The integrated model for pricing corporate bonds and stocks ; Development and its application to corporate finance

我们提出了一个统一框架下的公司债券和股票定价模型。通过我们的模型，我们可以将债券和股票市场的信息整合到统一的定价模型中，然后我们可以得到比使用分离模型更精细的债券和股票价格。为简单起见，许多论文假设债券没有到期日，但这在市场上并不罕见，然后我们分析了其在金融问题应用中的局限性。本文还提出了考虑股东与债券持有人债务再协商的公司证券定价模型。

We present a model for pricing corporate bonds and stocks in a unified framework. By using our model, we can integrate the information of bond and stock market in the unified pricing model and we can then present finer prices of bonds and stocks compared to the ones by using separated models. For the simplicity, many papers assume that the bonds don't have maturity, however it is not unusual in the market, and we then analyzed its limitations to the application for finance problems. We also present the pricing model for the corporate securities considering the debt renegotiation between the stock holders and bond holders.