应用期权方法构建商业银行贷款利率模型

以分析公司普通股所具有的看涨期权特性为出发点，以Black—Scholes看涨期权定价模型为基础，根据不同企业资本结构和资产回报风险的差别，构造了一个商业银行基本贷款利率模型。从期权角度来设计贷款利率模型，除考虑了企业的经营风险因责外，还同时考虑了企业融资结构所带来的财务风险，能更加全面地反映出商业银行贷款的保障程度。

Application of the Option Method to The Loan Interest Rates Model of the Commercial Banks

This paper sets out an analysis based on the fact that the corporate common shares bear a rising option character.On the basis of the Black Scholes rising option pricing model,and according to the differentials in capital structure and risk of capital returns,the paper constructs a basic loan interest rates model.Designing the loan interest rate model in the option perspective can take into account not only the optional risks of the business firms but also the financial risks arising from the financial structure of the firms,thus more completely reflects the extent of guarantee for the commercial bank loan.