| Small and Medium-sized enterprises in various countries play an important post role in economic development and social stability.No matter in developed countries or less developed countries,Small and Medium-sized enterprises have absolute predominance on enterprise quantity,economic growth,employment,product diversity,technological innovation and others.China is the largest developing country in the world.On the 18 th CPC National Congress,it raised that “shall firmly grasp the solid foundation of developing entity economies”,in which the role of Small and Medium-sized enterprises is prominent.According to the most recent report of the State Council in 2012,total quantity of China's Small and Medium-sized enterprises was as high as 52 million,accounting for 99% of total enterprise quantity.They offer more than 80% jobs of urban,complete the 50% to tax,and contribute more than 60% to GDP.More than 80% new products are provided by Small and Medium-sized enterprises,65% of patented inventions and more than 70% technological innovation is created by Small and Medium-sized enterprises.Although China's Small and Medium-sized enterprises make major contribution to the society.Compared with large enterprises,the supports that Small and Medium-sized enterprises get from government are far less than the ones larger enterprises get.Especially in finance field,the difference is more obvious,which mainly reflect in two aspects: one is that financing is hard for Small and Medium-sized enterprises.According to China Banking Regulatory Commission's data of end of 2014,the loan balance of banking financial institutions of China's Small and Medium-sized enterprises is 20.70 trillion Yuan,accounting for 23.85% of total loan balance of banking financial institutions.114.46 million Small and Medium-sized enterprises loan from banking financial institutions,which only account for20.44% of total Small and Medium-sized enterprises quantity.The other is financing is expensive for Small and Medium-sized enterprises.According to the survey on Small and Medium-sized enterprises conducted by Mintai Institute of Finance and Banking(CUFE)in April 2015,83% Small and Medium-sized enterprises who accepted the interview think that interest rate level of loan does not reduce with the loose monetary policy but trend to increase.The problems that financing is difficult and expensive for Small and Medium-sized enterprises restrict their survival and development for a long time.Under this circumstance,it has profound theoretical significance and practical significance to discuss the innovation between internet finance and financing mode of Small and Medium-sized enterprises,expand their financing channels,and further solve the problems that financing is difficult and expensive for Small and Medium-sized enterprises.Regarding Small and Medium-sized enterprises financing,a large number of researches focus on the discussion that Small and Medium-sized enterprises get their financing from traditional financing institutions.Most scholars believe that the main reasons that financing is difficult and expensive for Small and Medium-sized enterprises is information asymmetry and high transaction cost.Since 2013(Internet Financing Year),with the rapid development,internet financing has become the new channel for Small and Medium-sized enterprises financing,and the hot topic within the industry.Can internet financing solve the financing dilemma faced by China's Small and Medium-sized enterprises? China scholars mostly compare internet financing with traditional financing on development,mode,and transaction activities,and study the risk and supervision.These researches provide references to formulate specific laws,regulations and supervisory rules for internet financing,and also offer theoretical direction for the development of internet financing.Actually,these researches mostly focus on the macroscopical theories and operational theories of internet financing.There are only a few substantive theoretical researches on how to solve the problems of information asymmetry and high transaction cost faced by Small and Medium-sized enterprises financing and how to provide new channels for them.Therefore,the research contents of the paper are model innovation of internet financing and Small and Medium-sized enterprises financing.Beginning with internet financing,following the analysis idea of raising question,analyzing question and solving questions,basing network economy and business organization theory,Small and Medium-sized enterprises financing channel theory,information asymmetry and transaction cost theory,financial intermediary theory and Small and Medium-sized enterprises financing growth cycletheory,combining theoretical and empirical analysis,comparative analysis and case analysis and questionnaire survey and on-side interview,the paper comprehensively and systematically analyze how internet financing solves the problems of information asymmetry,high transaction cost and financial intermediary faced by Small and Medium-sized enterprises financing;explore mode innovation of Small and Medium-sized enterprises internet financing to further break the dilemma that financing is difficult and expensive for Small and Medium-sized enterprises.The paper has four sections,which comprise seven chapters in total.Through relatively comprehensive and systematic research,the paper solves the following problems:1.The analysis of the theoretical basis of Internet finance and SMEs Financing shows that,Internet finance enjoys unique advantages in solving the unsymmetry of SME financing information,reducing the transaction cost,disintermediating finance,increasing the financing efficiency,promoting the development and inniovation of financial industry.The popularity of Internet results in the electronic commerce,social networking,network media,Internet finance and other new forms of business,they have formed a