基于互联网金融的创业企业融资优选模式研究

发布时间：2018-03-05 02:34

本文选题：子博弈纳什均衡　切入点：PP　出处：《工业技术经济》2017年11期 　论文类型：期刊论文

【摘要】：本文基于预购众筹、P2P和股权众筹3种互联网金融模式的投融资决策过程,分别构建了投资者和创业企业(融资者)为决策主体的两阶段完全信息动态博弈模型,采用逆向选择法求取了纳什均衡,并分别详解了创业企业通过3种互联网融资渠道融资所获取的最优利润及其影响因素。研究发现,创业企业的融资目标金额、投资者获取的额外效用及收益贴现率是决定最优利润及其排序的关键指标。借助我国金融市场参数和互联网金融投资者偏好参数对收益贴现率和额外效用赋值后发现:随着创业企业融资目标金额的增加,创业企业为获取最优利润会依次优选预购众筹、P2P、股权众筹渠道进行融资。我国互联网金融平台的统计数据印证了这一结论。
[Abstract]:In this paper, based on the investment and financing decision-making process of pre-purchase crowdfunding P2P and stock crowdfunding, a two-stage complete information dynamic game model with investors and startups (financiers) as decision makers is constructed, respectively. The Nash equilibrium is obtained by using reverse selection method, and the optimal profit and its influencing factors obtained by three kinds of Internet financing channels are explained in detail respectively. The additional utility and discount rate of income obtained by investors are the key indicators to determine the optimal profit and its ranking. The discount rate and extra utility of income are assigned with the help of Chinese financial market parameters and the preference parameters of Internet financial investors. It is found that: with the increase of the target amount of financing, In order to obtain the best profit, the startups will select the pre-purchase crowdfunding P2P and the shareholding crowdfunding channels to raise funds in turn. The statistics of China's Internet financial platform confirm this conclusion.
【作者单位】：河北工业大学经济管理学院;
【基金】：河北省科技计划项目“促进京津冀产业对接与转移的思路与对策研究”(项目编号:15457634D) 河北省科学基金项目“京津冀环境治理协作中的河北省对策”(项目编号:HB14YJ083) 河北省高等学校人文社会科学项目研究“京津冀大气污染物排放权初始分配机制及我省对策研究”(项目编号:SD171046)
【分类号】：F224.32;F724.6;F832.4

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