最优信用限额与信用卡均衡

An Analysis on Optimal Credit Limit and Equilibrium of Credit Card

本文建立两期动态模型,将信用限额引入对信用卡均衡的分析中,研究了信用卡均衡存在的条件,在此基础上对最优信用限额的合理设定进行了具体分析。研究表明,一方面,信用限额需要根据持卡消费者的不同收入区间进行具体的市场细分,另一方面,随着信用卡市场逐渐走向成熟,最优信用限额具有动态上升的态势,同时还与具体市场环境下卡组织的风险偏好有关。而信用限额的提高会导致商户扣率的下降,同时还会导致违约风险的增大。文章最后考虑了信用违约,分析表明即使存在违约,从长期来看卡组织降低信贷准入门槛仍然是有利可图的。

Based on a two-period dynamic model, this paper introduce credit limit into the analysis of credit card equilibrium and find out the conditions under which the equilibrium exists, then have a detailed research on the reasonable setting of the optimal credit limit. The results show that, on one hand we should perform specific market segmentation according to card users＇ different income distribution, on the other hand the optimal credit limit should be a dynamic increasing process following the growing up of the credit market, and also it is correlated with card organization＇s risk preferences under different market environment. The rise of credit limit will induce the decrease of merchant discount and the increase of default risk. By considering credit default, the article drew an important conclusion that it＇s profitable for card organization to lower credit access threshold even there exists default risk in the long run.