What is the risk structure of interest rate? What are its basic characteristics?

What is the risk structure of interest rate? What are its basic characteristics? I. Risk structure of interest rate:

It refers to the relationship between the yield, liquidity and tax conditions of financial instruments with the same term but different default risks.

Second, its basic characteristics:

1, default risk.

Default risk means that the income of bond issuers will change with the change of operating conditions, so the solvency of bond principal and interest is different, which brings uncertainty to whether bond principal and interest can be repaid in time. The interest rate of bonds with low default risk is also low, and the interest rate of bonds with high default risk is also high, such as bonds with low default risk, so the interest rate is also low.

2. Liquidity risk.

Liquidity risk refers to the possible losses caused by the slow realization of assets. The stronger the liquidity of bonds, the easier it is to realize and the lower the interest rate. Conversely, the weaker the liquidity, the higher the interest rate.

3. Tax risks.

The default risk of local bonds in western countries is higher than that of central bonds, and their liquidity is relatively poor, but the interest rate of local bonds is relatively low, which is due to the different tax treatment between them. Interest on local bonds is generally exempt from income tax. Investing in central bonds may generate tax risks. The higher the tax rate, the higher the pre-tax interest rate of bonds.

What is the risk structure of interest rate? Wealth management products with different risk levels have different interest rates. Generally speaking, the higher the risk, the higher the interest rate. This state is called interest rate risk structure.

What is the risk structure of interest rate? The risk structure of interest rate includes default risk, liquidity, tax factors and attached redeemable and convertible clauses. People call this interest rate difference caused by various reasons the risk structure of interest rate.

What is the risk structure of interest rate? The risk structure of interest rate refers to the relationship among the yield, liquidity and tax conditions of financial instruments with the same term but different default risks.

The interest rate structure theory is divided into two parts, one is the term structure theory, the other is the risk structure theory.

Term structure discusses interest rates with the same risk and different terms.

Risk structure discusses interest rates with different risks and the same term.

How is the risk structure of interest rate affected? The factors that play a decisive role in determining the interest rate risk structure are:

(1) Default risk. The bond issuer may default, that is, it cannot pay interest or pay off the face value on the maturity date of the bond. This is the risk of bonds, which affects the interest rate of bonds.

(2) liquidity. Another important factor affecting bond interest rate is the liquidity of bonds. The stronger the liquidity, the lower the interest rate.

(3) Income tax factors. Taxation reduces the expected yield of national debt. The interest rate of bonds enjoying tax preference is lower than that of bonds not enjoying tax preference.

What is the difference between the risk structure and term structure of interest rate? First, the risk structure of interest rate.

The phenomenon that debt instruments have the same term but different interest rates is called the risk structure of interest rates. There are three reasons for this phenomenon: default risk, liquidity and income tax factors.

The risk that the debtor cannot pay interest or repay the principal according to the contract is called default risk, which affects the interest rate of debt instruments. All kinds of debt instruments are at risk of default. The interest rate of corporate bonds is often higher than that of corporate bonds under the same conditions, and the default risk of ordinary corporate bonds is greater than that of corporate bonds with higher credit rating. Generally speaking, the greater the risk of bond default, the higher its interest rate.

Another important factor affecting the interest rate of debt instruments is the liquidity of bonds. Liquidity refers to the ability of assets to be realized smoothly at a reasonable price. It is the relationship between the time scale of investment (how long it takes to sell) and the price scale (discount relative to the fair market price). Due to different conditions such as transaction cost, repayment period and convertibility, the time or cost required for realizing various bond instruments is also different, and their liquidity is also different. Generally speaking, the liquidity of national debt is stronger than that of corporate debt; Bonds with longer maturities are less liquid. For bonds with poor liquidity, the risk is relatively high and the interest rate is relatively high; or vice versa, Dallas to the auditorium

Income tax is also an important factor affecting the risk structure of interest rate. Under the same conditions, the interest rate of bonds with tax-free characteristics is lower. In the United States, the default risk of municipal bonds is higher than that of national debt, and the liquidity is lower than that of national debt. However, because the interest income of municipal bonds is tax-free, the interest rate of American municipal bonds is lower than that of national debt for a long time.

Second, the term structure of interest rate.

The relationship between the maturity and yield of bonds in a given time is called the term structure of interest rate, and the curve representing this relationship is usually called the yield curve. The term structure of interest rate mainly discusses the relationship between income and term when wealth management products expire and its changing trend. In theoretical analysis, if other factors that affect returns are regarded as fixed, then a curve can be used to express the functional relationship between yield to maturity and maturity.

Generally speaking, with the increase of interest rate, the difference between long-term income and short-term income will decrease or become negative. That is to say, when the average interest rate is high, the yield curve is horizontal (sometimes even downward); When the interest rate is low, the yield curve is usually steep.

The yield curve refers to the interest rate curve of financial assets with different maturities but the same liquidity, tax rate structure and credit risk. The yield curve of financial assets reflects the phenomenon that interest rate changes of securities with different maturities have the same characteristics.

Interest rates of bonds with different maturities often change in the same direction. When the interest rate level is low, the yield curve often presents a positive slope; When the interest rate level is high, the yield curve often has a negative slope. The yield curve is usually positive slope.

The manifestations of the income curve are:

(1) normal yield curve (rising curve), that is, normal curve, refers to the curve of positive correlation between securities term and interest rate;

(2) The reverse yield curve (decline curve) refers to the curve of negative correlation between the security term and interest rate.

