中文摘要：

针对展期贷款产品定价不妥所引致的展期市场趋于萎缩的现状,提出了基准展期贷款利率的定义,进一步基于无套利原理,对基准展期贷款利率的确定方法及其静态特征进行了研究。应用分析表明：当展期期限与原贷款期限不在同一期限档次时,基准展期贷款利率高于政策规定的标准,这从侧面反映了当前信贷资产的价值被低估。最后,给出政策建议：商业银行应在对历史成本和未来利润预期等全面分析的基础上,在同一期限档次基准展期利率区间内选定合适的基准展期贷款利率。

英文摘要：

Deferred loan business should be a routine credit affair in commercial banks,but now the market is in a weakening trend.The paper indicates that the main reason is the non-proper-priced.On the above analysis basis,first,the paper put forward the definition of Benchmark Interest Rate of Deferred Loan.Second,based on the financial non-arbitrage theory,the paper studies how to price the Benchmark Interest Rate without considering deferred loans＇ risk characteristic.The application analysis makes clear that when loan term and the deferred loan term are not in the same time interval,the Benchmark Interest Rate of Deferred Loan will exceed the policy standard.All these show that the value of loan assets was underestimated in routine credit affairs.In the end,Decision-makers of commercial banks were suggested that they should give a comprehensive analysis on history cost and future profit of loan assets when they set up the desirable deferred loan＇s interest rate in the same time interval.