我国可转债设计的发展思路

Research on China convertible bond

可转换债券是我国引进的为数不多的金融创新品种之一 ,近年来发展迅猛 ,前景十分广阔。相比之下 ,国内理论界关于可转债的研究还处于起步阶段 ,其中定价问题的研究还未深入系统 ,要素设计技术尚欠成熟规范。正基于此 ,本文尝试从剖析我国可转换债券的特殊性开始 ,运用国外成熟的认股权证定价理论 ,提出适合我国特有的非上市公司可转债的定价模型 ,力图在理论上有新的视角 ,在实践上有一定指导意义。

Convertible Bond(CB)is one of few financial innovative products that have been introduced in china recently.It has advanced very dramatically these years.On the contrary,domestic research on CB is still scare.It is a far way to go that we perfect the mechanism of CB pricing and designing.This is the reason chose CB as my thesis topic.