Design And Application Of Automobile Finance Leasing Pricing Model Based On Real Options

Auto finance plays an important role in promoting automobile consumption.In 2018,China's automobile sales declined for the first time in the past 30 years.How to boost consumption through automobile financial products and give full play to the role of automobile finance is great significant for improving the living standards of residents,promoting the development of the automobile industry and even driving the development of the entire national economy.At present,China's financial product varieties have lagged behind the needs of financial system reform,and innovation is urgently needed.As a branch of auto finance products,financial leasing can allocate resources more widely and effectively because it is simpler and more flexible than bank loans.The combination of financial leasing and automobile sales has the characteristics of lowering the barriers to entry,improving the efficiency of financing,and facilitating the disposal of subject matter.It has a promoting effect on China's auto finance services and automobile production and sales.This thesis refers to relevant research at home and abroad,combined with the development status of domestic auto finance leasing products,and studies the pricing of auto financing leasing products.The pricing model is based on consumer rational default assumptions and Black-Scholes option pricing formula,which compares the change in car prices with changes in financial market stock prices,and by equating consumers' choices in financial leasing contracts to European Put options,derived the option pricing model applicable to the auto finance leasing market.And combined with the market price of the automobile,this thesis analyzes the sensitivity of the variables affecting the pricing model,and provides the basis for the price management and risk prevention and control of automobile financing lease.On this basis,this thesis further analyzes the risks faced by auto finance companies in financial leasing contracts,and studies the role of option pricing models in preventing and controlling risks.The results show that the ratio of the value of the option to the price of the car has little effect on the price of the car.Through practical application calculation,the pricing model can reduce the default of the consumer to the auto finance company to a certain extent.The loss will play a certain role in risk prevention and control.This thesis has two innovations: Firstly,this thesis introduces the idea of real options in the pricing of auto financing leases,analyzes and finds the embedded options in the auto finance leasing business.Secondly,this thesis constructs a car financing leasing pricing model based on real options.And through analysis,the model has certain prevention and control ability for consumer default risk.At present,China's auto financing leasing business is still in its infancy,and relevant research and research needs to be further improved.Based on the idea of option pricing,this thesis supplements and expands the research on the field of automobile finance leasing pricing,and has certain reference value for auto finance leasing pricing practice and risk management.