| The development of small and medium-sized enterprises(SMEs)has been an important bottleneck in China economic development.SMEs require funding in the whole life cycle of their business development.However,The traditional financial system's persisitent attitude of "prefer the rich and discriminate the poor" and "profit seeking but risk avoidance" in bank loan allocation can not be changed in the short term and hence could not by itself solve the funding problem for SMEs.The use of the Internet as a symbol of the modern financial technology appeared to show its tremendous innovation.At present,the academic and practical circles lack a perfect research system and data base for the development of modern financial science and technology.To this end,the relevant theory of modern financial technology and SMEs financing ability and empirical research on the innovation of this paper,the pooling equilibrium,evolutionary game and dynamic behavior theory to the modern financial technology in the financing of SMEs in the practice of opening the three most representative innovative financing mode "network financing platform","electricity supply chain finance","the Internet to raise public equity financing mode research,to the financing of SMEs mainly reflects the general flow of short-term debt financing,debt financing,equity financing in three aspects of research,theoretic research of modern financial technology in the financing mode of SMEs on the essence and system innovation at the same time,This paper selects panel data from 31 provinces in China from 2007 to 2016 for the empirical study.Through principal component analysis(PCA),we build index system of traditional finance and Fintech for SME financing and carry out PVAR empirical verification for the suggested theories.The financing effect of the financing of SMEs of small and medium sized enterprises of science and technology of modern financial effect form and traditional financial forms are analyzed.More specifically,this paper first analyzes the financing of network credit.The innovation of financial and technological financing form is directly against the difficulties that SMEs have been unable to solve in practice and theory for a long time.The analysis model of pooling equilibrium based on the theory,this paper proved in theory,first,the problem of information asymmetry in the credit market of traditional commercial banks to choose the loan credit contract is not only difficult to solve the credit market based on the collateral and the interest rate,but also lead to a large number of SMEs lack of collateral to obtain bank credit rationing financing difficulties;second.The traditional(the system of commercial bank credit)into the financial science and technology factors in financing,the enterprise can increase access to bank credit default cost,strengthen the bank to obtain information of the enterprise,so as to alleviate the information asymmetry in credit markets.Third,the credit market and the formation of more efficient screening mechanism of financial science and technology network financing platform by increasing the credit default cost,thus the modern network financing platform can provide essentially to replace the traditional credit market in the low efficiency of the "planned"credit rationing by market credit more effective.Secondly,the supply chain finance is analyzed.In essence,the e-commerce financing platform provides an unprecedented optimization solution for the short-term liquidity debt financing of SMEs.In this paper the theory and empirical research on innovation,first,through the construction of innovative three party evolutionary game theory game cost-benefit matrix based on events assuming different scenarios of financing of small and medium sized enterprise related,the static and dynamic probability difference,puts forward the innovation of three party game.Second,by constructing the dynamic equation of investors(banks),e-commerce platforms and SMEs,we can get the critical point of each agent in game selection,and provide a reference for the optimization of every subject.Third,through the construction of the Jacobian matrix,through incremental equilibrium analysis,we can see that the saddle point dynamic game after the parties and equilibrium,the equilibrium conditions in order to be able to find the optimal overall electricity supply chain.At the end of this paper,we select the most important future development representative of the Internet equity financing,and build a model analysis based on the theory of behavior dynamics.On the one hand,the Internet to raise public shareholding project is divided into the basic value,market value and future value,meet the needs of investment,from the three angles of desire and ideal model analysis,for investors,whether the investment threshold values not only to look at all the chips are set,but also to see the items of basic value,a single award and the future equity incentive utility.On the other hand,based on the analysis of different scenarios,in order to improve the effectiveness and improve the investors pay the price increase,N is very important;when the threshold beta is low,the choice of incentive scheme to raise the public will be better,but also let many investors feel the basic value of the project is high;for different incentive coefficient different income,is willing to pay the price is not the same,so for all the chips,can distinguish between different income groups.Again,the analysis of the Internet equity financing.Many small and medium-sized businesses are struggling with the lack of equity financing.Therefore,breaking through the bottleneck of SME equity financing is more important and urgent than breaking through the bottleneck of SMEs' debt financing.Because of this,Internet equity financing is the most representative and the most widely developed form of financing innovation for SMEs in modern financial technology.The model and empirical analysis of constructing dynamic behavior based on the theory of the Internet to raise public equity financing carried out the following research:first,the Internet will raise public equity project is divided into the basic value,market value and future value from meet the needs of investment,and the desire to three aspects of the construction of the analysis model.the return difference between market segments and the different investors willing to bear the increasing number of investors network investment platform(N)has become the important means;when the threshold ? is low,to raise public equity incentive plan choice better,for incentive coefficient of different income,different people are willing to pay the price is not the same.Finally,as on the current stage of the financial science and technology under the form of small and medium-sized enterprise financing innovation function and effect of the actual development level summary.The empirical research results of PVAR show that:first,financial technology and traditional financial system have all directional positive correlation in product and service sectors.The construction of a new financial science and technology system should consider the integrated factors such as products,financial channels,credit and risk similar to traditional finance.Second,no matter the innovative financing platform of financial science and technology or the traditional finance for the promotion of the comprehensive financing capacity of SMEs,it is a positive action.Third,financial technology for SMEs internal equity financing ability and external debt financing ability are significant and positive role in promoting,especially in the start-up period,SMEs not insolvent,a lot of innovation that can help them get endogenous financing sources.However,pulse analysis also shows that the financing modality of emerging financial technology in our country has little effect on improving the basic financing capacity of China's SMEs as a whole.Even under certain conditions,it even has a negative impact.This may indirectly,on the one hand,at the present stage of China's science and technology financial financing platform is far from ascending from the system optimization function simulation of the small and medium-sized enterprise financing ability shown in the analysis of promotion;on the other hand,some of the existing emerging financial technology financing platform and traditional financial system in financial technology the use may have a certain degree of "abuse" of virtual money capital market occupancy.Thus,the future development of China's financial science and technology in the new financing platform and in the traditional financial system still needs to be promoted and purified.At present,there is a cognitive uncertainty about the role of financial technology and financing mode in promoting the financing of SMEs effectively.In the face of financial technology "disruptive innovation",the traditional financial industry is facing new challenges and opportunities,the financial system needs to be "full reconstruction",national and industry level,the participants find the key points and the top-level design construction of restraint mechanism,promote the healthy development of better financial technology. |
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