直融延伸、合作筛选和创新融资平台——以“点名时间”为例

Direct Financing Extension,Cooperative Selection and Financing Platform Innovation: The Case of the Demohour

本文研究互联网金融的直融延伸和合作筛选对创新企业融资支持的机理,通过建立网络金融"交易可能性集合"和"羊群效应"假设,发现交易参与者行为选择上具有市场特征;我们在建立实证模型的基础上,借助"点名时间"面板数据检验上述假设,得到以下结论:互联网技术和精神引进传统金融业务形成互联网金融,延伸了直融末梢,众筹中投资人具有明显"羊群效应",可以通过合作筛选机制选择项目。本文最后提出了明确创新融资平台技术标准、推动银行与社会征信系统互联、互联网金融平台数据共享等政策建议。

This paper aims to explore the direct financing extension and cooperative selection mechanism of the Internet finance. Through setting transaction possibilities collection and herding hypotheses, we find that trading participants have the selection action of market characteristics. Based on the empirical model, we test the above hypotheses with the panel data of Demohour. We can conclude that Internet finance will introduce the Internet technology and spirit to the traditional financing business, which greatly extends the direct financing endings; the investors participate in raising activities with a herding, selecting the project through cooperative selection mechanism. Finally, this paper proposes some policy recommendations, such as, to establish innovation financing platform technology standards, to promote banking and social credit system interconnection and Internet financial platform data sharing.