strong Internet economy and play a pivotal role in the development of the productive forces,the rapid development of Internet technology accelerate the reform and innovation of financial sector.However,there are still the financial sector striking problems,on the one hand,financial resources are concentrated in a few state-owned commercial Banks;on the other hand,there is an imbalance in the distribution of the real economy of financial resources service.Internet-enabled finance always can't break away from the traditional financial system,and only have innovated and changed the service channels and means,and the function of financial intermediaries is not changed substantially,the uneven distribution of financial resources has been unchanged since the financial Internet,We just use the Internet technology to reduce the transaction cost,facilitate the customers who move into the financial services sector,and improve the quality of the financial services,the financial gap and credit rationing still exist,small and medium-sized enterprises,the shortage of supply in financial resources in SMEs and rural financial market is still unchanged,idle and fragmentedfunds do not get equal and equilibrium income,and the inclusive finance is not fundamentally altered.However,the development of Internet finance provides a new financing channel for small and medium enterprises.With the computer information technology and network communication technology,through the large data,cloud computing,search engine for small and other high-tech means,internet finance break the barriers of information asymmetry between the suppliers and demanders of funds,reduce the transaction cost of debtors and creditors,improve the matching efficiency of funds,achieve the efficient allocation of credit resources,promote the transforming from financial credit intermediary to information intermediary,from the rich finance to Grass-rooted Finance,and from big enterprise finance to inclusive finance,accelerating the financial disintermediation,further prompt the gene change of financial enterprise organization structure,forcefully push financial industry to develop and innovate in the direction of flattening,virtualization,networking and flexibility.So to speak,the Internet finance will bring subverted effects on the traditional financial pattern.2.The analysis of network small credit loans and the small and medium enterprises financing shows that,compared with the traditional financial institutions,network small credit loans have a comparative advantage in the adverse selection and moral hazard caused by the asymmetric information of SME financing,but also has its own flaws.On the one hand,E-business platform records the operation and Finance in the historical transaction of Small and Medium-sized enterprises,offering the convenience of grassroots Credit system for network small credit loans,the information is initiatively obtained,objective,authentic,reliable,and the traditional financial institutions obtained information passively,small and medium-sized enterprises are apt to provide false information so as to cause the moral hazard;on the other hand,because the electric business platform will stop collaborating with small and medium-sized enterprise and close their electric business when they default,which would increase the default costs of small and medium-sized enterprises.While there is no entity cooperation between financial institutions and small andmedium-sized enterprises,if financial institutions stop cooperating with small and medium-sized enterprise,it will have little effect on small and medium-sized enterprises,the default costs of financial institutions are relatively low,and the financial institutions may bring on the moral hazard for small and medium-sized enterprise.Although the network micro credit loan has played an important role in terms of solving financing problems of small and medium-sized enterprises(SEMs),there are still defects exists within it such as insufficient funds,high loan interest rates,technology risk,institutional constraints and others.3.The analysis of P2 P network loan and SEMs financing shows that P2 P network loan has played an active role in SEMs financing,but at the same time it still exists the phenomenon of asymmetric information.From rare platform numbers in the beginning of bud to everywhere at present,from simple class of credit card mode to class of guarantee bond model,then to today's class of asset securitization mode,the business development mode of P2 P network loan industry has become more and more diversified,providing a personalized,diversified financial products and services to SEMs with a rapidly development speed.By the end of 2015,loan scale of P2 P network platform has reached to 975 billion yuan in total with an annual growth rate of more than 225%.But information asymmetry still exists in P2 P network loan.The transaction trust is the key factor to decide whether the investors are willing to provide financing to SEMs,and trust propensity,trust quality,social capital of relationship-mode and P2 P network loan platform are important basis of trading trust for investors on the financing to SEMs.Because of the information asymmetry in P2 P network loan,unreasonable design of trading mechanism,in the process of P2 P network loan platform's explosive growth,it also brings many problems such as misappropriation of funds on the platform,loan without authorization under the platform,illegal fund-raising,Ponzi schemes of “running away” etc.At the end of 2015,P2 P network loan platforms with problems have reached to 1733 totally,while platforms of business closed and termination(including invisible outage)have accounted for nearly 1/3 ofthe total P2 P network loan platforms.4.The analysis of crowd-funding and SEMs financing shows that the behavior of crowd-funding and SEMs financing follows the principle of incentive compatibility.It