| 基于投资者风险偏好的可转换债券转换条件判定 |
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| 引用本文： | 路静敏,唐万生. 基于投资者风险偏好的可转换债券转换条件判定[J]. 系统工程, 2006, 24(2): 58-61 |
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| 作者姓名： | 路静敏 唐万生 |
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| 作者单位： | 天津大学,系统工程研究所,天津,300072 |
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| 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，根据个人风险偏好采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采描述其风险偏好，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备件进行了判定。
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| 关 键 词： | 可转换债券 风险偏好 转换条件 模糊变量 |
| 文章编号： | 1001-4098（2006）02-0058-04 |
| 收稿时间： | 2005-09-05 |
| 修稿时间： | 2005-09-052005-11-19 |
The Determination of Conversion Condition of Convertible Bonds Based on the Investor''''s Risk Preference |
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| LU Jing-min,TANG Wan-sheng. The Determination of Conversion Condition of Convertible Bonds Based on the Investor''''s Risk Preference[J]. Systems Engineering, 2006, 24(2): 58-61 |
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| Authors: | LU Jing-min TANG Wan-sheng |
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| Affiliation: | Institute of Systems Engineering, Tianjin University, Tianjin 300072,China |
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| Abstract: | 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. |
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| Keywords: | Convertible Bonds Risk Preference Conversion Condition Fuzzy Variable |
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