KPMG was founded in 1987, and its history can be traced back to 1870. It was formed by the gradual merger of four companies. This is a network of internationally renowned accounting firms, providing three main services: audit, taxation and consulting. Headquartered in the Netherlands, it has 162000 full-time employees (20 14). It is the fourth largest accounting firm in the world after Deloitte, PricewaterhouseCoopers and Ernst & Young. Young. The four major accounting firms in the world are private and unlisted companies.
1. The core idea of risk-neutral pricing theory is to assume that every participant in the financial market is risk-neutral, whether it is a high-risk asset, a low-risk asset or a risk-free asset. As long as the expected returns of assets are equal, the attitude of market participants is the same. This market environment is called the risk-neutral paradigm. KPMG applies risk-neutral pricing theory to the calculation of default probability of loans or bonds. Since the bond market can provide risk premiums corresponding to different credit ratings, the default probability of each loan or bond can be calculated according to the risk-neutral pricing principle of equal expected returns.
2. The main methods of risk pricing are cost additive process and benchmark interest rate method. Risk pricing needs to consider operating costs, target profit rate, capital supply and demand, market interest rate level, customer risk and other factors. Cost increase It is the simplest loan pricing model to measure the loan interest rate level from the perspective of commercial banks' operating costs. According to this model, any loan interest rate should be divided into four parts: the marginal cost of bank loans; Operating costs required for banks to issue loans; Commercial banks must be compensated for the risk that they may default or even lose loans; The level of profit that banks expect to achieve by issuing loans.
3. Therefore, the corresponding bank loan interest rate = marginal cost of raising and distributing loanable funds+operating cost+risk compensation+expected profit level benchmark interest rate method, which is a loan pricing method generally adopted by international banks. Its specific operating procedure is to select a benchmark interest rate as the "base price" and determine different levels of interest margin for customers with different credit ratings or risk ratings. The general practice is to "add points" or multiply by a coefficient on the basis of the benchmark interest rate. Loan interest rate = market preferential interest rate+default risk compensation+term risk compensation