| As the Non-performing Loans become the biggest risk in the finance system of China, it not only became the obstacle of the reform in finance industry, but also put all the country's economy under high risk. The high rate and big amount of Non-performing Loans in our country's finance industry have already become the topic of the world's bank industry, how it will be treated is also highly concerned. There are usually two ways to dispose the Non-performing Loans, one is compensated by the earning of bank itself, and the other is establish assets management company. The government established four assets management companies to deal with the four state owned banks'Non-performing Loans in 1999. The four assets management companies mainly deal with the great amount Non-performing Loans caused by historical matters, with the aim at mostly save the assets and reduce the loss. Pricing for these assets is a new question arising with the assets management companies. Pricing plays a important role in many fields like guide the transfer price, supervise the whole process, value the result etc, during the assets management companies deal with the Non-performing Loans.This paper analyzed the cause of these Non-performing Loans and its characteristic. Non-performing Loans is classified into several different types according to different purpose of investment. And then proposed different pricing models against different type Non-performing Loans. In the pricing models, for the first time adopted the option pricing model into the pricing process of Non-performing Loans. It can be more easily explained that the final bargain price always departure from its evaluated price. Because the buyer of these Non-performing Loans not only considers the marker value of the assets, but also think a lot of its value as an opportunity to enter a new marker or new industry. So, at this point, the value of Non-performing Loans is not only determined by its income, it can also be invested as an option. |
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