And under the hypothesis that the stock price is satisfied to geometic Brown motion,the pricing formula of Convertible Bond with back sell treaty by means of Martingale approach(risk-neutral valuation) is gotten.

This paper,to more complicated stock product,makes use of martingale measure and the method of stochastic analyse,gives the mult-factor pricing model of convertible bonds with redeemable clauses,combines the actual circumstance of market disburses dividends,discusses the martingale pricing of n-factor convertible bonds with periodic dividends,and induces the pricing formula.