互联网金融、PPP模式与金融资源配置

Internet Finance Development,Public-Private Partnership and the Allocation of Financial Resources

文章在分析我国互联网金融发展、PPP融资模式现状的基础上,探究了互联网金融、PPP融资模式和社会融资规模的相互作用机理,基于中国数据分别利用常系数回归、MM稳健性回归以及贝叶斯VAR模型实证检验了三者之间的关系,检验发现:第一,互联网金融和PPP融资模式近年发展迅速,两者优势互补,相互促进可以有效提高融资效率,尤其是互联网金融对PPP融资模式有重要推动作用;第二,互联网金融、PPP融资模式对社会融资规模有正向刺激作用,但是程度轻;第三,社会融资规模对互联网金融、PPP融资模式有正向冲击,社会融资规模的增长也反向刺激了互联网金融与PPP的发展。下一步应加强互联网金融风险监管、鼓励PPP融资模式创新,促进互联网金融与PPP融资模式的融合,提高投融资效率,让金融更好地为实体经济服务。

Based on the current situations of Internet Finance development and the PPP financing model in China, the interaction mechanism of Internet Finance, PPP financing model and the Aggregate Financing to the Real Economy is analyzed. The relationship among the three variables was tested by constant coefficient regression, MM robust regression and Bayesian VAR model with the help of Chinese data.The following results can be gotten by the test： First, the Internet Finance and the PPP financing model have developed rapidly in recent years, and the financing efficiency can be improved effectively by their complementary advantages and mutual promotion, especially when the Internet Finance has an important promoting role to the PPP financing model. Second, the Internet Finance and the PPP financing model have a slightly positive stimulus to the Aggregate Financing to the Real Economy. Third, the Aggregate Financing to the Real Economy also has a positive impact on, and stimulated the development of the Internet Finance and the PPP financing model. In future, the supervision of the Internet Financial risks should be strengthened, the innovation of PPP financing mode be encouraged, the integration of Internet Finance and PPP financing model be promoted, the investment and financing efficiency be increased, and thus the real economy will be served better by the finance.