中小企业融资产品创新研究_展期贷款风险定价.pdfVIP

中小企业融资产品创新研究:展期贷款风险定价1 郭战琴 （郑州大学商学院，郑州450001） 摘要：中小企业的融资需求往往不同于大企业。针对中小企业对融资产品的差异化需求，如何加强金 融产品和服务创新，提高风险定价能力，并在此过程中挖掘自身的发展潜力，是商业银行在当前形式下求 发展的契机。基于该背景，文章引入模糊决策理论，在采用相关参变量表征展期贷款特有风险因子基础上， 对中小企业作为需求主体的、在信贷市场上已几趋萎缩的展期贷款产品进行风险定价研究，提出了一类包 含信用风险、市场风险、流动性风险等的整合风险框架下的定价模型。文中的应用分析表明：基于无套利 均衡的中小企业展期贷款风险定价，对扩展中小企业融资渠道以及缓解中小企业融资难问题大有裨益。其 次，基于文章所提模型的定价能克服现实中的把“浮动比例”作为唯一风险溢价衡量指标、贷款定价随意 性较大的弊端。最后，贷款风险定价是科学也是艺术。模糊决策方法的引入，使银行信贷专家的看法直接 融入到模型设计中，它对提高模型定价结果的市场竞争力具有重要意义。 关键词：中小企业融资；金融创新；风险定价；展期贷款,模糊决策， Research on financial product innovation of Small and Medium-sized Enterprises: Deferred loan risk pricing Guo Zhan-qin (Business school of Zhengzhou University, Zhengzhou 450001, China) Abstract: The financing needs of Small and Medium-sized Enterprises (SMEs) are usually deferent from that of large enterprises. Considering the difference of SMEs’, how to enhance financial product innovation ability, improve risk pricing level and detect development potential, are all key factors for commercial bank today. Against this background, the paper introduced the Fuzzy-decision theory and tried to price deferred loans, which almost die out but are the SMEs’ financing needs indicated by current practice. On the base that every risk factors of deferred loan’s special risk premium was parametric and introduced into the pricing model, the paper designs an integrated pricing model which including in credit risk, market risk and liquidity risk. The application analyses contribute three piece of useful advice. First, the study on deferred loan risk pricing, based on non-arbitrage equivalence, is helpful to alleviating SMEs’ financing difficulty and able to extend SMEs’ financial resource. Second, the model proposed in this paper is superior to the