中小企业网络融资成本的研究

Research on Network Financing Cost of Small and Medium-sized Enterprises

网络融资包括P2P网络借贷、大数据融资和众筹融资三种形式。文章分析了三种融资模式及其风险特征,并依据资本成本和交易成本理论比较了三种融资模式的资本成本。研究得出:在融资规模有限的情况下,网络融资的高风险势必引发购买评估阶段和购后行为阶段交易成本的上升,从而导致网络融资资本成本的上升。

Network financing includes online peer-to-peer lending,big data financing and crowd-funding.This paper analyses three network financing models and their risk characteristics.According to theories of capital cost and transaction cost,this paper compares the costs of three network financing models.The study concludes that the high risk of network financing will inevitably initiate the rise of transaction costs in the purchase evaluation stage and post purchase behavior stage in the case of limited financing,which leads to the rise of the capital cost ofnetwork financing.