The reasoning is usually based on a discounted-cashflow model; a lower bond yield means a lower discount rate and thus a higher present value for shares.
通常的理由是基于一个折现现金流量模型;较低的债券收益率意味着降低贴现率,从而提高股票的现值。
2
Meanwhile, accounting standards have forced company pension schemes to discount their liabilities using a corporate-bond yield.
同时,会计准则驱使公司退休金计划使用公司债券收益率来降低负债。
3
So one possible discount rate is the state's cost of borrowing, the yield on its municipal bonds.