可转换公司债券定价模型演进综述及启示

onvertible bonds are advanced financial derivatives, which have hybrid properties of bonds and options. Because of the complexity of their value forms, the pricing of convertible bonds has been a hot research topic in the field of financial engineering. Meanwhile, reasonable pricing of convertible bonds has great practical significance to both issuers and investors. So far, pricing models for convertible bonds have gone through four developing stages, and two systems of these models based respectively on company value and stock price have formed sequentially. Through the present review of the development of these pricing models, we are able to understand the development trace of pricing theories in the west and make possible use of them. Then, in combination with the newest results of researches on the pricing of convertible bonds in China, some suggestions about pricing models of convertible bonds that are suitable for the Chinese market are put forward for further exploration and research.