| Thoughts and technology are important weapons for a nation or an enterprise to stay ahead.Internet financial innovation provides a new way for solving the financing problem in China and solves the trust issues among strangers when investing in the financial markets.It will give full play to the role of financial support in economic growth,and release the vitality of economic growth,which making it a new financial instrument for Chinese economic rise.It will answer the question about Internet financial innovation through the research on financial resources allocation and the efficiency of Internet finance,explore the path to improve financing efficiency and effectively prevent financial risks of Internet financial innovation,and form a good technology and system specifications of Internet financial innovation,which more effectively promote the sustained and healthy development of Chinese economy.It forms an idea and frame from four angles of Internet financial configuration including micro information efficiency,micro platform allocative efficiency,meso industry risk and macro market shocks,combined with three major parts of resources allocation on Internet finance which includes organizational model and operational mechanism,financing efficiency,risk supervision.Combining network economic theory and the reality of Internet financial resource allocation,it summarizes operating mechanism of Internet financial according to the typical pattern of Internet finance-lending-based crowd-funding.Considering the matching mechanism of funding based on Internet platform is the basic form of Internet financial operations,the pricing mechanism of Internet platform is the basic model of Internet financial pricing mechanism,the formation mechanism of interest rate is a deeper form of Internet financial pricing.It constructs the matching model of Internet finance from the micro perspectives of the role of information disclosure and intermediary platform.Combined with the formation mechanism of interest rate and the prevailing circumstances of posted-price in network lending,it constructs the theoretical model of Internet financial pricing and competition,and analyzes the market equilibrium and economic implications of Internet financial function.Combined with the cost model of financial resource allocation,it indicates the model performance and connotations of Internet financial efficiency.From the microscopic point of information,it constructs a model about information disclosure quality of Internet finance,which describes information signaling and value of Internet finance.It researches the microscopic information role of Internet financial model from the point of identity information in P2P network lending in China.It examines whether identity signal will play a rational and effective role in network lending and improve the efficiency of borrowing funds among strangers through empirical research.Given there is a huge risk on misuse of microscopic information in Internet finance,it puts forward some measures of risk supervision from a technical and institutional perspectures.From the microscopic point of platform,it constructs an econometric model on resource allocation efficiency of Internet financial platform based on that Internet-based platform is the core of Internet financial configuration mechanism.Compared with financing efficiency of Internet finance and traditional finance,it introduces Chinese Internet financial development from three-dimensions including financing available,easily available and benefit.With the monthly transactions data of more than 200 network lending platforms,it empirically researches the resource allocation efficiency of Internet financial platform from the transaction size,transaction time and transaction risk with quality.Combined with risk identification of Internet financial platform,it distinguishes the difference between supervision of financial risk and network platform,and puts forward some countermeasures for easing the internal and external problems in financial market.From the meso point of industry,it analyzes the transmission mechanism on the impact of various market segments financial yields,according to financial arbitrage theory.With the related financial data from 2013 to 2016,it takes an empirical test about the impact of each financial market on the Internet financial innovation and estimates financial risk conduction about the segment using the methods of GARCH-Copula model and other econometric models from the views of the impact of Internet financial innovation on the three major traditional financial markets including money market,lending market,stock market.It points out the risk on Internet financial Innovation on the stability of financial market and proposes some appropriate supervision measures from the perspective of industry risk conduction.From a macro point of market,it analyzes the impact of Internet financial innovation on the micro-individual decisions about families,manufacturers and others,and then the impact of social consumption,investment and total output,and draws a theoretical basis of the macroeconomic impact of financial innovation.According to the analysis of general equilibrium theory and current macroeconomic development in China,it empirically researches on the impact of macroeconomic market on Internet financial innovation.Empirical results show that Internet financial innovation has a significant impact on the social consumption and investment.Internet financial innovation can reduce market interest rates to improve the channel and efficiency on consumption and investment of families and manufacturers by improving financing efficiency,which indirectly boost social consumption,investment and growth of economic output.It summarizes macroeconomic risk on financial innovation,and proposes some countermeasures of macro risks by Internet financial innovation.There are opportunities and risks on the development of Internet finance.The theoretical and empirical analysis of resource allocation mechanism and efficiency of Internet finance can answer the question of Internet financial innovation in China,which provides some management concepts about standardized development of Internet finance. |
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