信息约束、网络结构与小微金融普惠机制设计--兼论我国互联网融资平台的规范发展

On Information Constraints,Network Structure and the Design of Inclusive Financial System for Small and Micro Enterprises:The Development of Internet Financing Platform in China

通过构建数理模型阐释小微企业融资困境的成因,证明并剖析互联网融资平台对缓解小微企业融资困境的作用机制;并沿用现有文献的分析框架,研究了互联网融资平台的主体数量、信息约束以及产品的供给可替代性对平台整体融资效率的决定机制。结果表明:信息约束及产品的供给可替代性对提升平台融资效率有促进作用;只有当平台自身的信息技术维持在一个较高水平时,平台的规模扩张才会对其融资效率产生持续的正向影响。研究结论对于小微金融普惠、互联网融资平台的规范发展具有启发意义。

In this paper,a theoretical model is established to find out the causes of the financing difficulties of small and micro economic entities. It proves that the Internet financing platform is useful to ease the financing difficulties of small and micro economic entities. The framework of Ronald Burr and Kurt Annen is also adopted to explain the impact of information constraints and network structure on the financing efficiency of Internet financing platform. The conclusions of the study will be useful to further understand the construction of inclusive financing system and the development of Intemet financing platform in China.