P2P网络借贷在小微企业融资中的应用研究

发布时间：2018-03-03 17:46

本文选题：P2P网络借贷　切入点：小微企业融资　出处：《华东政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：P2P网络借贷作为一种金融创新，是民间金融与互联网的融合。从2007年引进国内后，在网络普及率提高、移动支付发展，信贷配给和金融排斥，宽松政策环境以及网络借贷自身优势等因素的推动下，P2P网络借贷市场发展迅速。其发展模式也不断创新，有单纯中介型，复合中介型，和非盈利公益型。目前，整个P2P网络借贷市场，平台数量与日俱增，市场的规模急速扩张，市场的参与主体多元化，业务模式多样化，但问题与风险也在积聚。在网络借贷市场上，有近70%份额是小微企业借款。现实中，网络借贷的特点与小微企业的融资特点相符，小微企业处于融资难的境界，这些都驱动小微企业运用P2P网络借贷实现融资。理论上，首先，P2P网络借贷为借贷双方提供中介服务，起到了资源配置的作用；其次，尽管存在信息不对称，但只要小微企业的预期收益率超过了出借人的机会成本、交易成本和信息不对称的风险补偿，网络借贷双方有实现交易的可能，并且信息不对称程度越低，，可能性越大；最后，社会资本产生的“软信息”一般会反映着借款人的财务状况和诚信程度，且依赖于社会资本的个人信用机制和声誉机制，通过对借款人行为的激励、约束和惩罚，起到缓解信息不对称的作用。选择拍拍贷进行实证研究，通过对拍拍贷数据的实证分析，得到影响出借人出借资金的可能性的因素，借入信用得分、历史借款成功次数与出借人出借资金的意愿正相关，流标次数与出借人出借资金的意愿负相关，借出信用得分影响出借人出借资金的意愿微弱，借款利率对出借人出借资金意愿的影响为负，借款期限与出借人出借资金的意愿负相关，借款金额对出借人出借资金的意愿影响微弱。最后，为发挥P2P网络借贷在小微企业融资中的积极作用，结合网络借贷存在的问题和实证结论，相应的提供一些政策建议。首先，政府明确借贷平台的性质，确定监管主体；在完善相关法律规范的同时，健全监管制度；加强个人和小微企业信用体系的建设。其次，加强平台自身建设，建立风险储备金防范风险。最后，个人和小微企业要提高信用价值意识，注重平台社会资本的积累与维护。
[Abstract]:P2P network lending, as a financial innovation, is the fusion of private finance and the Internet. Since 2007, the network penetration rate has increased, mobile payment development, credit rationing and financial exclusion. Driven by the loose policy environment and the advantages of network lending, the P2P network lending market is developing rapidly. Its development model is also constantly innovating, including pure intermediary, compound intermediary, and non-profit public welfare. At present, In the whole P2P network lending market, the number of platforms is increasing with each passing day, the scale of the market is expanding rapidly, the participants of the market are diversified, the business models are diversified, but the problems and risks are also accumulating. In the online lending market, nearly 70% shares are borrowed by small and micro enterprises. In reality, the characteristics of network lending are consistent with the financing characteristics of small and micro enterprises, and small and micro enterprises are in the state of difficulty in financing. In theory, P2P network lending provides intermediary services for both borrowers and borrowers, which play a role in resource allocation; and second, despite the information asymmetry, But as long as the expected rate of return of a small and micro enterprise exceeds the opportunity cost of the lender, transaction costs and risk compensation for asymmetric information, there is a possibility for both parties to the network to trade, and the lower the degree of information asymmetry, the more likely it is; finally, The "soft information" generated by social capital generally reflects the borrower's financial situation and integrity, and relies on the individual credit mechanism and reputation mechanism of social capital, by encouraging, restraining and punishing the borrower's behavior. Play a role in alleviating information asymmetry. Select PPDAI to carry on the empirical research, through the empirical analysis to the data of PPDAI, get the factors that affect the possibility of the lender lending funds, borrow credit score, the times of historical loan success and the willingness of the lender to lend the funds. The number of bid flow is negatively correlated with the willingness of the lender to lend funds, and the credit score has a weak effect on the willingness of the lender to lend, while the interest rate on the loan has a negative effect on the willingness of the lender to lend funds. The term of loan is negatively related to the willingness of the lender to lend funds, and the amount of the loan has little effect on the willingness of the lender to lend the funds. Finally, in order to give full play to the positive role of P2P network lending in the financing of small and micro enterprises, combined with the problems and empirical conclusions of network lending, it provides some corresponding policy recommendations. First, the government defines the nature of the lending platform and determines the main regulatory body; At the same time of perfecting the relevant laws and regulations, we should improve the supervision system; strengthen the construction of the credit system of individuals and small and micro enterprises. Secondly, we should strengthen the construction of the platform itself and establish a risk reserve fund to guard against risks. Individuals and micro-enterprises should improve their credit value consciousness and pay attention to the accumulation and maintenance of social capital.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4

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