含展期條款的存貨質(zhì)押貸款定價(jià)
發(fā)布時(shí)間：2018-07-17 07:52
【摘要】：存貨質(zhì)押貸款是解決中小企業(yè)融資問題的有效途徑之一。實(shí)際中,針對(duì)企業(yè)：運(yùn)營(yíng)不確定的情況,金融機(jī)構(gòu)通過展期服務(wù)緩解該企業(yè)短期資金壓力,最終實(shí)現(xiàn)收回貸款的目標(biāo)。比如貸款到期日企業(yè)面臨資金困境,金融機(jī)構(gòu)提供展期服務(wù)確保貸款本息的全額收回；或者貸款期限小于企業(yè)投資生產(chǎn)周期的情形,金融機(jī)構(gòu)會(huì)提供展期服務(wù)保證企業(yè)穩(wěn)定的投資規(guī)模。顯然,如何確定不同展期條款下存貨質(zhì)押貸款的質(zhì)押率是借貸雙方都關(guān)心的重要問題之一。 本文結(jié)合貸款實(shí)務(wù)中合約范本的分類,在分期償還和全額延期償還兩種展期條款下,構(gòu)建存貨質(zhì)押貸款合約的定價(jià)模型,確定合理的質(zhì)押率,并分析質(zhì)押率和企業(yè)融資成本之間的關(guān)系。在實(shí)際中,金融機(jī)構(gòu)提供貸款展期服務(wù)的前提是借款企業(yè)需在貸款原到期日增加一定的存貨數(shù)量或者償付部分貸款。與此相對(duì)應(yīng),本文將其歸為兩種展期條款：分期償還條款和全額延期償還條款,其中分期償還條款是指合約規(guī)定如果借款方申請(qǐng)貸款展期,那么借款方應(yīng)在原貸款到期日償還部分貸款；全額延期償還條款是指合約規(guī)定如果借款方申請(qǐng)貸款展期,那么借款方需在原貸款到期日增加一定數(shù)量的存貨做質(zhì)押,并在展期結(jié)束日全額償付貸款本息。目前,大多數(shù)工作都是針對(duì)不含展期條款的合約,并從貸款方的角度來研究質(zhì)押率的確定問題。本文將從借款方的角度進(jìn)行分析,分別在貸款方無追索權(quán)和有追索權(quán)兩種情形下,分析和比較兩類經(jīng)營(yíng)狀況的企業(yè)在不同展期方式下質(zhì)押率,融資成本的大小關(guān)系。這里,企業(yè)的兩類經(jīng)營(yíng)狀況是指在貸款到期日,企業(yè)存在經(jīng)營(yíng)困境和企業(yè)需要續(xù)貸資金,這分別對(duì)應(yīng)質(zhì)押物價(jià)值不足的情形和質(zhì)押物足值的情形。 具體地說,本文首先在金融機(jī)構(gòu)無追索權(quán)和有追索權(quán)兩種情形下,分別構(gòu)建出可展期存貨質(zhì)押貸款的定價(jià)模型,并給出與借款方償還能力和償還意愿相適應(yīng)的質(zhì)押率決定方程。然后在借款方存在違約可能的情況下,分析存貨的流動(dòng)性對(duì)存貨質(zhì)押貸款質(zhì)押率的影響。最后在兩種展期條款下,給出存貨質(zhì)押貸款的質(zhì)押率、貸款利率、展期期限和手續(xù)費(fèi)等風(fēng)險(xiǎn)控制指標(biāo)間的合理關(guān)系,并通過數(shù)值實(shí)驗(yàn),比較兩種展期條款對(duì)貸款利率和質(zhì)押率的影響,以及貸款方有無追索權(quán)對(duì)貸款利率和質(zhì)押率的影響。 根據(jù)本文的理論結(jié)果和數(shù)值實(shí)驗(yàn)結(jié)果,我們得到如下結(jié)論：(1)在融資成本(貸款利率和手續(xù)費(fèi))相同的假設(shè)下,當(dāng)貸款方無追索權(quán)時(shí),如果在貸款到期日質(zhì)押物價(jià)值低于債權(quán)價(jià)值,那么在償還部分貸款的展期方式下借款方能獲得更多的貸款額度；如果質(zhì)押物價(jià)值高于債權(quán)價(jià)值,那么在增加質(zhì)押存貨的展期方式下借款方能獲得更多的貸款額度。當(dāng)貸款方有追索權(quán)時(shí),在償還部分貸款的展期方式下借款方能獲得更多的貸款額度。(2)在質(zhì)押率相同的假設(shè)下,無論金融機(jī)構(gòu)是否有貸款追索權(quán),在增加質(zhì)押存貨的展期方式下借款方的融資成本更低。(3)在貸款到期日,只要質(zhì)押物價(jià)值高于債權(quán)價(jià)值,那么在有追索權(quán)和無追索權(quán)兩種情形下可展期存貨質(zhì)押貸款的貸款利差相同。 本文的研究結(jié)果將為借款企業(yè)選擇適合自身需求的貸款產(chǎn)品,如,根據(jù)自身資金的需求程度企業(yè)可以選擇貸款展期的方式和展期期限等,提供有益的參考,同時(shí)也為借貸雙方協(xié)商展期貸款的貸款利率和質(zhì)押率提供理論依據(jù)。此外,本文的結(jié)果也將為貸款方在存貨質(zhì)押融資產(chǎn)品的設(shè)計(jì)和定價(jià)提供技術(shù)支持。
[Abstract]:Inventory loan is one of the effective ways to solve the financing problem of small and medium-sized enterprises. In practice, in view of the enterprise: the operation is uncertain, the financial institutions can alleviate the short-term fund pressure through the extension service, and finally achieve the goal of recovering the loan. For example, the loan maturity day enterprises face the financial difficulties and the financial institutions provide the exhibition service. To ensure the full recovery of the loan principal and interest; or the loan period is less than the period of the enterprise investment production cycle, the financial institutions will provide the extension service to ensure the stable investment scale of the enterprise. Obviously, how to determine the pledge rate of the inventory loan under the different extension terms is one of the important issues that both the borrowers and the borrowers are concerned about.
