Listed Companies In China Convertible Bond Pricing Research

The security market, especially the bonds market of our country, has achieved the great development. The scale of bonds market is becoming larger and larger and the variety of bonds being traded is more and more abundant. Among the bond, the convertible bond has the special meaning to the security market of our country.The most difficult part of the convertible bond is how to determine its value. Most of previous researches on the pricing of the convertible bond directly used the foreign theories to analyze the convertible bond of our country and so did not take the special characteristics of our country's convertible bond into consideration. Therefore, this article puts emphasis on the convertible bond of our country. This article analyzes the specific factors which influence the value of the convertible bond and the relationship among those factors and finds a suitable way to price the convertible bond of our country.This article is divided into four chapters.The first chapter introduces three aspects of contents. The first aspect is the general introduction of the convertible bond; the second aspect describes the history and present situation of both foreign convertible bond and domestic convertible bond; the third aspect reviews the previous researches on the pricing of the convertible bond.The second chapter includes two aspects of contents. The first aspect introduces the cash flow discounted model and elaborates how to this model to price the convertible bond. The second aspect analyzes the factors which affect the discounted rate of the cash flow discounted model.The third chapter is about the experimental analysis of the...