互联网融资、资源配置效率与风险监管研究

发布时间：2018-01-14 12:36

  本文关键词：互联网融资、资源配置效率与风险监管研究　出处：《东南大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 互联网金融 网络经济理论 金融资源配置 融资效率 风险监管

【摘要】：思想和技术是保持一个国家或企业领先的重要武器,互联网金融创新为解决中国社会融资难问题提供了一种新的方式,解决金融市场中陌生人投融资过程的信任问题,充分发挥金融对实体经济增长的资金支持作用,释放中国经济增长活力,使之成为支撑中国经济崛起的新兴金融工具。研究互联网金融的资源配置机制及效率来回答对中国互联网金融创新的质疑,探索互联网金融融资效率的提高路径并有效防范金融创新引起的风险,形成良好的互联网金融的技术支撑和制度规范,从而更加有效促进中国经济持续健康发展。结合互联网金融资源配置的组织模式和运行机制、融资效率评价以及风险监管三大内容,形成了互联网金融配置方式的微观信息效率、微观平台配置效率、中观行业风险传导和宏观市场冲击效率的研究框架思路。结合网络经济理论和互联网金融资源配置的现实情况,根据互联网金融发展的典型模式——债权众筹融资,总结互联网金融的一般运行机理。基于互联网平台的资金供需匹配机制是互联网金融运行的基本形式,互联网平台的定价机制是互联网金融价格机制的基本模型,利率形成机制是互联网金融定价的更深层表现形式。从微观信息披露和平台中介作用角度出发,构建互联网金融的资金匹配模型。结合网络借贷的利率形成机制,鉴于指导利率模式盛行情况,构建互联网金融定价及竞争的理论模型,分析互联网金融运行的市场均衡结果及经济含义。结合金融资源配置的成本模型,指出互联网金融效率的模型表现和内涵意义。从微观信息角度,构建互联网金融信息披露质量模型,刻画互联网金融的信号传递以及信息价值。以P2P网络借贷为例,从身份信息这一角度分析中国互联网金融模式中的微观信息作用,实证检验身份信号在网络借贷是否发挥有效的理性信号作用,提高陌生人之间资金借贷的效率。鉴于互联网金融中微观信息的错误使用存在较大风险,从技术和制度角度提出了风险监管的对策。从微观平台角度,基于以互联网平台为核心的互联网金融资源配置机理,构建互联网金融平台的资源配置效率的实证模型。比较互联网金融与传统金融的融资效率,从融资的可得、易得、得益三个维度分析中国互联网金融的发展。以网络借贷为例,收集了200多家网络借贷平台的月度交易数据,从成交规模,成交用时和成交风险质量来实证检验网络借贷平台的资源配置效率。结合互联网金融平台的风险识别,区分金融风险监管和网络平台监管的不同,为缓解金融市场内部性和外部性问题提出相应对策。从中观行业角度,根据金融套利理论,分析各细分金融市场风险收益影响的传导机制。从互联网金融创新对货币市场、借贷市场、股票市场三大传统金融市场的影响角度,收集2013年—2016年相关收益率数据运用时变GARCH-Copula模型等定量方法实证检验互联网金融创新对各细分金融市场风险收益的影响,估计细分市场金融风险收益波动的传导关系。鉴于互联网金融创新对金融市场稳定存在潜在风险,从行业风险传导角度提出相应的监管对策。从宏观市场角度,分析互联网金融创新对家庭、厂商等微观个体决策的影响,进而上升到社会消费、投资以及总产出的冲击,得出金融创新对宏观经济影响的理论基础。根据一般均衡理论分析和宏观经济现实发展现状,实证检验互联网金融创新对宏观经济影响机制和效率。实证结果说明互联网金融创新对社会消费和投资确实有显著的影响,互联网金融创新通过融资效率提高使得市场利率下降,改善了家庭和厂商的消费和投资的渠道和效率,间接有助于拉动社会消费和投资而促进经济总产值的增加。总结金融创新对宏观市场冲击带来的风险,并提出互联网金融创新的宏观风险防范对策。互联网金融发展的机遇与风险共存。互联网金融资源配置机制和效率的理论分析和实证检验回应中国互联网金融发展中的质疑,更为规范中国互联网金融发展提供相应的监管思路。
[Abstract]:Thought and technology is an important weapon of a country or an enterprise's leading Internet financial innovation provides a new way to solve Chinese social financing problems, solve the problem of trust investment and financing process of strangers in the financial market, give full play to the role of financial support to increase financial long on the real economy, the release of Chinese economic growth vigor to become the new financial tools to support the China economic rise. The resource allocation mechanism and efficiency of Internet financial research to answer questions about the financial innovation China Internet, explore the Internet financial path to improve financing efficiency and effectively prevent the financial risk caused by the formation of good internet financial and technical support system, so as to more effectively promote the Chinese sustained and healthy economic development. Combining with the Internet financial resources organization mode and operation mechanism, financing efficiency evaluation Price and risk supervision of the three content, form the micro information efficiency of Internet financial allocation, the allocation efficiency of micro platform, research framework and ideas of industry risk conduction and macro market impact efficiency. Combined with the reality of the network economy theory and Internet financial resources, according to the typical pattern of Internet financial development, raise public debt financing. Summarize the general operation mechanism of Internet banking. The Internet platform, based on the mechanism of supply and demand of funds is the basic form of Internet finance, pricing mechanism of Internet platform is the basic model of Internet financial price mechanism, interest rate formation mechanism is more profound form of Internet financial pricing. Starting from the microscopic information disclosure and intermediary platform, construction the Internet financial funds matching model. Combined with the network lending interest rate formation mechanism, in which The interest rate pattern prevailed, the theoretical model of Internet financial and competitive pricing, market equilibrium analysis results of Internet Finance and economic meaning. Combined with the cost model of the allocation of financial resources, pointed out that the Internet