{"id":10719,"date":"2025-07-15T13:34:50","date_gmt":"2025-07-15T13:34:50","guid":{"rendered":"https:\/\/functiontranslator.com\/rentownosc\/"},"modified":"2021-02-26T05:28:35","modified_gmt":"2021-02-26T05:28:35","slug":"yield","status":"publish","type":"post","link":"https:\/\/functiontranslator.com\/pl\/yield\/","title":{"rendered":"RENTOWNO\u015a\u0106"},"content":{"rendered":"

Om\u00f3wienie funkcji obliczania rentowno\u015bci<\/h2>\n

Funkcja RENTOWNO\u015a\u0106<\/strong> (ang. YIELD) w Excel umo\u017cliwia obliczenie rentowno\u015bci do wykupu obligacji skarbowej z regularnymi odsetkami. Jest to fundamentalne narz\u0119dzie dla inwestor\u00f3w w obligacje, zarz\u0105dzaj\u0105cych finansami lub analityk\u00f3w rynku kapita\u0142owego.<\/p>\n

Syntaktyka funkcji w MS Excel:<\/strong><\/p>\n

 RENTOWNO\u015a\u0106(data_rozliczenia, data_wykupu, cena_zakupu, cena_wykupu, odsetki, okresy_roczne [typ_dnia]) <\/code><\/pre>\n
    \n
  • data_rozliczenia<\/strong> – data, na kt\u00f3r\u0105 nabywca obligacji przejmuje j\u0105 od sprzedawcy (musi by\u0107 wcze\u015bniejsza ni\u017c data wykupu).<\/li>\n
  • data_wykupu<\/strong> – przewidywana data wykupu obligacji, gdy g\u0142\u00f3wna kwota zostanie sp\u0142acona.<\/li>\n
  • cena_zakupu<\/strong> – kwota zap\u0142acona za obligacj\u0119.<\/li>\n
  • cena_wykupu<\/strong> – cena, po kt\u00f3rej obligacja zostanie wykupiona na koniec okresu.<\/li>\n
  • odsetki<\/strong> – roczna stopa odsetkowa, okre\u015blaj\u0105ca kwot\u0119 odsetek wyp\u0142aconych przez emitenta.<\/li>\n
  • okresy_roczne<\/strong> – liczba okres\u00f3w wyp\u0142aty odsetek w ci\u0105gu roku (np. 1 dla rocznych, 2 dla p\u00f3\u0142rocznych, itd.).<\/li>\n
  • typ_dnia<\/strong> – opcjonalny parametr okre\u015blaj\u0105cy spos\u00f3b liczenia dni w roku (domy\u015blnie ustawiony na 0, co oznacza standardow\u0105 metod\u0119).<\/li>\n<\/ul>\n
    Praktyczne zastosowania w analizie obligacji<\/h2>\n
    Zadanie 1: Obliczenie rocznej rentowno\u015bci<\/h3>\n
    Zakupili\u015bmy obligacje o warto\u015bci nominalnej 1000 z\u0142, z rocznym oprocentowaniem 5%, kt\u00f3re b\u0119d\u0105 wykupione za 1000 z\u0142 za dwa lata. Cena zakupu wynios\u0142a 950 z\u0142, a odsetki s\u0105 wyp\u0142acane raz w roku.<\/p>\n
    Cel: Obliczy\u0107 rentowno\u015b\u0107 do wykupu tych obligacji.<\/p>\n
     =RENTOWNO\u015a\u0106(\"2021-01-01\", \"2023-01-01\", 950, 1000, 0.05, 1) <\/code><\/pre>\n
    Komentarz:<\/strong> W tym przyk\u0142adzie data_rozliczenia<\/code> to „2021-01-01”, data_wykupu<\/code> to „2023-01-01”, cena_zakupu<\/code> wynosi 950 z\u0142, cena_wykupu<\/code> to 1000 z\u0142, odsetki<\/code> s\u0105 na poziomie 5%, a okresy_roczne<\/code> wynosz\u0105 1, czyli odsetki roczne.<\/p>\n
    Zadanie 2: Analiza wp\u0142ywu cz\u0119sto\u015bci wyp\u0142at odsetek na rentowno\u015b\u0107<\/h3>\n
    Obliczymy rentowno\u015b\u0107 tej samej obligacji, ale za\u0142o\u017cymy, \u017ce odsetki s\u0105 wyp\u0142acane co p\u00f3\u0142 roku.<\/p>\n
     =RENTOWNO\u015a\u0106(\"2021-01-01\", \"2023-01-01\", 950, 1000, 0.05, 2) <\/code><\/pre>\n
    Komentarz:<\/strong> Jedyna r\u00f3\u017cnica w stosunku do poprzedniego przyk\u0142adu to okresy_roczne<\/code>, ustawione na 2, co oznacza p\u00f3\u0142roczne odsetki. Zmiana cz\u0119sto\u015bci wyp\u0142at pokazuje, jak cz\u0119sto\u015b\u0107 wp\u0142ywa na og\u00f3ln\u0105 rentowno\u015b\u0107 inwestycji.<\/p>\n","protected":false},"excerpt":{"rendered":"
    Zwraca rentowno\u015b\u0107 papieru warto\u015bciowego z oprocentowaniem okresowym<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[424],"tags":[],"class_list":["post-10719","post","type-post","status-publish","format-standard","hentry","category-finansowe"],"acf":[],"yoast_head":"\nFunkcja YIELD (RENTOWNO\u015a\u0106) w Excelu \u2013 jak dzia\u0142a, przyk\u0142ady u\u017cycia i sk\u0142adnia<\/title>\n<meta name=\"description\" content=\"Opis funkcji YIELD (RENTOWNO\u015a\u0106) w Excelu. 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