provides financing to SEMs which strongly supports the innovation and development of them;meanwhile many defects also exist in crowd-funding and financing.Firstly,the excitation to SMEs' financing.SEMs could reduce the cost of capital and achieve access to detailed,high quality information according to crowd-funding and financing.Secondly,the excitation to investors.Investors could get more investment opportunities through crowd-funding platform.Finally,the excitation to crowd-funding platform.The main revenue and profit pattern of crowd-funding platform is the 4%-5% of intermediary costs charged from creative project financing amount.So crowd-funding platform would generate very good market rules to attract high-quality creative projects,efficiently matching SMEs creative project financing,to improve project success rate to increase revenues and profits.But from the cases analysis of crowd-funding to SMEs financing,it is found that as an emerging industry,crowd-funding is still faced with many shortcomings in the development of our country.Firstly,crowd-funding is only applicable on creative project financing.Secondly,it is difficult to monitor the funds of investors.Crowd-funding solves the problems of creative projects' financing,but it is unable to monitor after the investment.Once again the credit system in our country is not perfect at present,the “illegal fund-raising” is easily to be caused.Finally,intellectual property rights protection mechanism of creative projects initiated people is not perfect also.5.The comparison and innovation analysis of SEMs network loan mode shows that the current three financing modes of internet banking have their own corresponding advantages in solving problems of difficulty and highly cost of SMEs financing,meanwhile there are also their own “short boards” so internet financing mode innovation of SMEs still needs to be further driven.The models,Internet micro-credit loans,P2 P and the crowd-funding,have innate advantages in solving the financial problems of minor enterprises that information asymmetry,high transaction cost and financial disintermediation,and promoting the development and innovation of financial industry.Meanwhile,compared with Internet financing models of minor enterprises,we can find that each of these three main models has its own advantages in solving the problems that minor enterprises are hard and costly to obtain financing,as well as its own weak points.In the practice of Internet financing and financing model innovation of minor enterprises,the fund of Internet micro-credit loans has single supply channel,limited by the policy of small loan companies;P2P,illegal fund raising,running away with money and other models of Ponzi scheme,affect the development of Internet financing with its own special risks and other defects.In addition to the objective reasons that regulatory gaps and illegal growth,it is more for the subjective reasons that information is asymmetric and operating mechanism is designed unreasonably.Therefore,in order to solve better the problems that minor enterprises are hard and costly to obtain financing,each model need make best use of the advantages and bypass the disadvantages and complement each other,further driving the Internet Finance and financing model innovation of minor enterprises.On one hand,build the new Internet financing model of “E-business+P2B”;on the other hand,vigorously promote the development of crowd funding by rewards and stock rights,to effectively solve the problems that minor enterprises are hard and costly to obtain financing.Based on the above analysis,and the the practice of Internet financing and financing model innovation of minor enterprises,in order to play an active role better in minor enterprises' financing with“E-business+ P2B”,crowd funding by rewards and stock rights,following policy advice is proposed:1.Promote its own development of Internet financing.2.Accelerate the E-business development of minor enterprises and build the customer group to integrate the value chains of enterprises,reduce transaction cost of minor enterprises' Internet financing and create better conditions for minor enterprises' Internet financing.3.Increased regulatory legislation to promote innovation of internet financial regulatorsfrom the regulatory of organization to mixed regulatory of "function regulation and industry self-regulation".The main innovation& characteristics researched in this text are as follows:1.The research of Internet financing and minor enterprises' model innovation,demonstrates that Internet financing platform is the main carrier to solve the financing difficulties of minor enterprises,and puts forward the innovation model of“E-business+P2B”,among which“E-business+P2B”and the crowd funding model by rewards and stock rights will become the main models of minor enterprises' Internet financing.2.In research methods,a Comprehensive research method is adopted,combined theoretical analysis and empirical research,comparative analysis and case analysis and other methods,especially new data and information is reached through a questionnaire survey,field research,interviews and so on,which is rare first-hand information.3.Put forward constructive policy suggestions for the implementation of the model innovation of Internet financing in minor enterprises.It consists of Promoting its own development of Internet financing;Accelerate the E-business development of minor enterprises and build the customer group to integrate the value chains of enterprises,reduce transaction cost of minor enterprises' Internet financing and create better conditions for minor enterprises' Internet financing;Increased regulatory legislation to promote innovation of internet financial regulators from the regulatory of organization to mixed regulatory of "function regulation and industry self-regulation". |
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