【摘要】 可转换债券在我国是一种比较新的金融工具,在资本市场上的地位也越来越重要.并被誉为是上市公司再融资三驾马车之一.具有债性、股性及期权性三大特征.不同于以往复杂的定价模型,本文以可转换债券的“期权价值”为基础,利用实物期权思想,提出一个简单的模型对可转换债券的最优转换时点进行研究,并给出相应的模型刻画.更多还原

【Abstract】 Convertible bond is a new financial tool and be more and more important in China’s capital market,and is respected as one of three-coach of the company’s re-loan,it have the characteristics of bond,stock and option.Different from others complexity pricing model,this article makes some researches on the conversion years of convertible bonds on the baiss of real option and give a way to decide it by using a simple option-pricing model.更多还原