可转换债券

可转换债券（convertiblebond，简称可转债或转债），是一种兼具债性和股性的可转换融资工具。

Convertible bonds ( convertible bond , referred to as convertible bonds or convertible bonds ), is both a debt and shares of convertible financing instruments .

汤姆森金融（thomsonfinancial）的数据显示，今年第一季度，在全球其它地方的可转换债券发行量下降的同时，亚太地区却呈现强劲增长，达到创纪录水平。

Issuance of convertible bonds in the Asia-Pacific region grew strongly to hit record levels in the first quarter of the year while declining in the rest of the world , according to Thomson Financial .

研究利用GM包络模型预测可转换债券价格的运行区间。

This paper introduces a GM envelopment model to predict the price interval of convertible bonds .

吉利汽车上周三表示，计划发售可转换债券和认购权证，但并没有透露GoldmanSachsCapitalPartners是投资方。

Geely said Wednesday that it planned to issue convertible bonds and warrants without naming Goldman Sachs Capital Partners as the buyer .

期房销售、首次公开发行（ipo）、发行高收益率债券和可转换债券都不再是可行选择。

Pre-selling flats , seeking an initial public offering , issuing high-yield bonds and selling convertible notes no longer became viable .

B-S模型在可转换债券估价中的应用分析

Practical Analysis of B-S Model in the Evaluation of Changeable Bond

B-S模型在我国上市公司可转换债券估值中的应用

Application of B-S Model on Estimating Convertible Bond of Quoted Company in China

其原理类似于一些银行已经发行的可转换债券&或有可转换债券（CoCos）。

The principle is similar to CoCos , the convertible bonds already issued by some banks .

本文应用最小价值原理以及考虑到股票发行红利的情况对Black-Scholes期权定价模型进行修正，得出可转换债券价值应等于纯债券价值和转换价值两者中较大者，与期权价值之和。

The article uses The Least Value Theory and the modified Black-Scholes Model which considering the complexion of stock bonus .

第四章是实施可转换债券融资的SWOT矩阵和IFE评价矩阵分析，从战略的角度定性分析了我国上市企业可转债融资的可操作性；

The fourth chapter makes SWOT analysis and IFE appraisal , analyzing the feasibility of convertible bonds in listed companies strategically and qualitatively .

本文选择TF（98）模型，并在该模型的基础上对可转换债券所适用的边界条件结合我国的具体情况进行了一定的改进。

In this paper we choose TF ( 98 ) model , And make the convertible bonds with the boundary conditions applicable to the specific situation .

最后，本文结合公司上市首日的交易价格提出了自己的观点，认为IPO定价的研究应结合发行价与首日交易价格进行。可转换债券上市首日溢价的实证分析

Lastly , the author brings forward that the combination of pricing and first-day dealing price is very necessary . Empirical Study on the Premium Rate of First-day Traded Price of Convertible Bond

瑞士信贷（CreditSuisse）股票衍生策略部门的负责人爱德华•汤姆（EdwardTom）说，就强制性可转换债券的定价而言，新加坡投资者拿到的交易相当理想。

The Singaporean investors seem to have gotten a good deal in terms of the pricing of the mandatory convertible bond , according to Edward Tom , head of equity derivatives strategy at Credit Suisse .

本文的第三章详细探讨了运用B-S模型确定可转换债券初始转换价格的理论设想。

In chapter three , this paper discuss the theoretic assume which calculate the original conversion price of convertible bond through B-S Model .

力拓的某些股东要求得到与中铝同样的机会，购买可转换债券，但中铝海外控股有限公司（chinalcooverseasholdings）总裁王文福在接受英国《金融时报》采访时，对这样的要求不以为然。

In an interview with the financial times , Wang Wenfu , President of Chinalco overseas holdings , dismissed demands by some Rio shareholders to be given the same opportunity as Chinalco to buy convertible bonds .