financial efficiency model and connotation. From the micro perspective of information disclosure quality, construct the model of Internet financial information, internet signal characterization the financial transfer and information value. To P2P lending network as an example, analysis of micro information China Internet financial model in the role from the perspective of identity, identity empirical test signal in the network lending might play a effective role in the rational signal, improve the efficiency of capital borrowing between strangers. In view of microcosmic information of the Internet financial errors exist greater risk, and puts forward some countermeasures of risk supervision from the perspective of technology and system. From the micro perspective based platform, On the Internet platform as the core of the Internet financial resource allocation mechanism, an empirical model of resource allocation efficiency to build Internet financial platform. The financing efficiency compared with the traditional Internet banking finance, from the financing available, easy to get, the three dimensions of benefit analysis of the development of Internet banking. China network lending were collected the monthly transaction data of more than 200 network lending platform, from the transaction size, transaction time and transaction risk quality to empirically test the network lending platform's efficiency of resource allocation. Combined with the risk identification of Internet banking platform, to distinguish the financial risk supervision and supervision network platform, put forward the corresponding countermeasures to ease the financial market, the internal and external problems from the industry perspective, according to financial arbitrage theory, transmission mechanism analysis of the segmentation of financial market risk return. The influence of financial innovation on the Internet from The money market, credit market, stock market impact angle of the three traditional financial markets from 2013 to 2016, impact related yield data using time-varying GARCH-Copula model and other quantitative methods of empirical test of financial innovation on the Internet risk return financial market segmentation, estimation of conduction relationship between financial risk return subdivision market fluctuations. In view of Internet financial innovation potential risks to the stability of the financial market, put forward corresponding measures from the industry risk conduction angle. From the macro market perspective, analysis of the Internet financial innovation on the influence of family, manufacturers and other micro individual decisions, and then rise to social consumption, investment and output shocks, the impact of financial innovation on the theoretical basis of the macro economy. According to the general equilibrium theory analysis and macro economic reality development status, the empirical test of Internet financial innovation view of macro economy The influence mechanism and efficiency. The empirical result shows that the Internet financial innovation does have a significant impact on the social consumption and investment, the Internet financial innovation through financing to improve the efficiency of the market interest rates, improved households and firms of consumption and investment channels and the efficiency of indirect help to stimulate social consumption and investment and increase economic output summary of risks of financial innovation on the macro market impact, and put forward the macro risk prevention measures of Internet financial innovation. The opportunity and risk coexist. The financial development of the Internet Internet financial resources with theoretical analysis and empirical test of the mechanism and efficiency in response to questions China the financial development of the Internet, more regulatory ideas relevant to regulate China the financial development of the Internet.

【学位授予单位】：东南大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F724.6;F832
，

本文编号：1423629