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中文摘要：
由于我国转债都附设转股向下修正预案，当正股股价大幅下跌并将触发回售条款时．发行人及其大股东有较大的动力修正转股价，避免持有人回售。这一特征使得国外一些比较成熟的转债定价模型很难给我国的转债进行精确定价。文章在详细论证转股权是欧式期权、转债发行不影响股价表现及波动的基础上，综合考虑了影响可转债定价的各种因素，采用蒙特卡罗模拟法给我国的转债定价。实证分析的结果表明，在考虑修正预期的前提下，我国的转债有较大幅度的低估。
英文摘要：
There are downward revision clauses to all convertible bonds in China in order to avoid the bondholders＇ executing Sellingback rights. This will encourage the issuers and the substantial shareholders to make the downward adjustment. As a result, it may make the convertible bond-pricing model not applicable to China. Based on the assumptions that the convertible rights are European options and the new issues would not affect the stock price and volatilities, and considering all factors that may influence convertible bonds pricing, we price the convertible bonds by using Monte Carlo simulation. The empirical study indicates that the convertible bonds have been underpriced significantly when considering the amending expectation.
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