Research On Financing Difficulties Of Small And Medium - Sized Enterprises By Network Loan

Since the reform and opening up, the rapid development of SMEs, which play an important role in the increase in GDP, employment promotion and the maintenance of social stability. However, small and medium enterprises because of its small size, big risks, financing higher threshold for the internal and external causes of its financial difficulties, severely restricting its sustained and healthy development, hindering China’s economy forward. Driven by the Internet technology continues to progress, net loan financial model as a new model of lending in recent years, the rapid development at home and abroad. Convenient and efficient approach to their lending, low cost and wide coverage, providing SMEs with a new perspective and financing channels, and is expected to break the traditional commercial bank credit model Kumi overcome financing problems of SMEs.On the web lending market, nearly 70% share of SME borrowers. In reality, characteristics and financial characteristics of SME lending network matches the SMEs in the realm of financing, which are driving the use of SME lending network to achieve financing. In theory, the first network for both debit and credit lending provide intermediary services, played a role in the allocation of resources; secondly, despite the presence of asymmetric information, but as long as the expected rate of return exceeds the opportunity cost of SME lender, transaction costs and information is not symmetrical risk compensation, network lending transactions may both have to realize, and the lower the degree of information asymmetry, the greater the likelihood; and finally, social capital generated "soft information" generally reflect the financial situation and the extent of the borrower’s integrity, and depends on the personal credit system and reputation mechanism of social capital, through incentives for the borrower behavior, discipline and punishment, play a role in mitigation of asymmetric information.Select Credit pat empirical research, empirical analysis of the pat-prime data obtained lend factors influence the likelihood of people lending money, borrowing credit score, the number of successful history loan lenders positively correlated with willingness to lend funds, the number of bids and lenders to lend wishes negative correlation lending credit score affect lender’s willingness to lend a weak influence on the borrowing rates lenders willingness to lend is negative, the loan term and lenders to lend wishes negative correlation loan amount lenders to lend to the wishes of the weak influence.Finally, in order to play an active role in lending network in SME financing, combined with network loan problems and empirical conclusions, appropriate to provide some policy recommendations. First, the government clear the nature of lending platform to determine the regulatory body; at the same time improve the relevant laws and regulations, improve the regulatory system; strengthen the construction of individual and SME credit system. Secondly, to strengthen the construction of the platform itself, to establish a risk reserve risk prevention. Finally, individuals and SMEs to raise awareness of the value of credit, pay attention to the accumulation of social capital and maintenance platform.