【摘要】：近年來，小型經(jīng)濟(jì)體-個(gè)體工商戶、小業(yè)主、微型企業(yè)、中小企業(yè)等在我國的經(jīng)濟(jì)的發(fā)展過程中已經(jīng)變得越來越重要，已然成為我國國民經(jīng)濟(jì)發(fā)展的一支不可忽視的力量。但是小型經(jīng)濟(jì)體融資困境也顯而易見，這一問題成為抑制其進(jìn)一步發(fā)展的重要瓶頸。自2010年以來，隨著越來越多的民間資本流入小額貸款公司這一領(lǐng)域，同時(shí)國家也出臺(tái)政策鼓勵(lì)其發(fā)展，使得小額貸款公司在我國迅速的發(fā)展起來。而從解決小型經(jīng)濟(jì)體的融資問題來說，關(guān)鍵還是在于小額貸款公司如何確定合理的貸款定價(jià)。目前小額貸款公司一般是依據(jù)的是管理者的從業(yè)經(jīng)驗(yàn)和貸款公司本身的經(jīng)營情況來自主制定利率，這就存在很大的主觀性，缺乏科學(xué)性和合理性，定價(jià)存在很大問題。由于沒有合適可行的貸款定價(jià)模型，使得現(xiàn)在市場上有的貸款利率已經(jīng)高達(dá)30%，甚至由于向小額貸款公司貸款難，出現(xiàn)了一些高利貸，利率達(dá)100%以上的。這樣很容易出現(xiàn)貸款的“逆向選擇”，不利于小額貸款公司的發(fā)展，也致使許多微小企業(yè)出現(xiàn)貸款成本高，融資困難，發(fā)展前景堪憂。在此背景下，進(jìn)行小額貸款定價(jià)研究已經(jīng)變得非常重要和迫切。 定價(jià)很重要的部分是準(zhǔn)確估計(jì)客戶的信用風(fēng)險(xiǎn)，因此本文首先從信用風(fēng)險(xiǎn)的評(píng)價(jià)切入，構(gòu)建小額信貸信用風(fēng)險(xiǎn)評(píng)估模型，將貸款分為不同的等級(jí)。然后在一定的假設(shè)下，運(yùn)用相關(guān)歷史數(shù)據(jù)得到各等級(jí)貸款的違約率，以估算出損失率進(jìn)而得到不同等級(jí)的風(fēng)險(xiǎn)溢價(jià)，為最終的貸款定價(jià)和決策做準(zhǔn)備。其次從各個(gè)小額貸款公司的自身情況出發(fā)，結(jié)合貸款定價(jià)的原則和貸款定價(jià)的影響因素，通過對(duì)關(guān)鍵變量基準(zhǔn)利率和風(fēng)險(xiǎn)溢價(jià)的討論和分析，構(gòu)造了一個(gè)修正的貸款定價(jià)模型—基于信用評(píng)級(jí)的基準(zhǔn)利率加點(diǎn)修正模型。該模型綜合考慮了貸款公司的貸款成本和費(fèi)用，以風(fēng)險(xiǎn)溢價(jià)為核心，兼顧貸款公司目標(biāo)利潤。這樣，貸款利率由成本、費(fèi)用、目標(biāo)利潤、風(fēng)險(xiǎn)溢價(jià)構(gòu)成，保證成本、費(fèi)用得以補(bǔ)償，目標(biāo)利潤得以實(shí)現(xiàn)，風(fēng)險(xiǎn)得以量化。結(jié)合以上兩部分，小額信貸機(jī)構(gòu)就可以對(duì)客戶的貸款進(jìn)行準(zhǔn)確定價(jià)。最后運(yùn)用本文模型，通過查找一些資料，大體上估算出了小額貸款利率的一個(gè)上限，為政府金融監(jiān)管機(jī)構(gòu)等提供一定的參考，，并對(duì)政府監(jiān)管機(jī)構(gòu)、小額貸款公司和貸款客戶提出了一些建議
[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
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.4

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