By CHRIS B. MURPHY

Reviewed by KHADIJA KHARTIT

编写人：CHRIS B. MURPHY

审核人：KHADIJA KHARTIT

What Are Held-to-Maturity (HTM) Securities?

什么是持有至到期证券？

Held-to-maturity (HTM) securities are purchased to be owned until maturity. For example, a company’s management might invest in a bond that they plan to hold to maturity.

持有至到期证券是一经购买拟持有至到期的证券。比如，一家公司的管理层可能会购买其计划持有至到期的债券。

There are different accounting treatments for HTM securities compared to securities that are liquidated in the short term.

与短期内清算的证券相比，持有至到期证券的会计处理有所不同。

KEY TAKEAWAYS

关键要点

·Held-to-maturity (HTM) securities are purchased to be owned until maturity.

持有至到期证券是一经购买拟持有至到期的证券。

·Bonds and other debt vehicles—such as certificates of deposit (CDs)—are the most common form of held-to-maturity (HTM) investments.

债券和其他债务工具（比如，存单）是最常见的持有至到期投资。

·Held-to-maturity (HTM) securities provide investors with a consistent income stream; however, they are not ideal if an investor anticipates needing cash in the short term.

持有至到期证券能为投资者提供稳定的收入流；但是，若投资者预计短期内需要现金，则不适用。

How Held-to-Maturity (HTM) Securities Work

了解持有至到期证券

Bonds and other debt vehicles—such as certificates of deposit (CDs)—are the most common form of HTM investments. Bonds and other debt vehicles have determined (or fixed) payment schedules and a fixed maturity date, and they are purchased to be held until they mature. Since stocks do not have a maturity date, they do not qualify as held-to-maturity securities.

债券和其他债务工具（比如，存单）是最常见的持有至到期投资，具有确定（或固定）的付款计划表和固定的到期日，一经购买拟持有至到期。股票没有到期日，因此不属于持有至到期证券。

For accounting purposes, corporations use different categories to classify their investments in debt and equity securities. In addition to HTM securities, other classifications include “held-for-trading” and “available for sale.”

出于会计目的，公司会将债务性证券和权益性证券投资归为不同类别。除持有至到期证券外，还包括交易性金融资产和可供出售金融资产。

On a company’s financial statements, these different categories are treated differently in terms of their investment value, as well as related gains and losses.

在公司的财务报表中，会采用不同的方式处理持有至到期证券、交易性金融资产和可供出售金融资产的投资价值及相关损益。

HTM securities are typically reported as a noncurrent asset; they have an amortized cost on a company’s financial statements. Amortization is an accounting practice that adjusts the cost of the asset incrementally throughout its life. Earned interest income appears on the company’s income statement, but changes in the market price of the investment do not change on the firm’s accounting statements.

持有至到期证券通常作为非流动资产列示，公司财务报表会显示摊余成本。摊销是一种会计惯例，即在资产生命周期内逐步调整资产成本。赚取的利息收入在公司损益表上列示，但公司会计报表不会显示投资市场价格的变化。

HTM securities are only reported as current assets if they have a maturity date of one year or less. Securities with maturities over one year are stated as long-term assets and appear on the balance sheet at the amortized cost—meaning the initial acquisition cost, plus any additional costs incurred to date.

持有至到期证券仅在期限为一年或更短的情况下作为流动资产列示。期限为一年以上的证券作为长期资产按摊余成本（即初始购置成本加上迄今为止发生的任何额外成本）在资产负债表上列示。

Unlike held-for-trading securities, temporary price changes for held-to-maturity securities do not appear in corporate accounting statements. Both available-for-sale and held-for-trading securities appear as fair value on accounting statements.

与交易性金融资产不同的是，企业会计报表不会显示持有至到期证券的临时价格变化。可供出售金融资产和交易性金融资产均按公允价值在会计报表列示。

Advantages and Disadvantages of HTM Securities

持有至到期证券的优缺点

The appeal of HTM securities depends on several factors, including whether or not the purchaser can afford to hold the investment until it matures—or if there might be an anticipated need to sell before that time.

持有至到期证券的吸引力取决于几个因素，包括购买者是否有能力持有投资至到期，或者是否可能需要在到期日之前出售。

The investor has the predictability of regular returns from HTM investments. These regular earnings allow the holder to make plans for the future, knowing this income will continue at the set rate, until the final return of capital upon maturity.

