Under the Black-Scholes framework,according to the risk-neutral valuation principal,we present an equivalent decomposition method for the Callable Convertible Discount Bonds(CCDB).Based on this method,we equivalently decompose one CCDB into the portfolio of five kinds of simple and tradable securities: two regular American Binary Calls with immediately-made fixed payments,one regular Up-and-Out Call,one regular American binary call with a fixed payment that is deferred until maturity,and one cor...