产业链金融视角下财务公司融资产品定价研究——基于模糊B S欧式看跌期权模型
The Research on Financing Product Pricing of Financial Company in the Perspective of the Industrial Chain Finance Based on the Fuzzy B S European Put Option Pricing Model

财务公司为产业链上的中小企业提供产业链金融产品，需要获得一个合理的融资利率。由于产业链金融产品主要以应收账款、存货等动产抵押物作为还款来源，因此，财务公司在定价的时候要突出考虑抵押物的价值波动，而抵押物价值又存在模糊特性，常见的贷款定价方法无法正确识别出来。为此，在传统的定价方法基础上，将期权定价模型引入财务公司产业链融资产品的定价中，重点考虑动产抵押物的价值波动以及无风险利率的波动性，得出基于抵押物价值的基础利率，同时财务公司可以根据产业链条的主体特点对贷款利率进行优化调整。
It needs to determine a reasonable rate for financial company when it provides industrial chain financial products for the small and medium sized enterprises. Industrial chain financial products mainly depend on receivable, inventory and other movables pawn as sources of repayment，so financial company must consider fluctuations in value when pricing. However，the characteristics of value on the mortgaged property are fuzzy, and common methods for loan pricing cannot be correctly identified. In this paper, on the basis of the traditional pricing method, the authors introduce an option pricing model as a new approach to financial company chain financing product pricing. It gives a base rate when considering the value of the movables pawn volatility and risk free interest rate volatility. Meanwhile, a finance company can optimize the loan interest rate adjustment based on the characteristics of the industry chain.