This paper, based on the classification of the contract model in the loan practice, constructs the pricing model of the inventory loan contract under the two terms of instalment and full deferred repayment, determines the reasonable pledge rate, and analyzes the relationship between the pledge rate and the enterprise financing cost. In practice, the premise of the loan extension service is the premise of the financial institutions to borrow the loan. An enterprise needs to add a certain amount of stock or pay part of the loan at the original maturity date of the loan. In contrast, this article is classified as the two term clause: the instalment clause and the full deferred repayment clause, in which the installment clause refers to the contract stipulates that if the borrower applies for a loan extension, the borrower should expire on the original loan. The full deferred repayment clause means that the contract stipulates that if the borrower applies for a loan extension, the borrower shall pledge to increase a certain amount of inventory on the maturity date of the original loan and pay the full amount of the loan principal and interest on the end of the expiry date. At present, most of the work is aimed at the contract without the terms of the extension and from the loan party. From the angle of the borrower, this article will analyze and compare the pledge rate and the financing cost of the two types of enterprises under the two circumstances of the lender without recourse and the right of recourse. Here, the two business conditions of the enterprise refer to the loan. On the date of maturity, enterprises have difficulties in operation and enterprises need to renew loans, which correspond to the situation of insufficient value of pledge and the value of pledge.
Specifically, in this paper, the pricing model of the mortgaged loan for a period of time is constructed in two cases without the right of recourse and the right of recourse in the financial institutions, and the equation of pledge is given in accordance with the repayment ability and willingness of the borrower. Then, the liquidity of the inventory is analyzed under the circumstances of the default of the borrower. The effect of the pledge rate of inventory loan. Finally, under the two extension terms, the paper gives a reasonable relationship between the pledge rate of the mortgage loan, the loan interest rate, the duration and the formalities, and compares the influence of the two period clauses to the loan interest rate and the pledge rate through the numerical experiment, and the loan party has no recourse right. The effect of loan interest rate and pledge rate.
According to the theoretical results of this paper and the results of the numerical experiment, we get the following conclusions: (1) under the same assumption of financing cost (loan interest rate and formality fee), when the borrower has no recourse, if the value of the pledge is lower than the creditor's value on the maturity date of the loan, the borrower can get more of the loan in the way of repayment of the loan. Loan amount; if the value of the pledge is higher than the value of the creditor's claim, the borrower can obtain more loan amount in the way of increasing the period of the pledge of the pledge. When the borrower has the recourse, the borrower can get more loan amount under the period of repayment of the partial loan. (2) under the assumption of the same pledge rate, no matter the financial institution If there is a loan recourse, the borrower's financing cost is lower in the way of increasing the period of the pledge inventory. (3) at the maturity date of the loan, as long as the value of the pledge is higher than the value of the creditor's right, then the loan spreads of the extended inventory loan are the same in the two cases of the right of recourse and the right of no recourse.
