转债
1.This paper explores the pricing theory of convertible bonds based upon the Black_Scholes model,and compares the theoretical valˉue with the market value by taking Xigang convertible bonds(No.100117)for example.
2.The empirical analysis shows that the theoretical values for the analyzed CBs are on average 2.78% higher than the observed market prices.
3.It can be found from the actuality that many companies didn’t makegood use of convertible bond because they are not acquainted withconvertible bond and little theory support, so the need to research it isvery seriously.
4.Of this total, 102 companies issued A shares (including newly issued and convertible loan stock) and another 22 companies issued A shares rights at Shanghai and Shenzhen stock exchanges, with capital paid-in topped 78.0 billion yuan, a decline of 40.2 billion over 2001.
5.So in the second partthe paper, we studied the costless signaling equilibrium of convertible financing basedon the research results of Brennan and Kraus (1987). By considering the factors ofcost and information transparency, the paper show that not only that the problemcaused by asymmetric information on risk can be solved, but also the financingefficiency can be improved and the financing cost can be mitigated.
6.Learning about the basic information of negotiable company bond cand help investors know about it and take active investment strategies so that they can obtain better payout on investment.
7.Market price and model price are not cointegrative, butthe model price is the Granger cause of market price.
8.Compared to the calculated results based on the existing binomial-tree pricing model for target stock price, the calculated results based on the two-factor binomial-tree pricing model for convertible bonds are found more accurate, and the trend of the value calculated theoretically by the latter is closer to that of market price.
