Research On The Development Of Sharing Economy And Its Influencing Factors

China's economic development has experienced a "high growth" phase,during which process external demand and investment are overly emphaziedwhile domestic demand consumption are ignored,which has caused over capacity and low utility rate of resources.As the economic growing into a new period,entering a "new normal",there is urgent need to improve resources utility and efficiency,and the consumption is ever more important for sustainable development."Sharing Economy" is based on modern information technology on social idle resource redistribution of new business models,it can help reduce the idle rate of the resources,improve the efficiency of resource allocation.The fifth plenary session of the CCP's 18 meeting put very clear emphazise on developing the sharing economy,the CCP's 19 th strengthen this idea by making the sharing economy from business model innovation to a vital part of the national supply-side-reform.However,academia on sharing economic research is still in its infancy,theoretical as well as empirical researches are relatively rare to find.This situation can be emplained by two reasons.Firstly,there is no formation of share system of economic theory research framework.Secondly,there is a lack of share understanding towards the main influencial factors.Thus it makes a lot sense to study the development of economy and its influence factors,and to build sharing economic theoretical framework,which at the same time may creat new economic growth force in China's economic transformation.As a new economic phenomenon,the sharing economy has draw attentain from research field such as economy,management science and sociology.Starting from economic theory,this dissertation is based on transaction cost theory,two-sided market theory,the theory of trust and the tconsumption theory,and using the comparison analytic method,inductive deductive method,calculate the empirical method and other research methods,respectively from the angle of supply and demand of transaction cost,network effects,trust and commodity use habit affects share economic development theory and empirical analysis.This dissertation holds that share economic forms the unique phenomenon of "supply and demand" fusion,and analyze the challenge it brings to the traditional economic theory.The main findings are presented as follows:1.The growth of total market scale of sharing economy is much higher than that of traditional industry,and the market share is in rapid increaseSharing economic's niche market mainly include transportation,accommodation and online peer to peer lending.In the field of transportation,the principal services offered by a share of economic type is similar to the taxi service.In 2015 and 2016,global traditional taxi service market growth rate are 5.7% and 5.3% respectively,shareing economic growth rate are 47.6% and 39.0% respectively.The sharing economy market share grows from 2.6% in 2014 to 4.9% in 2016.In the field of the accommodation,the main services offered by a share of sharing economy are similar to accommodation services.From 2013 to 2016,the Chinese traditional hospitality market average growth rate is 1.04%,while sharing economy is 146.83%.Sharing economy market share grow up from 15.0% in 2013 to 40% in 2016.In the field of online peer to peer lending,the main services provided by the economic type similar to personal loan service offered by traditional bank.In January 2014 to March 2017 the Chinese traditional personal borrowing market grows at average rate of 0.87%,while sharing market average growth rate is 8.57%.Market share jumps from 0.43% in January 2014 to 4.14% in March 2017.Considering that traditional market grow at relatively normal rate,while new type of economy usally enjoys high speed growth rate,comparing recent data can only lead to the conclusion that sharing economy is worth attention.China's reform and opening-up process can be viewed as totally new economic growth,so that it is feasible to compare sharing economy with traditional taxi industry and hotel industry.Coparative data findings suggest that the size of the sharing economy market growth is indeed relatively high.2.The supply side and demand side of the sharing economy reveal the feature termed as “Supply and Demand Convergence”The sharing economy is composed of four dimensions which include: market,platform,trader and trading item.Platform is the key supply subject,but the platform shows both the "enterprise" and "market" similar to traditional economic characteristics.Trader is the key demand subject.Traders can be categorized by "the lessor/resource owner" and "lessee/resource demanders",one single trader can have a combined identity of traditional economy "producers" and "consumer".This phenomenon is a unique feature of the sharing economy as well as other new economy such as digital economy and AI economy.Convergence of supply and demand is caused main by technology development,and in sharing economy specifically it is revealed as a change of enterprise function and fuzzier boundaries between supply and demand.This causes problems such as the consumers are in lack of legal protection,difficulties for tax collection negative effects on the accuracy of the statistics of the national economy.3.For the supply side,transaction costs and network effects are main influential factors(1)Transaction costs are negatively related