The convertible bond is a kind of financial derivative with the dual characteristics of stock options and bonds. Its dual characteristics make the pricing of the convertible bonds more complex, which also makes the investors difficult to recognize the con-vertible bonds. From the micro level, the paper selects the announcement data of the trading convertible bonds of Sinopec Group from February 23, 2011, and calculates the value of convertible bonds through binomial tree pricing model and determines the theoretical price. Through comparing the actual market transaction prices with the theoretical price, investors will have a more comprehensive un-derstanding and knowledge about the investment value of the convertible bonds. From the macro level, the paper analyzes the problems existing in China’s convertible bond market considering the macro market environment, and then provides the feasible suggestions on improving China’s convertible bond market and guiding the investors to make the rational investment.%可转换债券是一种兼具股票期权和债券的双重特性的金融衍生产品。正是由于它的双重特性，使得可转债的定价变得较为复杂，从而也给投资者认识可转债产品带来了一定的困难。微观层面上，本文选取中国石化于2011年2月23日以来可转债交易公告数据，应用二叉树定价模型计算可转债价值，确定理论价格，通过对比实际市场交易价格，使投资者对可转换债券产品的投资价值有较全面的了解和认识。宏观层面上，结合宏观市场环境，分析我国可转债市场目前面临的问题，进而对完善我国可转债市场、引导投资者理性投资提供可行性建议。
展开▼