分析师相信，如果能以合理的价格找到买家，在2018年巴塞尔协议iii（baseliii）全面实施前，全球银行可能将发行近1万亿美元的各种或有可转换债券。

Analysts believe banks globally would like to issue something close to $ 1000bn of various sorts of Cocos before the Basel III regulations come into full force in 2018 , if buyers can be found at a reasonable price .

接着涉及到利率的选取，本文在研究利率定价时使用Nelson和Siegel提出的指数曲线模型，并将利率应用于可转换债券定价模型。

Then consider the interest rate , we use the Nelson & Siegel interest rate pricing model in this paper studies , to calculate the interest rate of the convertible bonds .

基于Duffie和Singleton（1999）的信用风险模型，提出了一种新的可转换债券定价模型。

This paper proposes a new pricing model for convertible bonds based on the credit risk model proposed by Duffie and Singleton ( 1999 ) .

在Black-Scholes框架下，用偏微分方程（PDE）的方法，给出了固定转换制度下的可转换债券的定价公式。

Using the method of partial differential equation ( PDE ) and working in the framework of black-scholes , in this paper , we find formula to price convertible bond with the fixed conversion clauses .

这些pre-ipo融资主要采取的结构是可转换债券，或是贷款形式，而这些贷款在公司上市后将由债务转换为股份。

These pre-IPO financings were mainly structured as convertible bonds , or loans to the company that would convert from debt to equity once the company went public .

控制权利益的存在使得好企业有内在动力发行可转换债券，Stein模型中无成本的分离均衡将不是唯一的。

The existence of private benefits of control motivates the good firms to issue convertible bonds financing , and the costless equilibrium in the Stein 's model is not the unique one .

企业既可以进行首次公开发行（IPO）股票，也可以开展首次债券发行，甚至可以发行上市前（pre-IPO）的可转换债券。

Companies would carry out both initial public offerings of shares and initial bond offerings , and even a pre-IPO of convertibles – that is , investments that would in time convert from bonds into equities .

然后参阅大量国外文献，对可转换债券定价理论进行了系统的梳理，并对混合债券分解定价及Black-Scholes期权定价模型进行了介绍。

Then , a systematic research is made on the development of pricing theory of convertible bonds . An introduction is made on the separation pricing method of hybrid bonds and Black-Scholes option pricing model .

本文基于Hull-White随机利率模型建立了可转换债券的双因素定价方程，针对可转换债券的特性提出了相应的边界条件。

This paper presents the two-factor valuation model for convertible bond based on Hull-White stochastic interest rate model , in addition to the corresponding boundary conditions .

第五章在论述了可转换债券的B-S期权定价模型之后，运用B-S模型对2003年发行的代表性的可转换债券进行定价分析，并分析了B-S定价方法的局限性。

After describing B-S option pricing model of the convertible bond , the fifth chapter , using B-S model for pricing analysis of convertible bond representativeness in 2003 , and then analyses the limitation of B-S pricing method .

基于Hull-White随机利率模型，导出了反映利率风险和市场风险的可转换债券定价的双因素模型，Hull-White模型的优点在于能够自动适应于当前的期限结构。

Thirdly a dual factors model is deduced , which integrate the interest rate risk and market risk . The stochastic interest rate is characterized as the Hull-White model , which has an advantage of fixing the current term structure exactly .

结果表明，可转换债券价值被明显低估。

The results show that the convertible bonds are significantly underpriced .

模糊神经网络在可转换债券价格预测中的应用

The pricing model of convertible bonds by fuzzy artificial neural network

离散时间条件下企业可转换债券的最优赎回策略

The Optimal Call Policy for Convertible Bond under Discrete Time Condition

可转换债券是一种兼顾收益和风险的金融工具，股市经过长期的深幅调整，许多投资者亏损严重，投资可转换债券可以规避风险，同时在股市出现转机时又不失盈利机会。

Convertible bond is a financial tool with risk and income .