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目前国内外将企业债券的定价都作为一个核心问题来研究,国内现今已经出现一些发行定价理论及模型,所以对我国的企业债券定价研究是有可行性的。本文拟参照同期限国债金融债加相应的信用利差方式进行企业债券定价,定价模型为企业债的票面利率可以通过Shibor加一定的利差来表达。以某企业发行的5年期债券为例,其模型构建可以为R=Shibor+α+S,(α=α_1+α_2+α_3)。本文选取典型案例进行说明,用二叉树型与上述模型进行定价对比,以尽可能地证明本文的实务定价模型的合理性、有效性。
At present, the pricing of corporate bonds both at home and abroad is studied as a core issue. There are already some theories and models of issuance pricing in China, so it is feasible to study the pricing of corporate bonds in China. This paper plans to refer to the financial bonds of the same period with the corresponding credit spreads of corporate bond pricing, pricing model for corporate bonds coupon rate can be expressed by Shibor plus a certain spread. Taking a 5-year bond issued by an enterprise as an example, the model can be constructed as R = Shibor + α + S, (α = α_1 + α_2 + α_3). This paper selects a typical case to illustrate, using binary tree pricing comparison with the above model, in order to prove that the practical pricing model of this paper is reasonable and effective.