本篇論文主要評價並分析了兩種金融商品，可贖回債券與固定配息股權連結之境外結構式商品(FCN)。本文使用BDT模型建立市場利率的利率二元樹，並以此為基礎使用二元樹的方式計算可贖回債券的價格，而固定配息股權連結之境外結構式商品的部分則是使用蒙地卡羅模擬法來計算商品的損益。除了定價之外，也對兩種商品分別進行了敏感性分析。結果發現可贖回債券在債券信用評等越高，波動度越低時，商品的價值越高。而固定配息股權連結之境外結構式商品則是在波動度較低，且商品標的之間的相關係數為正相關時收益較高。希望有意投資此兩種金融商品的投資人能透過本文更完整的了解商品的設計思維與潛在風險。;This paper mainly evaluates and analyzes two financial products, Callable Bond and Fixed Coupon Note (FCN). This article uses BDT model to establish the binary tree of the market interest rate, and uses the tree as the basis to calculate the price of the callable bonds. As for FCNs, the profit and loss of FCNs are calculated by using Monte Carlo simulation method. In addition to pricing, the sensitivity analyses of two financial products are also carried out. The result shows that the higher the bond credit rating is and the lower the volatility of callable bonds is, the higher the value of callable bonds is. Also, the investors of FCNs will get higher returns when the volatility of underlying stock price is low and when the correlation coefficient between the underlying stocks is positively correlated. Hope that investors, who are interested in investing these two financial products, could learn about the design and the potential risks of the products through this paper.
