There are several characteristics of technology based small and medium-sized enterprises(SMEs),such as long research and development cycle,high uncertainty of future profit,large proportion of intangible assets and so on.These characteristics cause financing difficulties to SMEs,seriously hinde-ring the healthy development of SMEs.The convertible bond financing model can fully consider the option value of enterprises and effectively improve the financing of technology based SMEs.The pricing method of convertible bonds based on the"B-S model"and"real options"can reasonably price the convertible bonds of technology-based SMEs.
维普
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