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可转换债券是一种集债券和股票特性于一身的金融衍生产品,其实质上是一种看涨期权。研究从可转换债券的概念、特点入手,分析可转换的微观和宏观作用,并运用布莱克--舒尔斯期权定价模型对可转换债券的定价进行分析。
Convertible bonds are financial derivatives that combine both bond and equity features and are essentially a call option. This paper starts with the concept and characteristics of convertible bonds, analyzes the microscopic and macro effects of convertibility, and analyzes the pricing of convertible bonds by using the Black-Scholes option pricing model.