互联网金融视角下小微企业融资约束问题的破解

Solving the Financing Constraints on Small and Micro Enterprises from the Perspective of Internet Finance

融资约束是长期束缚我国小微企业发展的难题,互联网金融的发展为该问题的破解提供了渠道与途径。本文首先从经济学角度剖析造成小微企业融资困难的深层次原因,即信息不对称引起的道德风险和逆向选择;然后通过构建基于互联网金融的小微企业融资平台以及设计相应的融资机制,建立基于互联网平台的借贷市场来破解融资约束问题;最后,通过构建借贷市场无限次重复博弈模型和贷款利率竞价博弈模型验证了平台的有效性。研究表明:基于互联网金融的小微企业融资平台及融资机制能有效降低借贷市场中相关环节的成本,并在一定程度上消除了信息的不对称性,促进了有效借贷市场的形成,实现了借贷资源的高效配置。

Financing constraint is a long-term problem suffocating the development of small and micro enterprises in China. The development of Internet finance provides a way to solve it. Through economic analysis,this paper first finds the deep-seated cause of small and micro enterprise financing constraints,namely,the moral hazard and adverse selection caused by the information asymmetry. By establishing a lending market in internet,the finance constraints will be solved. Two steps are necessary: the first is to build a small and micro enterprise financing platform and the second is to design the financing mechanism. Then the paper analyzes the mechanism of the platform through building an infinitely repeated game model of the credit market and a bidding game model of the loan interest rate. The analysis results show that the small and micro enterprise financing platform and financing mechanism can reduce the cost of the relevant aspects in the lending market by Internet finance,somewhat eliminate information asymmetry,promote the formation of an effective lending market and realize the efficient allocation of lending resources.