| With the rapid development of economy,the financial market is becoming more and more important in our daily life,money lending is the important means of resource allocation,financial markets often require certain collateral money lending.Stock as high liquidity of financial assets can be used as collateral.The stock loans research also gradually got the attention of many scholars.In this paper,we study is subject to uncertain stock prices based on the differential equation,under the objective is to study the uncertainty theory of stock loans loan pricing model,To explore the influence of various parameters on the value of stock loans loan,which has a high reference value for both lenders and borrowers who sign the stock loans loan contract,and can help them make more reasonable decisions.The innovation of this paper is mainly to study the influence of two parameters in the pricing model on the value function of stock loans.In addition,the conclusion is combined with the actual situation to analyze the causes of this result from the perspective of economics,so as to better help both lenders and borrowers to make reasonable decisions.The first chapter,this article introduces the stock price respectively follow Brownian motion and uncertain differential equation under the stock loans research background,domestic and foreign research present situation and research meaning.In the second chapter of this article,introduces the theory of uncertain of some important definitions and theorems,and used to describe the uncertainty of the stock price differential equation.And introduced the uncertainty theory under the existing stock loans results.Finally,is deduced under the uncertainty theory of standard stock loans price formula and explore the various parameters change of value function.The influence of uncertainty theory is deduced in this paper,the third chapter with a fixed limit the value of the stock loans function,and the effects of various parameters on the value function.In this paper,the fourth chapter introduced the uncertainty theory with a fixed maximum growth rate of the basic concept of stock loans with a fixed maximum growth rate was deduced the stock loans value of the function,and the effects of various parameters on the value function.In this paper,the fifth chapter is about the previous under uncertainty theory summarizes the study of the stock loans and the future can be studied in several directions.Results show that the increase of the loan amount and loan interest rates can reduce the stock loans value,limit increase and the increase of maximum growth rate will lead to the stock loans loan to value increases,when the ceiling or on a fixed time limit growth rate increased to in a certain extent,the value of the stock loans function will stabilize.Logarithmic drift and logarithmic diffusion at the same rate increases,the increase rate of equity loans value caused by logarithmic drift is greater than that caused by logarithmic diffusion.When the fixed cap L increases at the same rate as the loan amount K,the fixed cap causes the increase rate of the value of the equity loans to be less than the decrease rate of the value of the equity loans caused by the loan amount. |
