sales price is equal to the nominal value; market interest rates higher than the coupon rate, the sales price less than face value. So this is consistent with bond sales price theory. 2. Bond maturity debt service, according to compound interest Example 3: Suppose a company sold bonds with face value of a,oakley sunglasses discount, coupon rate for the i1,MAC cosmetics sale, sales period n, one also due The interest, compounded market interest rates as i2, then: bond prices is easy to see: when i1 = i2, ie face value of sales when i1> i2, that premium Sales When such a situation it is also consistent with i1 bond sales price theory. 3. A debt maturity of the bonds to a single interest is accrued Example 4: Suppose a company sold bonds with face value of a, coupon rate for the i1, sales period n, one also due The interest to simple interest, market interest rates for the i2, then:
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【Summary】 holiday weekend to implement the system from the start the economy began to take shape, to the last National Day, New Year’s Day and Spring Festival this year, greater and greater influence. The face of the holiday economy, companies should establish a holiday marketing concept, holidays, holiday sales of consumer-oriented psychology, consumption patterns,abercrombie uk, consumer trends, the holiday awareness throughout all aspects of the marketing process, to best meet consumer demand for holidays means opportunities to fully grasp the holidays. 【Key words
Holiday Economy / Holiday Marketing / marketing ideas this paper from China Union WWW.LWLM.COM collected.
First, the emergence of holiday economy after 50 years
National Day, New Year and new millennium New Year dragon year three significant and unique holiday, holiday economy to the people left a deep impression. During the holiday season around the country, the holiday economy bright scene, shopping malls fire, explosion supermarkets, hotels full every family restaurants, travel agencies, is too busy. According to reports, during the National Day last year, the number of the Shanghai Tourism shopping up to 680 million passengers daily, an increase of 150%, the average turnover growth of almost half of shopping malls; Hangzhou Four Lake Scenic Area in Oct. 1 ~ 7 JCP received 1.35 million foreign tourists, tourists in Hangzhou, the consumer services industry as much as several hundred million dollars; the new millennium on New Year’s day, Wuhan City, the major department store sales has broken the million yuan, Wu, China Business, Chinese business, the business group sold four million to 1.2 billion yuan, up 40%; the new millennium’s first Chinese New Year,MAC cosmetics wholesale, only ten years ago, after years of days, the Group’s retail sales force business to break the 125 million; famous lake in Wuhan Jin, Xiaolan Jing, three to five days in advance, such as hotel reservations. Golden Holiday Economy
the wealth effect of the mobility of silver people happy, music business, and government laughed. Holiday economy generated many reasons. To solve the problem of insufficient effective demand, the government unveiled a series of policies: a raise, interest rates, the introduction of tax on interest, extend the holiday time, paid holidays, etc. The implementation of these policies have brought economic prosperity holiday. Pay, so that people their money has increased, enhanced ability to pay; rate cut, the levy of interest tax, so that people lost interest in saving money; recent national proactive fiscal policy and financial policy played a role in stimulating consumption, this year significantly higher than in previous years, holiday sales; combined within the feast of Chinese folk custom is to take the courtesy to visit family, visit the elderly, it also stimulated spending holidays; and extend the holiday time was provided for human consumption, leisure and directly spawned holiday spending boom. Accelerate the pace of life, usually Dajiadoumang at work, no time to spend weekends, holidays have time for shopping, so weekends, holidays mall traffic increased significantly. Also, extended holiday holiday retail market not only brought prosperity, more importantly, to promote the culture and entertainment, tourism and prosperity. Holiday
people the most obvious understanding of the economy, the consumer is probably a scene hot. The main features of holiday economy is to focus on consumer trends are becoming apparent. Since last year after the implementation of the provisions of extended holidays, the year, with New Year’s Day, Spring Festival, May Day, National Day and other public holidays, plus other festivals and the usual weekend, rest for about 120 days, accounting for year 1 / 3. That is, work for two days, there is a rest day, people will naturally choose shopping time in the rest of the time, so there usually commercial sales were light, holiday sales of hot scenes. According to many business description, weekend sales increased approximately 1 times than usual, the Spring Festival, New Year’s Day, National Day and other major festivals more than the weekends, holidays, time to create the business accounted for a whole 1 / 2. This is a very critical period, companies should carefully study the hot holiday spending,mbt shoes sale, try to do preparatory work, a good grasp business opportunities, do not let the opportunity slip away from us quietly.
Second, the holiday economy marketing ideas – Holiday Marketing Holidays
face to focus on consumer trends, the face of increasingly hot holiday trend of the economy, companies should establish a new marketing idea holiday economy – Holiday Marketing , holidays, holiday sales of consumer-oriented psychology, consumption patterns, consumer trends, the holiday awareness throughout all aspects of the marketing process, to best meet consumer demand for holidays as a means to fully grasp the holiday business. Specifically, the holiday marketing requires manufacturers that some work to do the following:
(a) the availability of carefully selected holiday
business executives may wish to put all the festivals of the year are listed, carefully analyzed, screening and research to see whether there is cut into opportunities. In this analysis, should be combined with their own situation, product type, consumer habits, and select the right time, so that will help business advantages, make full use of all possible business opportunities.
best at Mother’s Day and other Wuhan Plaza Christmas Eve last year alone, the sales of 1000 million, while sales of the new millennium night up to 1500 million.
