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可转换债券在我国资本市场已取得了一定的发展。本文介绍了基于B-S模型的可转债定价模型,用招行转债进行了案例分析,将可转换债券分解为普通债券和买入期权两部分进行理论定价,与实际价格进行比较,分析了偏差原因。
Convertible bonds in our country’s capital market has made some progress. This paper introduces the BS model based on the model of convertible bond pricing model, the case of the conversion of China Merchants Bank to convert the convertible bonds into ordinary bonds and buy options for the theoretical part of the two, compared with the actual price, analysis of the reasons for the deviation .