| With the continuous development of China’s economic and gradually opening up of financial sector, China’s commercial banks and small and micro enterprises find that the majority of opportunities, while also facing growing competitive pressures.With the profit margins are increasingly limited,commercial bank needing to open up new business growth points, so that to maintain stable development. Since November2011, the state has adopted a series of policy to support the development of small and micro. Small and micro enterprises in China has been rapid development, its increasingly important role in promoting China’s economic development and social progress.However, due to the existence of information asymmetry, the company system is imperfect, the development of small and micro enterprises are restricted on the financing bottleneck in the internal difficulties, loans are seriously constrained capacity and the rate of expansion and the development of small and micro enterprises, some enterprises even facing bankruptcy because of cash flow problems. Small micro-enterprises need to commercial banks to give adequate financial support to the rapid development.Facing the competitive pressures of the banking industry and the demand for the development of small and micro enterprises, we need to find a combination of a commercial bank with a small micro-enterprise development, so that the two can reach a win-win effect. However, the difficulty of fixing on loan pricing is one of the important reasons of hinder the development of this loan business. Due to the high risk of small and micro business, the risk of adverse selection, and the imperfect of the loan pricing system, the banks find it difficult to determine a reasonable loan price. In this context, the article tried to build the loan pricing model for the small and micro enterprises, from the view of the feature of loans is long-term and persistent.The main point of this article:the first, commercial bank loans for small and micro enterprises is long-term and persistent. Secondly, commercial bank loans to small and micro enterprises can get two kinds of value:a commercial bank loans to small and micro enterprises business net income which is commercial bank loans income minus comprehensive cost; another is real options value which is obtained by the commercial banks of the right value of providing loans to small and micro enterprises in the future.Research ideas in this article:To solve the problem of commercial bank lending to small and micro enterprises pricing, we need to study the characteristics of small micro-enterprise loans, study the mode of commercial bank loans to small and micro enterprises, and on this basis, to build the loan pricing model. This article began to study the operating characteristics of the micro-enterprise, and analyzed their funding needs, and to study their loan features, and analysis of mode of commercial banks loan to small and micro enterprises, to come to the business of banks with small and micro-enterprise cooperation is a long-term and persistent. On this basis, draw that commercial banks in the lending business will also get the right of loaning to small and micro enterprises in the future. The article added the value of the options to the net income of business of the bank loans in order to build a pricing model for small micro-enterprise loan features.Based on the above analysis, China’s commercial banks need to build a suitable loan pricing model fitting the small and micro enterprises in China loan features. The model need to meet the bank’s expected return and risk compensation, also consistent with the long-term characteristics of the bank-enterprise cooperation, at the same time, small and micro-enterprise lending rate can be reasonable. To achieve this goal, we should first accurately measure the loan value held by the bank, which includes not only consolidated net income for loan companies, but also include the rights value of corporate loans in the future of the bank. Carefully analysis, we can find the nature of the rights and the real options is the same, that the holder has the right according to the price movements of the subject, and such rights are valuable, so we can introduce the value of real options in the loan pricing model.Based on the above analysis, to build a pricing model, the article introduced the abandonment options value to the model of commercial bank loans for small and micro enterprises. The left side of the model is a comprehensive business net income add to abandon the option value of commercial bank loans to small and micro enterprises and the right side is the expected return of the commercial banks. There is small and micro-enterprise lending rates in the equation, so we can solve the lending rate based on this model, so we can get a suitable for small and micro enterprises loan. The abandonment option value can be get with a B-S puts option pricing model. In order to make the model more practically, the article explain each variable sources and estimated.Finally, the article give an example that a commercial bank (A) in Shanxi Province loans to its small and micro customers (G Enterprises), then get the loan pricing. Calculate the current lending rate determined by the Bank. Then get the loan interest rate when we considerate the abandonment option value in the model, and then get lending rate when we do not consider the value of real options. At last, compare the three interest rate results, we can find that he loan interest rate introducing real option value is lower than the general rate pricing, also lower than the interest rate not considering the value of real options. Loan prices draw in the model, the bank not only can get risk compensation and long-term benefit, but also can lower prices, increase market competitive force, expand market share, and long-term development. Finally, we can calculate the abandonment option value in this case, which accounts for22.68%of the long-term benefit. This option value should be considered in the pricing of bank loans.Innovation of this article:the first, in building a commercial bank loans to small and micro enterprises pricing model, taking into account the long-term cooperative relations of banks and enterprises, and this partnership is seen as a kind of corporate loans real option held by banks, which can get a more accurate estimate of the income of the bank loans. Secondly, when chose the type of real options, in this article the bank loans of the corporate business was seen as an abandonment option, when the Bank loan project income is lower than the overall costs, the bank can choose to recover the cost, refused loans; if contrary, banks can continue to provide loans. Third, the article using the empirical method citing a small micro customers (G enterprises) loan pricing case, which can give more practical value in the actual operation of the Loan Pricing. Fourth, when calculated the lending rate in the empirical case, the article use matlab mapping observation and dichotomy estimated lending rate, compared with the interest rate banks actually determined. Indicating that using the model seeking loans interest rates, bank can not only control the risk, get long-term benefits, reduce the loan price, but also expand competitiveness and expand market share. |
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