摘要
可转债定价理论在国外发展了近半个世纪,并且形成了基于公司价值和基于股票价格的两种定价模型体系。我国可转债的发展历史较短,业界对其定价理论仍然比较陌生,因此了解国外可转债定价理论的发展对我们有着极为重要的借鉴意义。但同时,我们也要注意不能盲目照搬国外的定价模型,而是要结合我国可转债的特点找到适合中国市场的定价模型。
The pricing theory for convertible corporate bonds has been developed abroad for nearly half a century and formed two pricing models based on corporate value and on stock price respectively. With a short development history of convertible bonds, their pricing theory is relatively new to the business community in China. Therefore, it is of vital importance for us to learn about the development of foreign pricing theory for convertible bonds. In the meantime, however, we should take care not to blindly copy foreign pricing models, but to find a pricing model suitable for the Chinese market in line with the characteristics of the Chinese convertible bonds.
出处
《贵州财经学院学报》
2003年第6期25-28,共4页
Journal of Guizhou College of Finance and Economics
