The article uses The Least Value Theory and the modified Black-Scholes Model which considering the complexion of stock bonus.

• 本文应用最小价值原理以及考虑到股票发行红利的情况对Black-Scholes期权定价模型进行修正,得出可转换债券价值应等于纯债券价值和转换价值两者中较大者,与期权价值之和。