随着中国入世 ,大量国际资本不断涌入国内资本市场 ,企业为了寻求较低的资本成本 ,近几年来我国可转换公司债券开始出现。本文从发行可转换公司债券对于筹资者与投资者各自的经济利益和可转换债券的价值评估两方面进行探讨。可转换债券的价值评估可以分为三个部分 :直接债券价值、转换价值、期权价值 ;可转换债券价值 =max (直接债券价值和转换价值 ) +期权价值 With China’s accession to the WTO, a large number of international capital continue to flow into the domestic capital market. In order to seek lower capital costs, China’s convertible corporate bonds have started to appear in recent years. In this paper, the issue of convertible corporate bonds for investors and investors of their respective economic interests and the value of convertible bonds to assess two aspects. The valuation of convertible bonds can be divided into three parts: direct bond value, conversion value, option value; convertible bond value = max (direct bond value and conversion value) + option value