基于BSM模型的可转债股票定价问题研究——以蒙电转债为例

Research on the Pricing of Convertible Bond Stock Based on BSM Model——Taking Mengdian Convertible Bonds as an Example

可转债股票是一种同时具备债权与股权属性的金融工具,在欧美等发达国家资本市场的发展历史悠久,目前在我国的发行也在快速增长,被越来越多的上市公司用来进行融资。因此,不管是对投资者还是发行公司,可转债股票的定价问题研究都显得尤为重要。基于此,首先对BSM模型进行概述,分析内蒙华电公司的经营情况、行业情况和核心竞争力;然后通过BSM模型来计算蒙电转债股票的理论价值,并比较实际价值和理论价值之间存在的差异;最后基于上述对蒙电转债股票的分析提出相应的对策与建议。

Convertible bond stock is a kind of financial instrument with dual attributes of creditor’s rights and equity.It has a long history of development in capital markets in developed countries such as Europe and the United States.At present,the issuance of convertible bonds in our country is also growing rapidly and is being used by more and more listed companies for financing.Therefore,whether it is for investors or issuing companies,the study on the pricing of convertible bonds is particularly important.In this paper,the BSM model is firstly summarized,and the operation,industry and core competitiveness of Inner Mongolia Huadian Company are analyzed.Then the theoretical value of convertible bond stock of Mengdian Company is calculated through the BSM model,and the differences between the actual value and the theoretical value are compared.Finally,based on the above analysis of the convertible bonds of Mongolia Electric Company,the corresponding countermeasures and suggestions are put forward.