As liquidity risk increases, explicit interest rate and LTV of optimal contract both increase; whereas as price risk increases, explicit interest rate and LTV of optimal contract both decrease for normal distribution.

• 当抵押物流动性风险增加时，信贷人最优贷款合同应该是名义利率和贷款价值比均下降；对于抵押物价格波动满足正态分布的情况，若抵押物价格风险增大，信贷人最优贷款合同应该是名义利率和贷款价值比均上升。