摘要
近年来,由于中国网络购物行为的盛行,与之紧密相连的物流业逐步成为中国炙手可热的行业。与此同时,随着全球资本市场的愈渐活跃,可转债应运而生,吸引了各界投资者的广泛关注。文中以北京长久物流股份有限公司发行的长久转债为例,基于二叉树定价原理,对这一极具代表性的物流业可转债的理论价值与市场价格进行比较分析,并考虑内嵌赎回和回售条款对该可转债价值的影响,就分析结果展开探讨。在此基础上,研究物流行业的投资价值并且针对物流行业现存问题提供些许建议,以期对投资者和物流行业有一定的参考意义。
In recent years,due to the prevalence of online shopping in China,the closely related logistics industry has gradually become a hot industry in China.At the same time,as the global capital market increasingly active,convertible bond arises at the historic moment,has attracted wide attention of investors from all walks of life.Based on the Beijing Changjiu Logistics Co.,Ltd.issued bonds for a long time for a long time,for example,based on binary tree pricing principle,is representative of the logistics industry theory of convertible bonds value compared with market price analysis,and take into account the terms embedded redemption and sold back to the influence of the value of convertible bonds,are also discussing the results of the analysis.On this basis,the research of logistics industry and investment value in view of the existing problems in the logistics industry to provide some Suggestions,in order to investors and logistics industry has a certain reference significance.
作者
范宇珩
张胜良
FAN Yu-heng;ZHANG Sheng-liang(College of Economics and Management,Nanjing Forestry University,Nanjing 210037,China)
出处
《物流工程与管理》
2020年第10期1-4,23,共5页
Logistics Engineering and Management
基金
教育部人文社会科学基金(18YJC910001)。
关键词
物流
可转债
长久转债
二叉树模型
理论价值
logistics
convertible bonds
long term convertible debt
binary tree model
theoretical value
