我国证券市场可转换债券定价法探讨

On the pricing model of convertible bonds in Chinese security market

作为一种有保障的投资渠道和成本低廉的融资工具,可转换债券是国际市场上一种普遍的金融衍生工具。国际上广泛认可的期权定价依据Black Scholes期权定价模型,计算方法简便,所需变量易于在市场上获得,运用于我国可转换债券定价简单可行,且具很强的直观性。

As a reliable investing channel and costeffective financing instrument,convertible bond is now a common financial derivation tool in the international capital market.The BlackScholes option pricing model,which is an internationally recognized pricing method,takes advantages in its simplicity in practice and easiness in finding the requiring variables in the security market,thus accounts for an easy direct and feasible way for the pricing of convertible bonds in Chinese security market.