投资者可以预测持有至到期投资的定期回报，在投资到期后最终返还资本之前，会按固定利率获得收益，通过定期收益为未来制定计划。

Since the interest rate received is fixed at the date of purchase, it’s possible that the market interest rates will increase. (This would leave the investor at a relative disadvantage in this scenario because if the rates go up, the investor is earning less than if they had the funds invested at the current, higher market rate.)

收益率自购入时保持不变，但市场利率可能会上涨。（一旦利率上涨，投资者的收益将低于按当前较高市场利率投资获得的收益，这样一来，投资者将处于不利地位。）

For the most part, HTM securities are long-term government or high-credit-rated corporate debt. However, investors must understand the risk of default if, while holding the long-term debt, the underlying company declares bankruptcy.

在大多数情况下，持有至到期证券是长期政府债务或信用评级高的公司债务。但是，投资者必须明白，在持有长期债务期间，一旦相关公司宣布破产，可能存在违约风险。

Pros

优点

·HTM investments allow for future planning with the assurance of their principal return on maturity.

持有至到期投资可以保证到期时获得本金回报，并据此对未来进行规划。

·They’re considered “safe” investments, with little to no risk.

持有至到期投资被视为一种“安全”投资，基本没有任何风险。

·The interest rate of earnings is locked in and will not change.

收益率是固定的，保持不变。

Cons

缺点

·The fixed return is predetermined, so there’s no benefiting from a favorable change in market conditions.

固定收益是预先确定好的，无法因行情好转而获益。

·The risk of default, while slight, still must be considered.

违约风险虽然比较小，但仍必须考虑在内。

·Held-to-maturity securities are not short-term investments; rather, they are meant to be held to term.

持有至到期证券不是短期投资，而是有意持有至到期。

Example of an HTM Security

持有至到期证券示例

The 10-year U.S. Treasury note is backed by the U.S government and is one of the safest investments for investors. The 10-year bond pays a fixed rate of return. For example, as of May 2024, the 10-year bond pays around 4.5% and comes in various maturities.

十年期美国国债由美国政府发行，对于投资者来说是最安全的投资之一，按固定回报率获得收益。比如，截至2024年5月，十年期债券的回报率约为4.5%，包括各种不同的期限。

Let’s say Apple (AAPL) wants to invest in a $1,000, 10-year bond and hold it to maturity. Every year, Apple will get paid 4.5%. Ten years from now, Apple will receive the face value of the bond, or $1,000. Regardless of whether interest rates rise or fall over the next 10 years, Apple will receive 4.5%, or $45 each year, in interest income.

假设Apple (AAPL)想购买面值为1,000美元的十年期债券，并持有至到期，Apple每年的收益率为4.5%。十年后，Apple将获得债券面值，即1,000美元。无论未来十年收益率是升是降，Apple每年都能获得45美元的利息收入。

What Are Examples of HTM Securities?

持有至到期证券相关示例有哪些？

Bonds and other debt vehicles, like certificates of deposit (CDs), are the most common type of HTM investments. They have determined (or fixed) payment schedules and a fixed maturity date, and are bought to be held until maturity.

债券和其他债务工具（比如，存单）是最常见的持有至到期投资，具有确定（或固定）的付款计划表和固定的到期日，一经购买拟持有至到期。

How Are HTM Securities Reported on Business Financial Statements?

如何在企业财务报表上列报持有至到期证券？

HTM securities are typically reported as a noncurrent asset and have an amortized cost on a company’s financial statements. They are only reported as current assets if they mature in one year or less.

持有至到期证券通常作为非流动资产列示，公司财务报表会显示摊余成本，仅在期限为一年或更短的情况下作为流动资产列示。

What Is an Example of HTM Securities?

可以列举一个持有至到期证券相关示例吗？

U.S. Treasury bonds, which range in term from one month to 30 years, are backed by the U.S. government and are one of the safest investments for investors.

美国国债由美国政府发行，期限从一个月至三十年不等，对于投资者来说是最安全的投资之一。

The Bottom Line

总结

Held-to-maturity (HTM) securities, as the name implies, are purchased to be owned until they mature. Different accounting treatments occur for HTM securities, vs. securities that are liquidated in the short term.

从字面上可以看出，持有至到期证券是一经购买拟持有至到期的证券。持有至到期证券的会计处理与短期内清算的证券有所不同。