互联网金融涌现的逻辑:投资人的视角

被引：9

作者：

王宗润

杨梅

周艳菊

机构：

[1] 中南大学商学院

来源：

系统工程理论与实践 | 2016年 / 11期

基金：

国家自然科学基金重点项目;

关键词：

互联网金融; 电商平台融资; 收益分享契约; 委托代理理论; Stackleberg博弈;

D O I：

暂无

中图分类号：

F724.6 [电子贸易、网上贸易]; F832 [中国金融、银行];

学科分类号：

1201 ;

摘要：

信息不对称使得传统金融环境下资源得不到最优配置,致使传统投资机构利润空间逐渐变窄.在互联网金融背景下,对由投资机构直接为中小企业提供融资的传统模式加以改进,引入电商平台,从而考虑一种新的三方参与的间接投融资激励模式.并应用委托代理理论,定量研究传统金融机构、电商平台以及中小企业三者间的投资收益分享契约.进一步通过数值算例分析关键参数对投资收益和投资决策的影响.研究结果表明:相对于传统金融模式,在中小企业经营能力处于较低水平时,电商平台的引入,能够降低中小企业融资门槛,增加授信额度;同时减少中小企业获得的信息租金,提高投资机构的投资效率,从而有效缓解投资机构与中小企业间由于信息不对称所造成的中小企业融资难问题.

引用

页码：2791 / 2801

页数：11

共 29 条

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