What is tight pulse? What are its basic characteristics? Pulse rate in the same unit time: less than heart rate, called short pulse or short pulse.

Features: When auscultating, the heart rhythm is completely irregular, the heart rate is different, and the heart sounds are different.

Briefly describe what factors affect the risk structure of interest rate (1) default risk. The bond issuer may default, that is, it cannot pay interest or pay off the face value on the maturity date of the bond. This is the risk of bonds, which affects the interest rate of bonds.

(2) liquidity. Another important factor affecting bond interest rate is the liquidity of bonds. The stronger the liquidity, the lower the interest rate.

(3) Income tax factors. Taxation reduces the expected yield of national debt. The interest rate of bonds enjoying tax preference is lower than that of bonds not enjoying tax preference.

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Television is the only perceptual media that can be dynamically demonstrated, so TV advertisements have strong impact and appeal. Because TV media reproduces the form of information by faithfully recording, that is, using sound waves and light waves to directly * * people's senses and psychology, so as to gain the recognition of the audience's perceptual experience and make the audience feel particularly real, TV advertisements have a particularly strong impact and appeal on the audience, which is difficult to achieve in any other media advertising. 3, affected by the viewing environment, it is not easy to grasp the communication effect. Television can't be carried around like printed matter. It needs a suitable viewing environment. Without this environment, it will fundamentally block the spread of TV media. In this environment, the number of viewers, the distance from the TV screen, the viewing angle, the volume of TV, the quality of equipment and even the signal receiving function of TV antenna directly affect the viewing effect of TV advertisements. 4. Instant communication, passive acceptance of TV advertisements all over the world is almost the same in length, with 5 seconds, 10 second, 15 second, 20 second, 30 second, 45 second, 60 second, 90 second, 120 second as the basic unit, less than 3 or 4 minutes. Moreover, the audience accepts TV advertisements in a completely passive state, which is also the characteristic that TV is different from other advertising media. 5. Expensive and expensive. First, it means that the production cost of advertisements on TV is high and the period is long; Second, it means high broadcast cost. As far as the production cost is concerned, film and television itself is famous for its long production cycle, complex technological process and many uncontrollable factors (such as region, seasonal weather and actors), while advertisements on TV are much more demanding than ordinary films and television. The ratio of commercial films is usually 100: 1. It can be seen that there are much more advertisements on TV than ordinary movies and TV series, and the composition, performance, dubbing, editing and synthesis of commercial films cost a lot of money. As far as advertising fees are concerned, the charging standards of TV stations are also very high. China Central Television (CCTV) charges 45,000 yuan for a 30-second advertisement in Special Zone A. However, the prime-time broadcast cost abroad is much higher than this. In the United States, TV commercials cost $65,438+00 ~ $65,438+05,000 every 30 seconds. If it is more expensive to insert advertisements in special programs, some of them are as high as several hundred thousand yuan. 6. In countries and regions with high attention rate and developed economy, television has become popular, and watching TV programs has become an important part of people's cultural life. Paying attention to the use of various expressions in TV advertisements will make the advertising content interesting, enhance the audience's interest in watching advertisements, and the ratings of advertisements are also relatively high. You can watch and listen to TV commercials. When people don't pay attention to advertisements, their ears still hear the contents of advertisements. Advertisements occupy the whole TV screen and help people concentrate. Therefore, TV advertisements are easy to attract attention and have a strong advertising contact effect. 7. TV advertisement is a kind of advertisement with both audio-visual and continuous activities, which can vividly and prominently display the personality of the advertised goods from all aspects. For example, the appearance, internal structure, usage and effect of advertising products can be displayed on TV, and if the audience visits them in person, they will leave a clear and profound impression. Through repeated broadcasting, TV advertisements constantly deepen the impression and consolidate the memory. 8. It is conducive to stimulating emotions and increasing purchasing confidence and determination. Because the image of TV advertisements is vivid, just like a door-to-door salesman who displays the goods in front of every family member, which makes people hear and see, and it is easy to have a good impression on the advertised goods, thus generating interest and desire to buy. At the same time, when enjoying TV advertisements, the audience will compare and comment on the advertised products intentionally or unintentionally, and unify their purchasing concepts by attracting attention and stimulating interest, which is conducive to enhancing their purchasing confidence and making purchasing decisions. Especially for consumer goods with strong selectivity, popular daily necessities and goods newly put on the market, it is easy to attract the audience's attention and stimulate their interest and desire to buy goods by using TV advertisements. 9, not conducive to in-depth understanding of advertising information TV advertising production costs are high, prime time charges are the most expensive. The length of TV advertisements is mostly between 5 and 45 seconds. In a short period of time, all kinds of pictures should be played continuously and flashed quickly, without too much explanation, which will affect people's in-depth understanding of the advertised goods. Therefore, TV advertisements should not broadcast goods that need detailed understanding, such as production equipment. When some high-end durable consumer goods broadcast advertisements on TV, they should also use other supplementary advertising forms for detailed introduction. 10, it is easy to produce resistance. Because of the obvious effect of TV advertisements, more and more customers use TV advertisements, and TV programs are often interrupted by TV advertisements, which is easy to cause audience dissatisfaction. The communication characteristics of movies should be the same as TV, because they belong to mass communication. & gt