文献类型：期刊文献

英文题名：A Study on Loan-pricing of Marine Logistics Enterprise by Commercial Banks under Venture Loan

作者：Feng, Yuan-Qing[1];Wang, Hui[1];Liu, Hong-Ye[2]

第一作者：Feng, Yuan-Qing

通讯作者：Wang, H[1]

机构：[1]Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China;[2]Bank Beijing, Beijing 100033, Peoples R China

第一机构：北京联合大学商务学院

通讯机构：[1]corresponding author), Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China.|[1141721]北京联合大学商务学院;[11417]北京联合大学;

年份：2019

卷号：94

期号：sp1

起止页码：808-812

外文期刊名：JOURNAL OF COASTAL RESEARCH

收录：;Scopus(收录号：2-s2.0-85072283966);WOS:【SSCI(收录号:WOS:000485711600161)，SCI-EXPANDED(收录号:WOS:000485711600161)】；

基金：The case information in this study was supported by the Bank of Beijing Scotiabank Asset Management Co., Ltd, People's Republic of China.

语种：英文

外文关键词：Venture Loan; Abandonment Option; Stock Option; Loan-pricing

摘要：This paper figures out a new loan-pricing method for commercial banks under Venture Loan considering both the abandonment option and the stock option. Assuming the bank-enterprise cooperation is simplified into two stages, an abandonment option is arisen, which is calculated in the two-stage binomial tree model. To define the stock option, a more reasonable model of enterprise's share price evaluation is set by taking investors' psychological factors into consideration, besides, the proportion of return on banks and venture capitals is analyzed by introducing Rubinstein's bargaining model, after that, the stock option is determined by Black-Scholes Option Pricing Model. Finally, by implementing the new loan-pricing method on a real case, a loan interest rate of 4.77% is got, lower than the actual one 5.66%. Comparing with general loan-pricing methods, this paper puts up a more considerable way to price bank loans under Venture Loan, which may be helpful to settle financing difficulties for small and medium-sized marine logistics enterprises.