可转债及分离债定价研究的中期报告摘要：可转债和分离债在中国市场上越来越受到投资者的关注和青睐。本文研究可转债和分离债的定价模型，主要包括传统的债券定价模型和可转债的障碍期权定价模型。通过计算在中国市场上已经发行的可转债和分离债的收益率和风险，我们发现可转债和分离债具有较高的收益率和较低的波动率，表明可转债和分离债是一种较为安全和稳健的投资品种。我们还研究了可转债和分离债的影响因素，包括市场利率、障碍期权参数、债券评级和股价等因素，得出了对可转债和分离债的定价具有重要意义的结论。关键词：可转债、分离债、定价模型、障碍期权、收益率、风险、影响因素Abstract:ConvertiblebondsanddemergerbondsarebecomingmoreandmorepopularamonginvestorsintheChinesemarket.Thispaperstudiesthepricingmodelsofconvertiblebondsanddemergerbonds,includingtraditionalbondpricingmodelsandconvertiblebonds'barrieroptionpricingmodels.BycalculatingtheyieldandriskofconvertiblebondsanddemergerbondsissuedintheChinesemarket,wefoundthatconvertiblebondsanddemergerbondshaveahighreturnandlowvolatility,indicatingthattheyarearelativelysafeandstableinvestmentproduct.Wealsostudiedtheinfluencingfactorsofconvertiblebondsanddemergerbonds,includingmarketinterestrates,barrieroptionparameters,bondratings,andstockprices,anddrewconclusionsthathavesignificantimplicationsforthepricingofconvertiblebondsanddemergerbonds.Keywords:convertiblebonds,demergerbonds,pricingmodels,barrieroptions,yield,risk,influencingfactors.