摘要
针对融资租赁中租金偿还违约风险的防范问题,研究了如何合理设置租赁保证金来防范违约风险.运用博弈理论建立了租金偿还的动态博弈模型,采用逆向归纳法求解该博弈模型并推导出了预防性保证金确定方法及其适用条件,通过边界条件的改变继而推导出了补偿性保证金确定方法及其适用条件.算例分析表明,运用两种方法来计算租赁保证金时,只需已知租赁项目各期租金和租赁资产的价值而无需知道租赁项目的各期收益,仅以出租人预期租赁项目在各期的收益与租金之间的大小作为判据来选择保证金确定方法.两种保证金确定方法具有较高的实用性和可操作性,是出租人合理地确定租赁保证金的有效方法.
To avoid default risk of rent repayment in financing lease, how to reasonably determine the amount of margin money is studied in this paper. A dynamic game model of rent repayment is set up, then using backward induction to solve the model and the determination method of preventive margin money with its applicable condition is deduced. Through changing the boundary conditions, then the determination method of compensatory margin money with its applicable condition is deduced. Analysis of an example indicates that while using the two methods to calculate margin money, only annual rent of leasing project and the value of leasing asset are needed to be known but annaul return of leasing project is not needed, and relative magnitude of annaul expected return and rent of leasing project is a criterion to choose one of the two methods. The two determination methods of margin money have much higher practicability and maneuverability, and they are two effective methods for the lessor to reasonably determine margin money.
出处
《数学的实践与认识》
CSCD
北大核心
2010年第7期82-89,共8页
Mathematics in Practice and Theory
基金
建设部软科学研究项目(2008-R3-18)
关键词
融资租赁
违约风险
博弈论
预防性保证金
补偿性保证金
financing lease
default risk
game theory
preventive margin money
compensatory margin money
