对我国上市可转换债券定价的分析

Empirical Analysis on the Investment Value of Listed Convertible Bonds

该文分析了目前我国上市可转换债券的投资价值及其构成,发现了我国上市可转换债券投资价值被低估;并且还分别对影响可转换债券所含期权价值和债券价值的因素进行了分析,证实了我国上市可转换债券投资价值被低估是由于可转换债券市场因素和所含期权价值被低估所致,从而为可转债发行条件、发行条款的设计以及上市交易等提出了相应的政策建议。

This article analyzes the investment value constitution of listed convertible bond.The investment value of the listed convertible bond has been underestimated.It also analyzes factors of affecting the value of bonds and options contained in the value of the bonds.Underestimation value of the convertible bonds listed was mainly due to the market factors and low value of options.Based on the above analysis,some policies on the conditions of convertible bonds,the design's terms and trading terms have been proposed.