经典利息理论及其蕴含的贷款定价思想

影响金融机构贷款定价的因素是多维度的,而贷款利率的决定则是其基础。但是,当代西方经济学家在研究贷款定价时却往往忽略贷款利率的决定基础,模型设计里未能反映贷款定价的一些基本要素。与此同时,上世纪50-60年代业已发展成熟的经典利息理论回答了利率如何被决定这一重要问题,蕴含了丰富的贷款定价思想。本文通过回顾与利率决定相关的经典利息理论,指出贷款定价必须重视贷款项目的收益与风险,必须考虑银行的资产结构、市场基准利率和贷款期限,且贷款定价的研究方法应采用局部均衡的非综合模型,重点考虑微观因素。而非宏观因素。

The Classical Interest Theory and Its Reference to Loan Pricing

While many factors have influences on financial institutions' loan pricing behavior, the decision of loan interest rate is one of the most essential. However, current researches often ignore decisive factors of loan rate and their models fail to reflect them. At the same time, the classical Interest Theory fully developed by the 1960s has solved the key problem about the determinations of interest rates, and therefore it has great value to the loan pricing research. This paper reviews the main doctrines of the classical Interest Theory that relates to the decision making of interest rate and the debates caused by them, and then shows some fundamental thoughts contained in the theory that are required for loan pricing study such as risks and benefits of loan projects, capital structure of banks, market basic interest rate and loan maturity.