A Study on Loan-pricing of Marine Logistics Enterprise by Commercial Banks under Venture Loan

Feng, Y.-Q.; Wang, H. and Liu, H.-Y., 2019. A study on loan-pricing of marine logistics enterprise by commercial banks under Venture Loan. In: Gong, D.; Zhu, H., and Liu, R. (eds.), Selected Topics in Coastal Research: Engineering, Industry, Economy, and Sustainable Development. Journal of Coastal Research, Special Issue No. 94, pp. 808–812. Coconut Creek (Florida), ISSN 0749-0208. 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.