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.
现金流量可以分为资本成本、资本回收额与剩余收益三部分，因此当折现时不同的现金流量应与不同的相关折现率相匹配。
Cash flow can be divided into three parts: capital cost, capital withdrawal and residual income, so different cash flow should be matched with different relevant discounted rate while discounted.
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