【中文版】

现金收益率是指投资者在购买债券时，实际获得的年化收益率与所支付的现金之间的比率。简单来说，现金收益率是衡量投资者在购买债券时，能够获得的投资回报率。

现金收益率的计算公式为：现金收益率 = （债券年利息收入 / 债券市场价格）× 100%。其中，债券年利息收入是指债券持有人每年获得的利息，债券市场价格是指投资者购买债券时所支付的价格。

现金收益率越高，说明投资者在购买债券时获得的投资回报率越高。因此，投资者在选择债券时，会关注现金收益率这一指标。

此外，现金收益率还可以用于比较不同投资产品的投资回报率。例如，投资者可以通过比较不同债券的现金收益率，来选择投资回报率更高的债券。

总之，现金收益率是衡量投资者在购买债券时获得的投资回报率的重要指标，对于投资者进行投资决策具有重要意义。

【英文版】

Cash yield refers to the ratio between the annualized return rate that investors actually obtain and the cash they pay when purchasing bonds. In simple terms, cash yield measures the investment return rate that investors can obtain when purchasing bonds.

The calculation formula of cash yield is: cash yield = (annual interest income of bond / market price of bond) × 100%. Among them, the annual interest income of bond refers to the interest income that bond holders obtain every year, and the market price of bond refers to the price that investors pay when purchasing bonds.

The higher the cash yield is, the higher the investment return rate that investors obtain when purchasing bonds is. Therefore, investors will pay attention to the cash yield when choosing bonds.

In addition, cash yield can also be used to compare the investment return rates of different investment products. For example, investors can compare the cash yields of different bonds to choose the bond with a higher investment return rate.

In general, cash yield is an important indicator to measure the investment return rate that investors obtain when purchasing bonds, and it is of great significance for investors to make investment decisions.