to the sharing economy development“Sharing” is a traditional social behavior,recent study found that share economic platform apply modern information technology to business practice,thus reduces the transaction costs between strangers,resulted in the marketization of "sharing" behavior,which finnaly leads to the booming of sharing economy.Compared with the traditional social sharing,sharing economy lowers the transaction costs through market mechanism design,online operation of business model and the implementation of standardized contracts.Analyzing sharing economy alone,increase in market transaction cost is negative related to economic development,and this is because the increase of transaction cost means that platforms charge higher fees to users,increase the cost of the user.The introduction of venture capital plays an important supporting in the early stage,by the support of which,the platform can increase subsidies to expand its user scale.Subsidies make up for the negative impact of increasing fees behavior,inducing a motivation for continuous investment on the technical application.(2)Cross network effects increase sharing economy platform's market power while the self network effects have the opposite influenceThe sharing economy is typical two-sided market and has the characteristics of the network effect.Network effects includ cross network effects and the self network effect,cross network effects including member effect and use effect.Cross network effects increase the market power of monopoly market platform and help the competition by building price barriers for late entrant.The self network effect weakens the market power of monopoly market platform,thus inhibiting the sharing platform for the development of economy.Based on analyzing of data from 41 network credit platform in six months,the dissertation measures the network effect and findings are below.Firstly,members effect is positive,and there is nonlinear relationship,there are large difference between strength of network effects: 2.14 members of the network effect,investors to the borrower has nonlinear relationship,quadratic coefficient is 0.09;0.487 the borrower to the investors the members of the network effect,the nonlinear relationship was not significant.Secondly,the use network effect is positive: investors to borrowers the use of the network effect is not significant;Borrowers for investors to use the network effect is 0.781.Thirdly,self network effect is negative,and there is nonlinear relationship,the network effect intensity difference: investors since the network effect is 1.13,and the nonlinear relationship was not significant;Borrowers from the network effect is 0.93,with nonlinear relationships,quadratic coefficient of 0.0145.4.For the demand side,trust and user's behavior are main influential factors(1)Trust facilitate corporation,sharing economy market is more developed where there is a low social trust levelTrust influences the success rate of cooperation between strangers.Overall trust including subjective preferences and rational judgment,the former can be viewed as the level of social trust,the later is accumulated reputation information.Trust affect the development of the sharing economy,the mechanism can be explained as follows: platform builds reputation mechanism and accumulates reputation information during the process of repeated games,increasing the overall level of trust between strangers,so as to increase the success rate of cooperation.In the places with low level of social trust,reputation mechanism has more stake,thus it can be inferred that the sharing economy is more developed.From this speculation,it is fair to put that social trust levels can be used to predict regional sharing economy development.Using pension as instrument variable for social trust level variables and conducting empirical test,the results support the above hypothesis.Exclusive inspection ruled out the possibilities that pension work through the wealth effect,increased consumer spending,and leisure time increase share mechanism to influence sharing economy.(2)Products with longer single-use time and higher chunkiness are more suitable for sharing economySharing economic business model innovation does not necessarily apply to all the traditional industry.Some goods are not suitable for "sharing".Goods which are suitable for sharing has the characteristics of moderate granularity with rapid depreciation rate,which are closely related to users' behavior.Users' behavior of certain goods determines whether the product is suitable for sharing,which affects the suitability of sharing economy business model.Products with longer single-use time and higher chunkiness are more suitable for sharing economy.Controling goods fixed effects and individual fixed effects separately or simultaneously,the reulsts are the same,showing robustness in the findings.5.Policy implicationsBased on theoretical analysis and empirical test of the impact mechanism,this dissertation put forward targeted policy implications for securing a better sharing economy.For the government,this dissertation suggests that policy makers should encourage venture capital in supporting sharing economy in its early stage,and coordinate relevant regulatory departments to pay close attention to appearance of any type of monopoly.For credit bureaus,this dissertation suggests it to explore reasonable application of the the reputational information