下列说法正确的是( )。
A．票面利率越高，可转换公司债券的价值越高
B．转股价格越高，可转换公司债券的价值越高
C．股票波动率越大，期权的价值越高
D．转股期限越长，可转换公司债券的价值越低
参考答案：A,C
解析： 当转股价格越高时，说明债券持有者行使转股权的成本就越大，这样可转换公司债券的期权价值就越低，因而可转换公司债券的价值越低；当转股期限越长时．说明持有人行使期权的机会就越多，这样可转换公司债券的期权价值就越高，因而可转换公司债券的价值越高。因而BD项不正确。
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| There is a wonderful fable about a young orphan girl who had no family and no one to love her. One day, feeling particularly 1 , she was walking through a meadow 2 she noticed a small butterfly 3 in a thorn bush. The more the butterfly 4 to free itself, the 5 the thorns cut into its body. The young orphan girl carefully 6 the butterfly from its captivity (围困). 7 flying away, the little butterfly changed into a beautiful fairy. The young girl rubbed her eyes in 8 . "For your 9 kindness," the good fairy said to the girl, "I will grant (给予) you any 10 you would like." The little girl thought for a moment and then replied, "I want to be 11 !" The fairy said, "Very well," and leaned toward her, 12 in her ear. Then the good fairy disappeared. 13 the little girl grew up, there was no one in the land as happy as she. Everyone asked her the 14 of her happiness. She would only answer, "It is that I 15 a good fairy when I was a little girl." When she was very old and on her deathbed, the neighbors all gathered around her, 16 that her fabulous secret of happiness would die with her. "Tell us, please," they 17 , "Tell us what the good fairy said." The lovely old woman 18 and said, "She told me that everyone, no matter how 19 they seemed, no matter how old or young, how rich or poor, had 20 of me. If I would be loved, love and be lovable." | ||||
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