中文摘要：

可转换债券兼有债性、股性和嵌入期权特征，其潜在转换价值的确认和计量存在难度。可转换债券发行收益体现为债务价值、股权价值和转换期权价值三部分之和。转换因子三分法是运用转换因子动态确认可转换债券的债务、股权和期权价值的方法，可以在发行日以及债券的整个寿命周期中动态确认计量可转换债券债务、股权和期权价值，更准确地计量了财务杠杆以反映可转换债券的经济实质。

英文摘要：

There is a focus on the improved approach whose views are the potential share value of conversion for convertible bonds can be separated into accrual debt value, accrual equity value and accrual option value according to the characteristics of debt, equity and hybrid securities with embedded option of convertible bonds. Different approaches such as straight method, separating method, expected value approach and improved approach are analyzed comparatively by taking China Merchants Bank＇s convertible bonds as an example. It is concluded that the improved approach is a more accurate evaluation method of capital structure because it can reflect more fully the economic reality of convertible bonds. Finally there are some policy suggestions for Accounting Standards for Business Enterprises.