Research On Pricing Model Of SME Relationship Lending Based On Real Option

In this paper, we analyze the financing structure of small and medium-sized enterprises and commercial banks financial symbiotic relationship, we find the best combination of the small and medium-sized enterprises and commercial banks path--relationship lending. Relationship lending can significantly improve the small and medium-sized enterprise financing status, brings to the bank relationship rental income, the fact is the best choice for a win-win situation. In this paper, according to the special nature of relationship lending, we find the real option in relationship lending. After the introduction of real option value model to relation lending pricing and the pricing process, we give the analytic solution of relation lending interest rate. We demonstrates the relationship lending pricing model of pricing process and draw the conclusion that relationship lending can decrease the lending cost of small and medium-sized enterprises. In the long run, the management flexibility in relationship lending can make up for the shortage of lower loan interest in the short run, the sum of them can still reach the goal of bank profit. In the banks’ point of view, lower loan cost can attract more small and medium-sized enterprises.