摘要
可转换债券赋予投资者在某一时期将债券转换为公司股票的权利,投资者总是以个人利益最大化为目标,根据个人风险偏好来决定是否实施转换权,从而导致不同的转换条件。本文利用投资者要求的转换收益的大小来描述其风险偏好,并将其定义为模糊变量,在自愿转换和强制转换两种情况下,对基于投资者风险偏好的可转换债券转换条件进行了判定。
Convertible bonds give investors a right to exchange his convertible for the company＇s common stock in a certain period. At the aim of maximize investor＇s profit, he decides whether to implement the conversion right or not depending on its risk preference. So difference conversion condition can be got. In this paper, the investor＇s risk preference is described as the investor＇s conversion profit what defined as fuzzy variable. Under voluntary conversion and forced conversion, the conversion conditions of convertible bonds are given based on the investor＇s preference.
出处
《系统工程》
CSCD
北大核心
2006年第2期58-61,共4页
Systems Engineering
基金
国家自然科学基金资助项目(70171004)
关键词
可转换债券
风险偏好
转换条件
模糊变量
Convertible Bonds
Risk Preference
Conversion Condition
Fuzzy Variable
