实物期权在文化产业贷款决策中的应用研究

发布时间：2018-03-31 20:47

本文选题：文化产业　切入点：商业银行　出处：《河北大学》2013年硕士论文

【摘要】：金融危机对世界经济的重创远未消除，我国快速发展的经济形势也因此受到遏制。在经济状况普遍不景气的市场氛围下，文化产业以其逆经济周期的强大优势迅速发展起来。虽然我国在制定促进文化产业发展政策的工作上取得了不少成绩，但是文化产业在迅速发展的过程中依然陷入了严重的融资困境。我国资本市场与西方国家相比还不够发达，风险投资等直接投资模式也不够成熟，商业银行为文化产业提供间接融资的渠道显得尤为重要。随着商业银行竞争的日益激烈，文化产业发展提出的资金需求给予了商业银行一次发展创新、拓展业务的大好机会。合理正确的选择能够成为潜在客户的文化企业是摆在商业银行面前的一条必经之路。本文从微观层面出发，利用风险投资领域的实物期权思想和方法，探讨解决商业银行对文化产业的贷款评估问题，研究了运用二叉树方法的多阶段实物期权模型在商业银行贷款决策中的运用。文章首先回顾了贷款决策以及实物期权的国内外研究成果，从文化产业自身因素以及传统贷款决策方法存在的局限性出发，揭示了文化产业融资难的现实原因，进而将实物期权的概念引入到银行贷款决策过程中，通过研究实物期权的基础理论，，分析了多阶段实物期权模型应用于文化产业贷款决策的可行性，改进了文化产业的贷款决策，提出了相适应的方法和流程。最后，通过案例分析，在将多阶段实物期权方法和传统NPV法的差异作比较后，确认了文化产业的期权价值在贷款决策中的不可忽视性，并从贷款管理、防范信用风险等角度对文化产业贷款提出了相应的对策建议。
[Abstract]:The financial crisis has done a great deal to the world economy, and the rapid development of our country's economic situation has also been contained. In a market atmosphere of general economic depression, The cultural industry has developed rapidly because of its strong advantage against the economic cycle. Although China has made a lot of achievements in formulating policies to promote the development of cultural industries, However, the cultural industry is still in a serious financing dilemma in the process of rapid development. Compared with the western countries, the capital market of our country is not developed enough, and the mode of direct investment, such as venture capital investment, is not mature enough. It is particularly important for commercial banks to provide indirect financing channels for the cultural industry. With the increasing competition of commercial banks, the capital demand put forward by the development of cultural industry has given commercial banks a new development and innovation. A reasonable and correct choice of cultural enterprises that can become potential customers is the only way for commercial banks to develop their business. In this paper, from the micro level, using the real option ideas and methods in the field of venture capital, this paper discusses how to solve the problem of commercial banks' loan evaluation to the cultural industry. This paper studies the application of multi-stage real option model using binary tree method in loan decision making of commercial banks. Firstly, the paper reviews the domestic and foreign research results of loan decision and real options. Starting from the cultural industry's own factors and the limitations of the traditional loan decision-making methods, this paper reveals the practical reasons for the financing difficulties in the cultural industry, and then introduces the concept of real option into the bank loan decision-making process. By studying the basic theory of real option, this paper analyzes the feasibility of applying multi-stage real option model to the loan decision of cultural industry, improves the loan decision of cultural industry, and puts forward the appropriate method and flow. Through the case study, after comparing the difference between the multi-stage real option method and the traditional NPV method, the paper confirms the value of the cultural industry option can not be ignored in the loan decision-making, and from the loan management, From the angle of preventing credit risk, the author puts forward corresponding countermeasures and suggestions to cultural industry loan.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4;G124

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