如果其他不变的话，利率上升将导致未来每期回报的折现值比利率不上升时要小，也就是说回报少了，资产收益率就低了

现值可以认为是将来的钱换算到现在的价值，而未来的钱是有时间成本，利率越高，成本越大，所以能达到收的钱（现值）就少了。

If next time period rate increasing by 100%, then 100 bucks will become 200 bucks if you put into a bank.

However, 200 bucks in next time period is only worth of 100 bucks today. This is the meaning of 现值下降.

建议楼主先把现值的概念搞清楚

学过工程经济没？