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抵押贷款仅考虑借款人信用风险,存货质押贷款还应考虑质物价格风险。当银行对借款人事前违约概率具有不对称信息时,在Danny Ben-shahar抵押贷款模型基础上,综合考虑借款人信用风险和质物价格风险,证明存在高风险借款人选择(高利率、高贷款价值比)合同,低风险借款人选择(低利率、低贷款价值比合同)的唯一分离均衡。
Mortgage loans only consider the borrower credit risk, inventory pledged loans should also consider the price of physical risks. When the bank has asymmetric information on the probability of default of the borrower, on the basis of the Danny Ben-shahar mortgage loan model, considering the borrower’s credit risk and the price of the commodity price, it proves that the risky borrower’s choice (high interest rate, high loan Value ratio) contracts, the only separation and equilibrium of low-risk borrowers (low interest rates, low loan values over contracts).