摘要
具有融物与融资双重特征的融资租赁,已经发展成为一种非常重要的金融工具,相应的融资租赁理论及风险定价方法研究已引起关注。本文首先介绍了国内外融资租赁发展现状及研究其风险定价模型的现实意义,在此基础上,遵循资本资产定价模型"并非所有的风险都应影响资产价格"的风险定价理念,以成本加成定价方法为基点,通过分析融资租赁业务面临的各类风险,引用巴塞尔新资本协议对信用风险计量的主要成果,设计构建了适合国内融资租赁业务的风险定价模型,并对影响定价的部分风险因素进行了实证分析。
Financiallease has been a major financial instrumentand the theory of financial lease together with the corresponding pricing model has attracted much attention. This paper firstly introduces the current status of financialleasing at home and abroad and the practical significance of pricingresearch. Then the paper develops a risk pricing mod- el which is more suitable for the financial leasing business in China based on the cost plus approach and a detailed analysis of the risks in financial leasing. Finally the paper empirically analyzes the risk factors which may affect the pricing of a financial lease.
出处
《投资研究》
北大核心
2012年第10期148-154,共7页
Review of Investment Studies
关键词
融资租赁
风险定价
模型设计
Finance Lease
Risk Pricing
Model Design
Demonstration Analyse
