About The Disquisition Of The Pricing Of Company Liabilities

The pricing of company liabilities is also the application of the financial asset pricing method, including the theory the rate risk, the default risk and financial distress. The west pricing model of the company liabilities on the theory, the price of the company liabilities is the no-risk yield adding the overflow decided by the character of the issue body. Now our national research article on the corporate bond have two kinds. One is the discount model, the other is qualitative analysis on the default risk of the corporate bond. This article tries to establish the reference pricing of company liabilities models of other company through the analysis of the pricing of company liabilities model of foreign country.The content of this paper is composed of four chapters.Chapter one is divided there parts, individually introducing the purpose and meaning, historical background, development, trend, content and method of the disquisition about the test.Chapter two has mainly been doing the disquisition and analysis about the existential pricing model, including the domestic current discount cash flow model, and several kinds of existential foreign main models: The Longstaff and Schwartz Model,The Merton Model,The Geske Model,The Leland and Toft Model,The Briys-de Varenne Model.Chapter three will utilize the contingent claims in fixing prices of contingent claims. It utilizes two fork tree models to analyze the most simple situation, and then uses the dynamic state replication's technique to analyze two fork trees, which has two periods' liabilities value of the company. The fulfillment of the analysis of two fork trees in the two periods can spread to any period of two fork trees. Thus it provides a new path for pricing company's liabilities.Chapter four of this text uses the method of martingale to get the pricing model of company liabilities, Martingale actions is as a newer kind of thing, being applied in several fields ,and particularly in the pricing model of financial field. According to the company liabilities' special property, uses the method of martingale to get the pricing model of company liabilities, it fully reveal the original superiority of the method martingale and the important effect of martingale in making a price .