CAJ | 학술논문

财务公司为产业链上的中小企业提供产业链金融产品,需要获得一个合理的融资利率。由于产业链金融产品主要以应收账款、存货等动产抵押物作为还款来源,因此,财务公司在定价的时候要突出考虑抵押物的价值波动,而抵押物价值又存在模糊特性,常见的贷款定价方法无法正确识别出来。为此,在传统的定价方法基础上,将期权定价模型引入财务公司产业链融资产品的定价中,重点考虑动产抵押物的价值波动以及无风险利率的波动性,得出基于抵押物价值的基础利率,同时财务公司可以根据产业链条的主体特点对贷款利率进行优化调整。
재무공사위산업련상적중소기업제공산업련금융산품,수요획득일개합리적융자리솔。유우산업련금융산품주요이응수장관、존화등동산저압물작위환관래원,인차,재무공사재정개적시후요돌출고필저압물적개치파동,이저압물개치우존재모호특성,상견적대관정개방법무법정학식별출래。위차,재전통적정개방법기출상,장기권정개모형인입재무공사산업련융자산품적정개중,중점고필동산저압물적개치파동이급무풍험리솔적파동성,득출기우저압물개치적기출리솔,동시재무공사가이근거산업련조적주체특점대대관리솔진행우화조정。
It needs to determine a reasonable rate for financial company when it provides industrial chain financial products for the small and medium-sized enterprises.Industrial chain financial products mainly depend on receivable,inventory and other movables pawn as sources of repayment,so financial company must consider fluctuations in value when pricing.However,the characteristics of value on the mortgaged property are fuzzy,and common methods for loan pricing cannot be correctly identified.In this paper,on the basis of the traditional pricing method,the authors introduce an option pricing model as a new approach to financial company chain financing product pricing.It gives a base rate when considering the value of the movables pawn volatility and risk-free interest rate volatility.Meanwhile,a finance company can optimize the loan interest rate adjustment based on the characteristics of the industry chain.