实际上，养老金跟别的债务一样，因此应该用债券收益率来折现。
In effect, pensions are a debt like any other, and should be discounted with a bond yield.
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。
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.
在一个长期债券利率为7%的世界里，我们当然希望我们把税后的现金流至少用10%的折现率折现。
In a world of 7% long-term bond rates, we'd certainly want to think we were discounting the after-tax stream of cash at a rate of at least 10%.
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