accumulated in the sharing economy.Further more,the bureaus should strengthen information protection measurements and increase penalties on moral crisis.For start-up companies in the field of sharing economy,it is recommended that they conduct thoroughly research on the characteristic of users' behavior and select goods that are more suitable for sharing.The dissertation has three innovative contributions:1.New subject matter.Sharing economy is a relatively new research field,thus the existing research is in lack of systematic framework.This dissertation does comprehensive review of related work both at home and abroad,puts forward the analysis frame based on the perspective of supply and demand.Especially,this dissertation lined out the four component of sharing economy,highling the main supply role and demand role,and further more give a brief analysis of the phenomenon termed as “demand and supply integration”.Finally,the dissertation explain the mechanism how the four influential factors affect the sharing economy.The above work clear the way for further research in this specific filed.2.This dissertation has made contributions to mechanism analysis.The sharing economic's theoretical basis is mainly transaction cost theory,the two-sided market theory,theory of trust and consumer theory.In these four theoretical fileds,the sharing economy with its stakeholders is never research subjects.This research studies the influence factors of economic development,expand the research scope of existing theory.Under the analysis framework of supply and demand,this dissertation gives explanations to the mechanism behind,using transaction cost analysis methods,industrial organization model,game theory model and products' feature analysis.3.Innovations are made regarding research method application.First of all,on the basis of transaction cost theory explains the technical mechanism of R&D results in the decrease of transaction cost.,includes transaction cost theory model was established by listed companies operating revenue share data to measure the development of economic market,empirical research.Second,based on the theory of two-sided-market,the work build a monopoly market model and competitive market model to explained the impact on share economic market power of network effects.Based on the panel data of China's lending to P2 P network industry,with a total amount of financing and measure the effectiveness of borrowers and investors get interest income,share the development of market economy to measure.Simultaneous equations model was constructed by 3SLS regression method to calculate the share of economic market size and direction of network externalities.Third,the work constructs game theory model to explain how the reputation mechanism promote the development of economic market share.In addition,uses web spider technology to obtaine data from accommodation platform “Mayi Duan Zu” in 70 Chiese cities,as a proxy variable share economic development degree.In combination with CGSS trust data,through instrumental variable regression analysis,empirically shows the relationship between trust and sharing economic development.Finally,the work uses the questionnaire survey method,measured through consumer acceptance of Shared economic share economic market development potential.The dissertation has three deficients:1.Data source and data quality has its limitations.Sharing economy has yet to establish official statistical indicators and statistical caliber,so there is a lack of macroscopic level and industry level data to support the empirical analysis.For the micro-level data used in this work,analysis of network effect using the P2 P lending market in our country enterprise data platform,the lack of from the share such as accommodation,transportation and other forms of data to support.In addition,the study of transaction costs and trust is conducted with single platform's financial data,the platform's gowth is a relatively short time,thus lead to insufficient sample size.The limitation of data source and data quality deficiencies may affect the universality and accuracy of the conclusion.2.There may be momitted influence factors.Based on the perspective of supply and demand,this dissertation analyzed existing literature and identified the four factors that affect share economic development.However the real-word factors might have affected the identification of possible omissions.For example,the policy variables is also in high relevance to sharing economic regional development,which may include industrial policy,administrative control,the improvement of the property law,etc.This paper only generalizes domestic and foreign policies and makes comments,but still there is a lack of empirical test.Furthur research can start with finding and examing new influential factors.3.This dissertation studies the four factors respectively,which shows a lack of unified theoretical framework as well as unifined economic model.This is because on one hand,sharing economy research filed have not generalied independent theoretical framework,while on the other hand,the relevant mathematical model is mostly form of extension model in the secondary market research.There is a lack of shared understanding on the sharing economy.In future studies,with the understanding of sharing economy gradually deepened,building a unified theoretical framework and the development of the mathematical model is worth efforts.