小额信贷机构贷款定价研究

发布时间：2018-09-17 17:14

【摘要】：近年来，小型经济体-个体工商户、小业主、微型企业、中小企业等在我国的经济的发展过程中已经变得越来越重要，已然成为我国国民经济发展的一支不可忽视的力量。但是小型经济体融资困境也显而易见，这一问题成为抑制其进一步发展的重要瓶颈。自2010年以来，随着越来越多的民间资本流入小额贷款公司这一领域，同时国家也出台政策鼓励其发展，使得小额贷款公司在我国迅速的发展起来。而从解决小型经济体的融资问题来说，关键还是在于小额贷款公司如何确定合理的贷款定价。目前小额贷款公司一般是依据的是管理者的从业经验和贷款公司本身的经营情况来自主制定利率，这就存在很大的主观性，缺乏科学性和合理性，定价存在很大问题。由于没有合适可行的贷款定价模型，使得现在市场上有的贷款利率已经高达30%，甚至由于向小额贷款公司贷款难，出现了一些高利贷，利率达100%以上的。这样很容易出现贷款的“逆向选择”，不利于小额贷款公司的发展，也致使许多微小企业出现贷款成本高，融资困难，发展前景堪忧。在此背景下，进行小额贷款定价研究已经变得非常重要和迫切。定价很重要的部分是准确估计客户的信用风险，因此本文首先从信用风险的评价切入，构建小额信贷信用风险评估模型，将贷款分为不同的等级。然后在一定的假设下，运用相关历史数据得到各等级贷款的违约率，以估算出损失率进而得到不同等级的风险溢价，为最终的贷款定价和决策做准备。其次从各个小额贷款公司的自身情况出发，结合贷款定价的原则和贷款定价的影响因素，通过对关键变量基准利率和风险溢价的讨论和分析，构造了一个修正的贷款定价模型—基于信用评级的基准利率加点修正模型。该模型综合考虑了贷款公司的贷款成本和费用，以风险溢价为核心，兼顾贷款公司目标利润。这样，贷款利率由成本、费用、目标利润、风险溢价构成，保证成本、费用得以补偿，目标利润得以实现，风险得以量化。结合以上两部分，小额信贷机构就可以对客户的贷款进行准确定价。最后运用本文模型，通过查找一些资料，大体上估算出了小额贷款利率的一个上限，为政府金融监管机构等提供一定的参考，，并对政府监管机构、小额贷款公司和贷款客户提出了一些建议
[Abstract]:In recent years, small economy-individual industrial and commercial households, small business owners, micro-enterprises, small and medium-sized enterprises have become more and more important in the process of economic development in China, and have become a force that can not be ignored in the development of our national economy. But the financing woes of small economies are also evident, and this has become an important bottleneck in their further development. Since 2010, with more and more private capital flowing into the field of microfinance companies, the government has also issued policies to encourage the development of microfinance companies in China. The key to solving the financing problems of small economies lies in how microfinance companies determine reasonable loan pricing. At present, microfinance companies are generally based on the manager's experience and the management of the loan company itself from the main set of interest rates, which has a lot of subjectivity, lack of scientific and reasonable, pricing has a lot of problems. Because there is no suitable and feasible loan pricing model, some loan interest rates are as high as 30% in the market now, even because of the difficulty of lending to small loan companies, there are some usury, with interest rates reaching more than 100%. In this way, the "adverse selection" of loans is easy to occur, which is not conducive to the development of microfinance companies, and it also causes many small and medium-sized enterprises to have high loan costs, difficulties in financing, and poor prospects for development. In this context, microfinance pricing research has become very important and urgent. The most important part of pricing is to estimate the credit risk of customers accurately. Therefore, this paper starts with the evaluation of credit risk, constructs a microcredit credit risk assessment model, and classifies loans into different grades. Then, under certain assumptions, the default rate of each grade loan is obtained by using the relevant historical data to estimate the loss rate and then get the risk premium of different grades, so as to prepare for the final loan pricing and decision. Secondly, starting from the situation of each microfinance company, combining the principle of loan pricing and the influencing factors of loan pricing, through the discussion and analysis of the key variable benchmark interest rate and risk premium, In this paper, a modified loan pricing model, which is based on credit rating, is constructed. The model considers the loan cost and expense of the loan company, taking the risk premium as the core, and considering the target profit of the loan company. In this way, the loan interest rate consists of cost, target profit, risk premium, guarantee cost, cost compensation, target profit realization and risk quantification. Combined with the above two parts, microfinance institutions can accurately price customers' loans. Finally, using the model of this paper, by looking up some information, we estimate the upper limit of the interest rate of small loans, which provides some reference for the government financial supervision agencies, and also provides some reference for the government supervision agencies. Microfinance companies and loan clients put forward some suggestions
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4

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