摘要
银行提高贷款利率将会减少优质客户,这一信贷配给现象在企业面对等待或贷款的选择权时是否仍会出现?本文对此建立了理论模型,在动态利率下将企业贷款投资决策构造为一个基于IRR的实物期权,得到了贷款利率上下限和贷款概率。银行实行差异化利率可能导致信贷配给,市场化利率有可能不存在。要解决这一问题,关键在于真正以企业资质定利率,并加强抵押品担保和信贷监控。
Will credit rationing, which means higher interest rate of loan will drive away good borrowers, still occur when the finn has an option to borrow or wait？ The borrow - investment strategy under uncertain interest rate is modeled as a real option based on IRR in this article. The feasible range of credit rationing and the borrowing probability are obtained. Differentiated interest rate may bring credit rationing. In this case market - based interest rate may not exist. To solve this problem, interest rate of loan should depend on the finn＇ s IRR, and strengthen the credit monitoring as well.
出处
《金融研究》
CSSCI
北大核心
2007年第03A期87-97,共11页
Journal of Financial Research
基金
国家社会科学基金项目"实物期权视角下的民营企业战略决策研究"资助(项目编号:05CJY006)
关键词
实物期权
信贷配给
利率市场化
real options
credit rationing
marketization of interest rate