(b) the development of holiday promotions
enterprises should be the characteristics of different holidays, sales planning well in advance, because the real success usually comes to those who can accurately capture the opportunities, who have come prepared.
1. do advertising before the holidays. Many consumer products, such as household appliances, clothing, wine, food and other consumer attitudes is a holiday, but this is not just a short holiday spending a day or two, but over time all have sales potential, so it must To pre-launch advertising campaign in advance, and guide consumers to holiday spending, led to the formation of sales 旺势.
2. hold holiday products exhibition. Enterprises should select the appropriate holidays,oakley sunglasses discount, or shopping at the mall in front of Chamber activities, trade fairs organized by product. In the form of trade fairs to be lively, entertaining strong, strong participation, so as to attract customers gathered to watch the past. Products interspersed in the song and dance performances, fashion shows, quiz site, enabling consumers to actively participate in activities to understand the product, knowledge products, to stimulate buying interest.
3. arrangement and detail, the popular shopping environment. Good shopping environment and atmosphere also contributed to the formation of a factor in purchasing decisions, should be well-dressed mall, store layout unified advertising, merchandise display neat appearance, the distinctive use of ornament, such as balloons, lanterns, banners, neon, etc., contrast out the details and the lively holiday atmosphere.
4. properly use a variety of promotions. Before the holidays, customers are Chibidaigou, shop around, looking forward to for holidays that spend the least money to the desirable goods, get the best service. Although holiday sales total more than usual, but there are a certain value. And is currently a buyer’s market, customers choose the room is very large, the advantage of someone’s great, the customer will choose who. Among these advantages, the price is the most sensitive factors, in order to attract customers, companies can prudently choose prices, offers, discounts, gifts and other promotions, the holiday has done brisk sales.
(c) developing the rural market
holiday spending surge in the economy, farmers are a consumer force to be reckoned. The TV, for example, in recent years as prices continue to drop, a 29-inch flat rectangular color TV is now priced at only 2,000 yuan. During the Spring Festival, a large number of farmers in major shopping malls to buy 29-inch flat rectangular color TV, so out of stock. And this gives us a revelation in the consumption level of concern about the same time farmers, but also concerned about their consumer attitudes, changes in consumption patterns quietly. Many farmers buy big-ticket goods, are often willing to detour to the city’s big stores to buy, because it seems to mean that the farmers enjoy a quality, quality and service. Although there is no concept holidays peasants, but many peasants like National Day, New Year, Spring Festival shopping town where such festivals, holiday marketing can neglect the potential of large consumption of the farmer population. This dragon
holiday economy should Farmer awareness of the holidays more than the city people, manufacturers, businesses should be organized during the festive season sales delivery to the countryside, in the vast rural market to find its rightful place. To this end, companies should investigate the characteristics of market demand in rural areas, income levels, consumer attitudes, consumer habits, and, accordingly tissue sources. Farmers will like the affordable, durable and good products, they should really like goods to farmers farmers to meet the needs of the rural market.
(d) development of new consumer items
holidays to people in learning, entertainment, fitness and other aspects of consumer demand increases for the holiday marketing offers market opportunities. In recent years, the gradual rise in Wuhan also a number of leisure and entertainment industry, such as Taoba, gym, etc., to the holidays, these places are full everywhere. Modern city in the food and clothing, more attention is culture and leisure, fitness and entertainment, holiday sales in these areas therefore need to further explore. To businesses, it can be the development of leisure business, actively tap the potential of existing facilities, timely addition of new services, promote business and cultural activities and entertainment combine to continuously improve the shopping, dining, entertainment and many other services.
(e) Mining
every holiday festival culture has its own rich culture, carefully tap the festival culture will create unlimited business opportunities. Take the Spring Festival, the Spring Festival this year a number of shrewd businessmen make a big fuss in the New Year culture and achieve good economic returns. Chinese New Year customs and pay attention every year more than (fish), Western fast food McDonald’s will launch in the spring of this year 24 coupons, discount deadline is June 30,MAC cosmetics sale, then take out 24 coupons to use, the customer would need 24 times in the first half of 2000 throughout the McDonald’s restaurant, holding the McDonald’s coupons, generally not into the KFC fast-food restaurants or other land, and smart McDonald’s
traditional Spring Festival is the core of respect for the elderly, as the Chinese New Year no matter where children usually go home to visit their parents, The melody, the word Chinese New Year and other festivals, culture, culture is the article great article, it must be carefully studied much
holidays all the year round, every week there are day weekend holiday, holiday makers should establish a marketing concept, carefully study consumer holiday consumer psychology, consumption patterns and consumer trends, the holiday economy as expanding domestic demand and stimulate economic growth Good means.
Received Date :2000-03-27
【Reference】 〔1〕
Jing Su Qi. to enjoy your holiday economy > tertiary industries, 2000 (2).

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