Private Financial Pricing Theory And Case Studies

The problem of civil finance is not only a realistic problem, but also a theoretical problem. During the several decades China implemented reform and open policy, its private economy has got great development, and at the same time, civil finance has been no doubt booming. But in theory circles and decision-making sectors understandings of civil finance are still not so clear that there exist some vacuum and confusion.For a long time economists ignore the study of the outer economy of the institutions or merely classify these activities as so-called "underground economy" or "black economy", which undervalue the range and importance of the outer economy of the institutions. Actually, it has been clearly seen that in the mature market economy, the development of the economy depends more on the small and medium firms and the civil finance, other than on the huge enterprises and banks, since the small and medium firms and the civil finance have more energy and efficiency. Why can they have these advantages? The very reason is that they are "outer of the economy", so they can break away from the restriction of normative institutions, and be much more "true".This thesis mainly deals with the decision of the interest rate in the field of civil finance. In fact, the study of civil finance provides us with an empirical footnote and special angle of view for the transition of financial institutions.This thesis consists of five parts, which are briefly highlighted below.Part I is the introduction, which mainly deals with the development of civil finance, and the definition and connotation of it. The key point is that, we should take the standardization of finance into account according to the development of our economy, and civil finance shouldn't be put forward as opposed to state-owned finance. It should be distinguished based on whether it accords with corporation laws and commercial bank laws. Our opinion is that all financial forms, and financial markets not enrolled by national business administrator sectors, belong to civil finance.Part II is the summarization for the pricing theory of civil finance. Since there is the financial regulation and suppressing, the interest rates of civil finance are relatively high. And the larger risks make civil finance got premium in its interest rates than thatof general commodity market, which can be explained in different economics theory respectively, including information economics, game theory, and institution economics.Part III is the rational pricing model of civil finance, including the analysis of market structure and the pricing model. This model constructs one optimization problem, through the study of anticipative yields between the creditor and the debtor of civil finance. The necessary satisfactory conditions of the debit and credit contract show me some core elements in the pricing of civil finance.Part IV gives us one pricing case of Lun hui in China. Here, the thesis adopts simple interest and compound interest to calculate the deposit interest rates and the loan ones. Finally, we find there are some important and interesting rules in the ranking of the deposit interest rates and the loan ones, which is just the origin of the hearty vitality of civil finance in the world.Part V focuses on the significance of the pricing of civil finance, i.e. the integration of the pricing and the institutional transition. In this part, the thesis also raises one hypothesis about the non-scale economy of civil finance.