Research On The Credit Asset Pricing Model Of Enterprises Accounts Receivables And Its Complex System Dynamics

The accounts receivables of Chinese enterprises almost are large and aging,their turnovers are slow while overdue rates are high,adding unsteady elements in the micro economy and bringing in hidden danger to the macro economy.By scientifically pricing the credit asset of accounts receivables,it is helpful in many aspects,including assisting enterprises to pursue the accounts receivables ?quantity? under Pareto Optimal Conditions,creating the best economic benefits,revitalizing the amassing commercial credit assets,and improving the efficiency of financial resources.On the basis of comparative analysis of both Chinese and foreign enterprises accounts receivables in their current status of development and control,the paper puts forward the profit maximizing model and deduces the analytical solution of optimal equilibrium,further,proves the solution empirically.Also the motion principles and function mechanisms of accounts receivables inner value are discovered.Following the dynamic research pattern of complex economic system,related basic research methods of management,economics,complex systematic science,modern mathematics and statistics are integrated systematically.Based on the thinking of holism and reductionism,this paper sets up the pricing model to evaluate the intrinsic value of enterprises receivables and conducts the pricing management stimulation experiments by adopting complex system dynamics techniques.Simultaneously,accounts receivables trading system stimulation platform is built by importing the block chain and the pricing technique.The three-dimensional view of belonging is set up coming from buyer,seller and environment,it provides methods for research on systematically discriminating expected and unexpected risks of receivables.Also,by importing the effective risk-avoiding parameters,the paper provides tools for controlling and managing credit risks of receivables.Moreover,the paper succeeds in enriching the Macaulay duration theory by putting forward receivables duration and measurement method of dynamic risk-free interest rate.The amended KMV model can solve the default probability of receivables in non-listed companies by forecasting the volatility on liquidating the credit assets of non-listed companies.It expands the applied range of option pricing theory.Besides,the effective grafting of block chain technology and pricing technique enables the enterprises receivables to be traded safely and low-costly.