Research On The Pricing And Influencing Factors Of Relationship Loans For Small And Medium-sized Enterprises

At present,the reform of economic system is the focus of reform in our country,one of the main work is the interest rate marketization reform,in the face of increasingly complex financial development environment,the transformation of economic structure has stepped into the key stage,at the same time,China’s market-oriented interest rate reform has entered the deep waters,not only have to be flexible adjustment of interest rates,while optimizing the price formation mechanism of funds.At present,for small and medium-sized enterprises,the cost and difficulty of financing is a difficult problem for development,which is very critical to the future development trend of China’s economy.Therefore,it is of great practical value and theoretical significance to discuss how to price the loans of small and medium-sized enterprises in a more appropriate way.This paper first analyzes the domestic interest rate reform,from all-round regulation to deregulation,and analyzes its impact on sme financing.Then starting from the level of small and medium-sized enterprises,the specific content and shortcomings of several pricing methods are described,and it is pointed out that small and medium-sized enterprises in China are facing financing difficulties and high costs,and the relationship loan can effectively solve the problem.Then combined with the feature of relationship lending,selection of real option pricing method,this article first to the bank to make loans to enterprises of the two phases theory analysis,the paper mainly discusses the existing expansion option and give up the option,and then by building a model to give up the option and the expansion option value calculation,and based on the fact the loan cooperation equilibrium characteristics determine the final loan interest rates.5Finally,the factors affecting the equilibrium loan interest rate are analyzed from the perspective of expansion option and abandonment option,and the influence of bank-enterprise relationship and inter-bank competition on the interest rate is emphasized.The first step is to analyze the internal mechanism of the two influencing the interest rate from a theoretical perspective.The second step is to verify the influence of bank-enterprise relationship and peer competition on the interest rate of the relationship loan by using the fixed effect model and taking the companies with relationship loans in small and medium-sized board enterprises as the research object.The empirical results show that the closer the relationship between banks and enterprises,the lower the interest rate of relationship loans.The intensity of interbank competition is inversely proportional to the interest rate of related loans.This proves the theoretical and practical significance of using the expansion option and the waiver option to price the relationship loan,this pricing method can meet the capital demand of enterprises,and effectively control the interest cost,promote the bank-enterprise cooperation more stable,and then can accelerate the local economic development.