根据风险中性定价原理,讨论了分离交易可转债中的权证定价问题。这是一种简单的百慕大式权证，考虑在完备的市场下, 按照收益最大化的原则, 并结合鞅定价原理，给出了这种权证理论上的价格，最后简要讨论了其转换策略问题。

In this paper, we discuss the price of warrants in the warrant-bonds according to the neutral-risky pricing principle. This is a simple Bermudan warrants. Considering a complete market, in accordance with the principle of maximizing the return and the martingale pricing principle, we get a theoretical price of this warrant. At last, we briefly discuss its conversion strategy.