{"id":5546,"date":"2025-07-15T13:34:44","date_gmt":"2025-07-15T13:34:44","guid":{"rendered":"https:\/\/functiontranslator.com\/duration\/"},"modified":"2021-02-26T09:54:28","modified_gmt":"2021-02-26T09:54:28","slug":"duration","status":"publish","type":"post","link":"https:\/\/functiontranslator.com\/cs\/duration\/","title":{"rendered":"DURATION"},"content":{"rendered":"

Syntaxe a popis funkce pro v\u00fdpo\u010det doby trv\u00e1n\u00ed<\/h2>\n

Funkce DURATION (nebo doba trv\u00e1n\u00ed) se v aplikac\u00edch MS Excel a Google Tabulky pou\u017e\u00edv\u00e1 k v\u00fdpo\u010dtu Macaulayovy doby trv\u00e1n\u00ed dluhopisu, kter\u00e1 je jedn\u00edm z hlavn\u00edch ukazatel\u016f rizika a citlivosti ceny dluhopisu na zm\u011bny \u00farokov\u00fdch sazeb. Doba trv\u00e1n\u00ed je vyj\u00e1d\u0159ena v letech a po\u010d\u00edt\u00e1 se s p\u0159edpokladem, \u017ee v\u0161echny platebn\u00ed toky jsou reinvestov\u00e1ny p\u0159i aktu\u00e1ln\u00ed v\u00fdnosov\u00e9 sazb\u011b dluhopisu.<\/p>\n

Syntaxe t\u00e9to funkce v MS Excel i v Google Tabulk\u00e1ch je:<\/p>\n

DURATION(datum_zapocet\u00ed, datum_splatnosti, \u00farok, v\u00fdnosov\u00e1_sazba, frekvence, z\u00e1klad)<\/code><\/pre>\n
    \n
  • datum_zapocet\u00ed<\/code> – datum n\u00e1kupu dluhopisu.<\/li>\n
  • datum_splatnosti<\/code> – datum, kdy dluhopis splat\u00ed jeho nomin\u00e1ln\u00ed hodnotu.<\/li>\n
  • \u00farok<\/code> – ro\u010dn\u00ed kup\u00f3nov\u00e1 sazba dluhopisu.<\/li>\n
  • v\u00fdnosov\u00e1_sazba<\/code> – ro\u010dn\u00ed v\u00fdnosov\u00e1 sazba dluhopisu.<\/li>\n
  • frekvence<\/code> – po\u010det platb kup\u00f3nu za rok (1 = jednou ro\u010dn\u011b, 2 = dvakr\u00e1t ro\u010dn\u011b, 4 = \u010dtvrtletn\u011b).<\/li>\n
  • z\u00e1klad<\/code> – typ pou\u017eit\u00e9ho den\u00edku pro v\u00fdpo\u010det (nap\u0159. 0 = 30\/360, 1 = skute\u010dn\u00fd\/skute\u010dn\u00fd, 2 = skute\u010dn\u00fd\/360, atd.).<\/li>\n<\/ul>\n
    Uvedeme nyn\u00ed n\u011bkolik p\u0159\u00edklad\u016f a praktick\u00e9 \u00fakazy, ve kter\u00fdch lze tyto funkce efektivn\u011b vyu\u017e\u00edt.<\/p>\n
    Praktick\u00fd \u00fakol 1: V\u00fdpo\u010det doby trv\u00e1n\u00ed dluhopisu<\/h2>\n
    M\u011bjme dluhopis s kup\u00f3novou sazbou 5%, v\u00fdnosovou sazbou 4%, datumem za\u010d\u00e1tku 1.1.2020, datem splatnosti 1.1.2030, kter\u00fd plat\u00ed kup\u00f3ny dvakr\u00e1t ro\u010dn\u011b a pou\u017e\u00edv\u00e1 30\/360 b\u00e1zi pro v\u00fdpo\u010det.<\/p>\n
    DURATION(\"1.1.2020\", \"1.1.2030\", 5%, 4%, 2, 0)<\/code><\/pre>\n
    Tento p\u0159\u00edkaz vr\u00e1t\u00ed Macaulayovu dobu trv\u00e1n\u00ed dluhopisu, kter\u00e1 n\u00e1m uk\u00e1\u017ee v\u00e1\u017een\u00fd pr\u016fm\u011br \u010das\u016f, ve kter\u00fdch investor obdr\u017e\u00ed pen\u011b\u017en\u00ed toky z dluhopisu.<\/p>\n
    Praktick\u00fd \u00fakol 2: Porovn\u00e1n\u00ed doby trv\u00e1n\u00ed dvou dluhopis\u016f<\/h2>\n
    P\u0159edpokl\u00e1dejme, \u017ee chceme porovnat dobu trv\u00e1n\u00ed dvou dluhopis\u016f s r\u016fzn\u00fdmi kup\u00f3nov\u00fdmi a v\u00fdnosov\u00fdmi sazbami, datumy za\u010d\u00e1tku a splatnosti pro posouzen\u00ed jejich cenov\u00e9 volatility a rizika. Prvn\u00ed dluhopis m\u00e1 n\u00e1sleduj\u00edc\u00ed charakteristiky: kup\u00f3nov\u00e1 sazba 6%, v\u00fdnosov\u00e1 sazba 5%, za\u010d\u00e1tek 1.1.2025, splatnost 1.1.2035, platby kup\u00f3nu jednou ro\u010dn\u011b. Druh\u00fd dluhopis: kup\u00f3nov\u00e1 sazba 4%, v\u00fdnosov\u00e1 sazba 3.5%, za\u010d\u00e1tek 1.1.2025, splatnost 1.1.2040, platby kup\u00f3nu \u010dtvrtletn\u011b.<\/p>\n
    DURATION(\"1.1.2025\", \"1.1.2035\", 6%, 5%, 1, 0) \/\/ Prvn\u00ed dluhopis DURATION(\"1.1.2025\", \"1.1.2040\", 4%, 3.5%, 4, 0) \/\/ Druh\u00fd dluhopis<\/code><\/pre>\n
    V\u00fdsledky n\u00e1m pomohou porovnat, kter\u00fd z dluhopis\u016f je v\u00edce citliv\u00fd na zm\u011bny \u00farokov\u00fdch sazeb na z\u00e1klad\u011b del\u0161\u00ed nebo krat\u0161\u00ed doby trv\u00e1n\u00ed.<\/p>\n
    Z\u00e1v\u011brem, tyto v\u00fdpo\u010dty umo\u017e\u0148uj\u00ed investorem porozum\u011bt rizik\u016fm spojen\u00fdm s konkr\u00e9tn\u00edmi dluhopisy a l\u00e9pe pl\u00e1novat svoje investi\u010dn\u00ed rozhodnut\u00ed vzhledem k p\u0159edpokl\u00e1dan\u00fdm zm\u011bn\u00e1m v \u00farokov\u00fdch sazb\u00e1ch.<\/p>\n","protected":false},"excerpt":{"rendered":"
    Vr\u00e1t\u00ed ro\u010dn\u00ed dobu cenn\u00e9ho pap\u00edru s\u00a0pravideln\u00fdmi \u00farokov\u00fdmi sazbami<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[283],"tags":[],"class_list":["post-5546","post","type-post","status-publish","format-standard","hentry","category-financni"],"acf":[],"yoast_head":"\nFunkce DURATION v Excelu: jak funguje, primjeri kori\u0161tenja formule<\/title>\n<meta name=\"description\" content=\"Opis funkcije DURATION u Excelu i Google tablicama. 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