Research On Dynamic Pricing Of Credit Guarantee For Small And Medium Sized Enterprises Based On Credit Metrics Model

Since2011, affected by the foreign economic crisis, financing for small and medium enterprises in our country becomes more difficult. Credit guarantee institutions can transfer part of the credit risks, therefore, with the help of guarantee institutions which provides a new channel for small and medium enterprises to solve the financing problem. Only obtaining reasonable profit can credit guarantee institutions survive and further development, so the pricing of credit guarantee rate is one of the core issues to be solved in the research field of credit guarantee. The credit guarantee in our country is staying in the phase that need to be perfect, there still exists many problems such as experience in management, value determining, risk evaluation and control etc. Among them the most outstanding is how to make a reasonable price to compensate for the security risk and to maintain the sustainable management of the guarantee enterprises.Firstly, this paper expounds the related concept to credit guarantees, credit guarantees of small and medium enterprises, and demonstrates the meaning and function of the credit guarantees. Secondly, several credit risk evaluation model and guarantee pricing model are discussed. Finally, through measuring the influence of the macro economic fluctuation to the transfer matrix of credit rating, on the basis of analyzing the Credit Metrics model, a dynamic credit guarantee pricing mode is established by the way of risk loss measurement to credit guarantee pricing, and a applicability researches is made on it. The researching contents of this paper are expected to provide powerfully scientific basis to guarantee pricing of credit guarantee institutions, and provide theoretical guidance to the development of the industry of small and medium enterprises credit guarantee in our country.