小米7年期可轉債提供了約40%的溢價，看似很誘人，或許需要在幾個背景下理解這個數字：
1、可轉債有5.25%左右的溢價：相當於要申購100元，實際要支付105.25；
2、機會成本：按照年利率2%、用複利計算，7年機會成本約爲15%；
3、另外，7年上漲40%似乎並不難，但別忘了，小米從年初至今的漲幅接近130%，還能否在此基礎上，繼續漲40%呢，不知道。
4、此外，本次可轉債也是有門檻的，面值20萬美金。
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