可转换债券发行条件设计的技术分析

可转化债券是一种新型金融工具 ,在发行条件设计方面还存在很多问题 ,通过运用金融工程的分析方法 ,对可转化债券发行条件设计进行技术分析。首先运用公司理财理论和期权定价模型给出了可转换债券发行金额、票面利率和存续期限等基本要素的设计思路 ;然后综合考虑融投资双方的利益 ,确定了转股价格的理论范围。

Technical Analysis of the Design of Indenture for Convertible Bonds

The convertible bond is a new financial instrument. There are still many problems with the design of indenture. By applying the analysis approaches of the financial engineering, this paper first employs the theory of corporation finance and the model of option pricing to provide the thinking for designing basic factors of convertible bonds, such as the bond size, coupon rates and maturity. Then the paper works out the theoretical scope of conversion prices by considering in a comprehensive way the interests of both the corporation and investor.