{"id":11006,"date":"2025-07-15T13:34:51","date_gmt":"2025-07-15T13:34:51","guid":{"rendered":"https:\/\/functiontranslator.com\/mduracao\/"},"modified":"2021-02-25T17:24:34","modified_gmt":"2021-02-25T17:24:34","slug":"mduration","status":"publish","type":"post","link":"https:\/\/functiontranslator.com\/pt-pt\/mduration\/","title":{"rendered":"MDURA\u00c7\u00c3O"},"content":{"rendered":"

Sintaxe e Descri\u00e7\u00e3o<\/h2>\n

A fun\u00e7\u00e3o MDURA\u00c7\u00c3O \u00e9 utilizada para calcular a dura\u00e7\u00e3o modificada de um t\u00edtulo, assumindo que a taxa do cupom \u00e9 paga periodicamente e que a taxa de retorno \u00e9 calculada com base nesse mesmo per\u00edodo. Esta medida \u00e9 amplamente utilizada por investidores para avaliar a sensibilidade do pre\u00e7o de um t\u00edtulo \u00e0s varia\u00e7\u00f5es nas taxas de juros.<\/p>\n

A sintaxe da fun\u00e7\u00e3o MDURA\u00c7\u00c3O no Microsoft Excel \u00e9:<\/p>\n

=MDURA\u00c7\u00c3O(Data_Settlement, Data_Maturity, Taxa_Cupom, Taxa_YLD, Frequ\u00eancia, [Basis])<\/code><\/pre>\n
    \n
  • Data_Settlement<\/code> – A data de liquida\u00e7\u00e3o do t\u00edtulo, ou seja, a data ap\u00f3s a emiss\u00e3o na qual o comprador torna-se oficialmente o propriet\u00e1rio do t\u00edtulo.<\/li>\n
  • Data_Maturity<\/code> – A data de vencimento do t\u00edtulo, momento em que o \u00faltimo pagamento e o valor principal s\u00e3o efetuados.<\/li>\n
  • Taxa_Cupom<\/code> – A taxa de juro paga pelo t\u00edtulo por per\u00edodo.<\/li>\n
  • Taxa_YLD<\/code> – A taxa de retorno anual.<\/li>\n
  • Frequ\u00eancia<\/code> – O n\u00famero de vezes por ano em que os pagamentos do cupom s\u00e3o realizados. Por exemplo: Anual (1), Semestral (2), Trimestral (4).<\/li>\n
  • [Basis]<\/code> – (opcional) O m\u00e9todo de contagem de dias utilizado. Por padr\u00e3o, \u00e9 0 (30\/360).<\/li>\n<\/ul>\n
    No Google Sheets, a fun\u00e7\u00e3o difere ligeiramente:<\/p>\n
    =MDURA\u00c7\u00c3O(Data_Settlement, Data_Maturity, Taxa_Cupom, Taxa_YLD, Frequ\u00eancia)<\/code><\/pre>\n
    Observe que no Google Sheets o argumento [Basis] n\u00e3o est\u00e1 dispon\u00edvel.<\/p>\n
    Exemplos Pr\u00e1ticos<\/h2>\n
    Exemplo 1: Investimento em um T\u00edtulo do Governo<\/strong><\/p>\n
    Imagine um investidor que compre um t\u00edtulo do governo que emite cupons semestralmente com uma taxa de cupom de 5% ao ano, e deseja calcular o impacto das flutua\u00e7\u00f5es na taxa de juros no pre\u00e7o do t\u00edtulo ap\u00f3s um ano de investimento. A data de liquida\u00e7\u00e3o \u00e9 01\/01\/2023 e a data de vencimento \u00e9 01\/01\/2028. A taxa de rendimento \u00e9 de 4% ao ano.<\/p>\n
    No Excel:<\/p>\n
    =MDURA\u00c7\u00c3O(\"01\/01\/2023\", \"01\/01\/2028\", 0.05, 0.04, 2)<\/code><\/pre>\n
    O resultado \u00e9 a dura\u00e7\u00e3o modificada do t\u00edtulo, que indica a sensibilidade do pre\u00e7o \u00e0 altera\u00e7\u00e3o nas taxas de juros.<\/p>\n
    Exemplo 2: An\u00e1lise de Portfolio<\/strong><\/p>\n
    Um gestor de fundos quer comparar a dura\u00e7\u00e3o modificada de dois t\u00edtulos com diferentes frequ\u00eancias de pagamento do cupom para entender qual deles \u00e9 menos afetado pelas varia\u00e7\u00f5es nas taxas de juros. O primeiro t\u00edtulo oferece pagamentos trimestrais com uma taxa de cupom de 6% e uma taxa de rendimento de 5%. O segundo t\u00edtulo efetua pagamentos semestrais com uma taxa de cupom de 4,5% e uma taxa de rendimento de 4%. Ambos os t\u00edtulos t\u00eam data de liquida\u00e7\u00e3o em 01\/05\/2023 e vencimento em 01\/05\/2033.<\/p>\n
    No Excel:<\/p>\n
    =MDURA\u00c7\u00c3O(\"01\/05\/2023\", \"01\/05\/2033\", 0.06, 0.05, 4) =MDURA\u00c7\u00c3O(\"01\/05\/2023\", \"01\/05\/2033\", 0.045, 0.04, 2)<\/code><\/pre>\n
    Os resultados mostrar\u00e3o a dura\u00e7\u00e3o modificada para cada t\u00edtulo, ajudando a determinar qual \u00e9 menos sens\u00edvel \u00e0s mudan\u00e7as nas taxas de juros.<\/p>\n","protected":false},"excerpt":{"rendered":"
    Devolve a dura\u00e7\u00e3o modificada de Macauley de um t\u00edtulo com um valor de paridade equivalente a \u20ac 100<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[438],"tags":[],"class_list":["post-11006","post","type-post","status-publish","format-standard","hentry","category-financeira"],"acf":[],"yoast_head":"\nFun\u00e7\u00e3o MDURATION (MDURA\u00c7\u00c3O) no Excel \u2013 como funciona, exemplos e sintaxe<\/title>\n<meta name=\"description\" content=\"Breve descri\u00e7\u00e3o da fun\u00e7\u00e3o MDURATION (MDURA\u00c7\u00c3O) do Excel. 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