CAJ | 학술논문

利用二叉树模型对可转债定价是一种常用的数值方法,其计算一般较为繁琐,需要借助专业软件编程才能实现。由于Microsoft Excel具有操作方便、普及性广泛等优势,该文给出了一种利用Excel创建和求解可转债二叉树模型的方法,并用这种方法对我国5支可转债进行了简单的定价。
이용이차수모형대가전채정개시일충상용적수치방법,기계산일반교위번쇄,수요차조전업연건편정재능실현。유우Microsoft Excel구유조작방편、보급성엄범등우세,해문급출료일충이용Excel창건화구해가전채이차수모형적방법,병용저충방법대아국5지가전채진행료간단적정개。
It is well known that binary tree model is a commonly used numerical method to price convertible bonds,but the calculation is much complicated and needs to program by applying some specialty software.This paper is to introduce a new method to solve a convertible binomial tree model with excel as it is easy to operate and widely spread,and put forward the simple pricing of 5 convertible bonds in China.