基于金融生态视角的P2P网络融资研究

发布时间：2018-12-23 18:32

【摘要】：在近年来小微企业贷款融资难的经济形势下,作为传统金融体系的有力补充,P2P网贷行业的出现在很大程度上缓解了这一难题。互联网金融时代,P2P网络融资模式在援助实体经济的同时,也为投资方打造了新型理财方式,既保障了稳健收益,又兼具投资期限灵活、准入门槛低的特点,创造了大量价值。随着网络技术的迅猛发展及其与信息数据的融合,P2P这一新型金融服务模式由于融资方式的灵活性与交易手续的简便性,近年来行业规模迅速扩张,互联网金融尤其是P2P网贷平台构建了大众理财与高成长性企业融资之间的有效桥梁,极大程度上降低了信息不对称性导致的交易成本的提升,使得我国民间融资渠道更加多样化。自周小川明确提出金融生态的概念来,社会经济领域对金融生态问题的研究一直受到广泛关注。良好的金融生态环境对地区经济运行、融资渠道拓宽有着至关重要的意义。2016年以来,政府部门颁布实施各类互联网融资领域法律法规,为P2P融资的平稳运营创造了良好的外部环境。经过近几年的发展,我国的P2P网络融资逐步从最初的萌芽状态发展到今天的行业整合规范期,社会预期不断提高。然而,P2P问题平台现象的层出不穷从某些方面反映了P2P融资的金融生态环境有待完善。现阶段我国的P2P融资仍然存在金融监管不到位、信用融资环境薄弱、金融执法力度有待加强等问题,制约了P2P融资的有序运营。本文的创新之处在于从金融生态视角的宏观层面出发,探讨外部金融生态环境影响P2P融资的可获得性问题,突破了以往学者只从微观层面研究P2P融资问题的局限,进而寻求优化P2P网络融资市场的有效途径,具有理论与现实意义。本文首先阐述了P2P融资与金融生态问题研究的相关理论,进而对我国P2P融资的现状及金融生态环境进行了系统论述。从金融生态视角,逐步引入P2P金融生态环境各要素构造P2P融资支付矩阵,探讨了外部金融生态环境对资本配置及P2P融资可获得性的影响机制。在理论分析的基础上,参照以往的研究成果并考虑数据获取的难易程度,本文选取了构成P2P金融生态环境的18项指标数据进行实证分析。利用因子分析完成数据筛选与公共因子的提取,在对不同区域P2P融资金融生态环境进行综合排名的基础上,分别探讨各金融生态环境因子对P2P融资的影响。研究结论为政府行为因子反向作用于P2P融资的可获得性,法制环境因子、金融发展因子、经济基础因子正向作用于P2P融资的可获得性。
[Abstract]:In recent years, in the economic situation of small and micro enterprise loan financing, as a powerful supplement of traditional financial system, the emergence of P2P network lending industry to a large extent alleviates this problem. In the era of Internet finance, P2P network financing mode not only helps the real economy, but also creates a new financial management method for investors, which not only guarantees steady income, but also has the characteristics of flexible investment term and low entry threshold, which creates a lot of value. With the rapid development of network technology and its integration with information data, P2P, a new financial service model, has expanded rapidly in recent years due to the flexibility of financing methods and the simplicity of transaction procedures. Internet finance, especially P2P network loan platform, has built an effective bridge between public finance and high growth enterprise financing, which greatly reduces the transaction costs caused by information asymmetry. Make our country folk financing channel more diversified. Since Zhou Xiaochuan put forward the concept of financial ecology explicitly, the research on financial ecology in the field of social economy has been paid more and more attention. A good financial ecological environment is of vital importance to the regional economic operation and the widening of financing channels. Since 2016, government departments have promulgated and implemented laws and regulations in various areas of Internet financing. For the smooth operation of P2P financing to create a good external environment. After the development of recent years, P2P network financing in our country has gradually developed from the initial budding state to the industry integration and standardization period, and the social expectation has been raised constantly. However, the emergence of P2P problem platforms in some aspects reflects that the financial ecological environment of P2P financing needs to be improved. At present, there are still some problems in P2P financing in China, such as financial supervision is not in place, credit financing environment is weak, and financial law enforcement needs to be strengthened, which restricts the orderly operation of P2P financing. The innovation of this paper is to discuss the problem of the external financial ecological environment influencing the availability of P2P financing from the perspective of financial ecology, and break through the limitations of the previous scholars only to study P2P financing from the micro level. Therefore, it is of theoretical and practical significance to seek an effective way to optimize the P2P network financing market. In this paper, firstly, the related theories of P2P financing and financial ecological problems are expounded, and then the current situation of P2P financing and the financial ecological environment in China are systematically discussed. From the perspective of financial ecology, this paper introduces various elements of P2P financial ecological environment to construct P2P financing payment matrix, and probes into the influence mechanism of external financial ecological environment on capital allocation and P2P financing availability. On the basis of theoretical analysis, referring to the previous research results and considering the difficulty of data acquisition, this paper selects 18 index data which constitute the P2P financial ecological environment for empirical analysis. On the basis of the comprehensive ranking of P2P financing ecological environment in different regions, the influence of each financial ecological environment on P2P financing is discussed respectively by using factor analysis to complete data screening and public factor extraction. The conclusion is that government behavior factors play a reverse role in the availability of P2P financing, legal environment factors, financial development factors and economic basis factors play a positive role in the availability of P2P financing.
【学位授予单位】：天津理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832.4

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