当期收益率(Current Yield)

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当期收益率(Current Yield)

　　当期收益率又称直接收益率，是指利息收入所产生的收益，通常每年支付两次，它占了公司债券所产生收益的大部分。

　　当期收益率是债券的年息除以债券当前的市场价格所计算出的收益率。它并没有考虑债券投资所获得的资本利得或是损失，只在衡量债券某一期间所获得的现金收入相较于债券价格的比率。

当期收益率的计算公式

　　其中：

　　ic＝当期收益率;

　　Pb＝息票债券的价格;

　　C = 年息票利息.

　　例如，你买了$95的债券，每年有$6利息（每6个月$3），则你的当期收益率(current yield)为大约6.32% ($6 ÷ $95)。也就是说，若要提升当期收益率，最直接的方法不外乎提升息率，或将购入债券的价格降低。事实上，固定价格增值对到期收益率的贡献表现在投资者以一定折扣购买债券，等到期后获得票面价值（票面值一般为一百）这一过程所得的额外利润。除了一般有利息派发的债券外，有不少公司均会发行零利息债券，这种债券的当期收益率为零，但一般会以低于票面值出售（即以折让发售），而到期收益率则是固定价格增值的结果，故此其债券价格的折让情况会直接影响债券的收益率；意即是说折让越高，收益就会越高，反之亦然。

Definition of 'Current Yield'
Annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. This measure is not an accurate reflection of the actual return that an investor will receive in all cases because bond and stock prices are constantly changing due to market factors.

Also referred to as "bond yield", or "dividend yield" for stocks.
Investopedia explains 'Current Yield'
For example, if a bond is priced at $95.75 and has an annual coupon of $5.10, the current yield of the bond is 5.33%. If the bond is a 10-year bond with nine years remaining and you were only planning to hold it for one year, you would receive the $5.10, but your actual return would depend on the bond's price when you sold it. If, during this period, interest rates rose and the price of your bond fell to $87.34, your actual return for the period would be -3.5% (-$3.31/$95.75) because although you gained $5.10 in dividends, your capital loss was $8.41.