Abstract: The possibility of default for a corporation depends on the combined effects of its ability and willingness to repay.The conventional methodologies for credit risk measurement view repayment ability and repayment willingness as two separate objects,which evaluates them separately and then makes the risk decision.This method has ignored the intrinsic relationship between them,so as to hamper the scientificity and rationality of the credit risk decision.The repayment willingness is quantified by comparing the cost of repayment and the opportunity cost of default for a corporation and an N-period model is established to quantify the borrowers'dynamic repayment willingness.On this basis,this paper analyzes the interactive influences on the pricing of credit risk between repayment willingness and repayment ability for a corporation,and establishes a loan pricing model considering the repayment ability and repayment willingness comprehensively.

Key words: repayment ability, repayment willingness, loan pricing