摘要
在市场机制下,商业银行向企业发放贷款时,决策的重点是确定一个合理的贷款利率。理论上不同的企业,由于其风险程度不同,应该相应设定不同的贷款利率。以分析公司普通股所具有的看涨期权特性为出发点,以Black＿Scholes看涨期权定价模型为基础,根据不同企业资本结构和资产回报风险的差别,可构造出一个商业银行基本贷款利率模型。
An important point of decision_making for the commercial banks to grant a loan for enterprises is to define a rational loan interest under the market mechanism. In theory different enterprises along with different risks, so different loan interests should be set up. This paper takes the analysis of call option characteristics in company common shares as a starting point, takes the price making model of Black_Scholes as a basis, according to different enterprise capital structures and different equity repaying risks, constructs a basic loan interest model for the commercial banks.
出处
《云南财贸学院学报》
2003年第5期55-61,共7页
Journal of Yunnan Finance and Trade Institute
