求翻译：Merton发现银行以折现方式发放一笔面值为D的贷款所得到的支付和卖出一份执行价格D的看跌期权所得到的支付相等。因此有风险贷款的价值就相当于一个面值为D 的无违约风险贷款的价值加上一个空头卖权。贷款的卖权价值取决于5个变量，即企业资产的市场价值、企业资产的市场价值的波动性、贴现贷款的面值、贷款的剩余期限以及无风险利率。是什么意思？

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Discover bank Merton discounted way to grant a loan of the face value of D the payment and sold a price D implementation of put options are paid. There is a risk of the loan value is equivalent to a face value of the non-default risk D loan value plus a blank sold. The right to sell loan value depen

Merton discovered the bank provides a face value take the commutation way as the payment which the D loan obtains and sells one to carry out price D the payment which is expected to fall the option to obtain to be equal.Therefore has the value which the risk loans on quite in a face value is the D n

Merton found banks to the discount received by payment of a nominal value for d loan payments and sell an implementation of d put options are equivalent to the payment of the price. Value of risky loans would amount to a nominal value for d plus the value of default risk-free loan a right to short s

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