基于PPP模式的内生性契约、信用共同体与网络融信机制构建——民营中小企业融资路径探索

Establishment of Endogenous Contract, Credit Community and Network Trust Financing Mechanism Based on PPP Model——Exploration of Financing Path of Small and Medium-sized Private Enterprises

为了解决民营中小企业的融资难问题,从融资路径创新的角度引入内生性契约,稳定信用共同体的融资主体之间的关系,完善信用共同体融资的作用机理,旨在为探索建立网络融信机制形成理论支撑。而网络融信机制的构建需要在PPP模式的基础上确保网络融信的平稳运行,尤其是网络融信所面临的信息不对称问题应通过融资主体之间的内生性契约实现信息平衡,并通过信用共同体的形式为规避网络融信前端风险提供组织保证,在此基础上实现由"二重内生性契约"、"三维公私合作"、"多维信用共同体"构成的网络融信机制三大基础条件。进而基于PPP模式的内生性契约与信用共同体,从网络融信平台搭建、网络融资信托计划的设计、网络融资信托操作方式的选择与网络融资信托利益链的管理等方面构建网络融信机制。

In order to solve the financing difficulty of small and medium-sized private enterprises, the paper introduces endogenous contract from the dimension of innovation in financing path to stabilize the relationship between financing en- tities of credit community and improve financing mechanism of credit community, and aims to support the establishment of network trust financing mechanism in theory. It is necessary to ensure the smooth operation of network trust financing based on the PPP Model to establish network trust financing mechanism. The information asymmetry problem of network trust financing should be solved by endogenous contract between financing entities to achieve information equilibrium. It is important to provide organizational guarantee for avoiding front-end risk of network trust financing through credit com- munity. Based on the above, it is likely to have three basic conditions of network trust financing mechanism such as the ＂double endogenous contract＂, ＂three-dimensional public-private cooperation＂, and ＂multi-dimensional credit commu- nity＂. Based on endogenous contract and credit community of the PPP model, it is possible to establish network trust financing mechanism from the construction of platform, design of plan, selection of operation mode, and management of interests chain.