The results of this study will provide the loan companies with the loan products suitable for their own needs, for example, according to the demand degree of their own funds, the enterprises can choose the way of loan extension and the duration of the extension, and provide a useful reference for the loan interest rate and the pledge rate of the loan between the borrowers and the borrowers. In addition, the paper also provides a theoretical basis for the loan. The results will also provide technical support for the lenders in designing and pricing inventory pledge financing products.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.4
本文編號(hào)：2129677
[Abstract]:Inventory loan is one of the effective ways to solve the financing problem of small and medium-sized enterprises. In practice, in view of the enterprise: the operation is uncertain, the financial institutions can alleviate the short-term fund pressure through the extension service, and finally achieve the goal of recovering the loan. For example, the loan maturity day enterprises face the financial difficulties and the financial institutions provide the exhibition service. To ensure the full recovery of the loan principal and interest; or the loan period is less than the period of the enterprise investment production cycle, the financial institutions will provide the extension service to ensure the stable investment scale of the enterprise. Obviously, how to determine the pledge rate of the inventory loan under the different extension terms is one of the important issues that both the borrowers and the borrowers are concerned about.
This paper, based on the classification of the contract model in the loan practice, constructs the pricing model of the inventory loan contract under the two terms of instalment and full deferred repayment, determines the reasonable pledge rate, and analyzes the relationship between the pledge rate and the enterprise financing cost. In practice, the premise of the loan extension service is the premise of the financial institutions to borrow the loan. An enterprise needs to add a certain amount of stock or pay part of the loan at the original maturity date of the loan. In contrast, this article is classified as the two term clause: the instalment clause and the full deferred repayment clause, in which the installment clause refers to the contract stipulates that if the borrower applies for a loan extension, the borrower should expire on the original loan. The full deferred repayment clause means that the contract stipulates that if the borrower applies for a loan extension, the borrower shall pledge to increase a certain amount of inventory on the maturity date of the original loan and pay the full amount of the loan principal and interest on the end of the expiry date. At present, most of the work is aimed at the contract without the terms of the extension and from the loan party. From the angle of the borrower, this article will analyze and compare the pledge rate and the financing cost of the two types of enterprises under the two circumstances of the lender without recourse and the right of recourse. Here, the two business conditions of the enterprise refer to the loan. On the date of maturity, enterprises have difficulties in operation and enterprises need to renew loans, which correspond to the situation of insufficient value of pledge and the value of pledge.
Specifically, in this paper, the pricing model of the mortgaged loan for a period of time is constructed in two cases without the right of recourse and the right of recourse in the financial institutions, and the equation of pledge is given in accordance with the repayment ability and willingness of the borrower. Then, the liquidity of the inventory is analyzed under the circumstances of the default of the borrower. The effect of the pledge rate of inventory loan. Finally, under the two extension terms, the paper gives a reasonable relationship between the pledge rate of the mortgage loan, the loan interest rate, the duration and the formalities, and compares the influence of the two period clauses to the loan interest rate and the pledge rate through the numerical experiment, and the loan party has no recourse right. The effect of loan interest rate and pledge rate.
According to the theoretical results of this paper and the results of the numerical experiment, we get the following conclusions: (1) under the same assumption of financing cost (loan interest rate and formality fee), when the borrower has no recourse, if the value of the pledge is lower than the creditor's value on the maturity date of the loan, the borrower can get more of the loan in the way of repayment of the loan. Loan amount; if the value of the pledge is higher than the value of the creditor's claim, the borrower can obtain more loan amount in the way of increasing the period of the pledge of the pledge. When the borrower has the recourse, the borrower can get more loan amount under the period of repayment of the partial loan. (2) under the assumption of the same pledge rate, no matter the financial institution If there is a loan recourse, the borrower's financing cost is lower in the way of increasing the period of the pledge inventory. (3) at the maturity date of the loan, as long as the value of the pledge is higher than the value of the creditor's right, then the loan spreads of the extended inventory loan are the same in the two cases of the right of recourse and the right of no recourse.
The results of this study will provide the loan companies with the loan products suitable for their own needs, for example, according to the demand degree of their own funds, the enterprises can choose the way of loan extension and the duration of the extension, and provide a useful reference for the loan interest rate and the pledge rate of the loan between the borrowers and the borrowers. In addition, the paper also provides a theoretical basis for the loan. The results will also provide technical support for the lenders in designing and pricing inventory pledge financing products.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.4
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