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中文摘要：
担保定价是贷款担保实践的核心问题。担保实践中担保与借款公司一对多和存在优先求偿权的两个重要特征会对担保的价值产生影响，现有的模型没有准确刻画此两个特征。本文将这两个重要的特征同时纳入到担保定价模型中，在分析贷款担保期权特征的基础上建立了担保与借款公司一对多模式下，存在优先求偿权的贷款担保定价模型。通过求解分析给出了定价公式，并通过实例测算了具有不同优先求偿权的贷款担保价值的影响因素，结果表明具有次级优先求偿权的贷款担保价值不但受到自身和担保方风险因素的影响。还受具有优先求偿权的贷款担保的影响，最后通过与传统的担保定价模型的比较给出了担保实践建议。
英文摘要：
The loan guarantee pricing is the key point in the loan guarantee practice, The reality of the one guarantor versus multiguaranteed firms and the existing of the guarantee claim priority in practice can have influence on the guarantee value, but the current literatures do not consider these characteristics for the reason of pursuing simplicity of modeling. The paper incorporates both of these realities in the pricing model by establishing the loan guarantee pricing model with claim priority under the one guarantee and muhi- guaranteed finns framework. By analyzing the model, the pricing formulas for the guarantee with different claim priorities are given, and through a case study, the influence factors of loan guarantee with different claim priorities are drawn out. The results show that the value of the guarantee with the secondary claim priority is affected not only by the risk characteristics of both the guaranteed firm itself and the guarantor, but also by the guaranteed firm with the first claim priority. Finally, the paper provides some advice for the guarantee practice through comparisons with the traditional model.
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