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本文对民生转债市场价格与不考虑条款和违约风险、考虑条款但不考虑违约风险以及既考虑条款又考虑违约风险的二叉树定价理论价值进行比较,结果得出民生转债从上市的较长一段时间内,理论价值和实际价格偏离很大,而后的一段时间内,理论价值和实际价格的偏差缩小到一个很小的范围内,最后的一段时间内理论价值和实际价格偏离又有了一定程度的扩大。民生转债市场价格与民生银行股票价格的走势基本相似。
This article compares the market price of Minsheng Bond with the theoretical value of binary tree pricing without considering the terms and default risk, considering the terms without considering the default risk and considering both the terms and the default risk, and concludes that the long- Within the time, the theoretical value and the actual price deviate greatly, and then the deviation between the theoretical value and the actual price is reduced to a very small extent. In the last period, the deviation between the theoretical value and the actual price has reached a certain extent The expansion. Minsheng bond market prices and Minsheng Bank stock price trend is similar.