本論文評價可轉債有兩種方式，一種只運用一因子評價可轉債，另一種是個別探討債券與選擇權部位，在不耗費的時間成本的前提下，運用實際案例找出何種理論價較能準確的估計可轉債市價，並針對較準確的訂價方式探討造成其價差的原因為何。實證結果顯示可轉債拆解訂價會顯著優於一因子訂價，而造成拆解訂價價差的原因可能有流動性、參數估計錯誤、理論價波動較市場高、條款簡化等原因。 Convertible bond is a very complex financial instrument. It needs not only to consider stock volatility, risk free rate, issuer’s credit risk but also implies American option’s nature. Least square monte carlo simulation approach is used to pricing complicated and multi-factor financial instrument. As a result, this research used this numerical procedure with GARCH to estimate stock volatility parameters for pricing convertible bonds. With stock volatility, risk free rate, issuer’s credit risk, our research tries to value convertible more accurately. In this research, under the less time cost, we have two different ways to price convertible bonds. One is with one factor model and another is with compound option and bond. After pricing convertible bonds with actual case, we will find out which model is more accurate and discuss what reason let the spread occur. The empirical result show that compound option and bond’s approach is more accurate than one factor model. Trading volume, estimated parameters, sensitive model and clauses assumption will extend the spread.