| In recent years,Internet finance,as the emerging industry in our country,has drawn great attention from all sectors of society.In the first quarter of 2016,the transaction volume of third-party internet payment services reached 4058.43 billion yuan,an increase of 67% over the same period of the previous year and an increase of 14.4% from the previous quarter,ranking the first in the world.Although with the developing of financial reform,credit rationing of China’s rural financial market has been alleviated to some extent,but the overall situation is not optimistic.Due to the particularity of rural areas,rural finance still has serious market information asymmetry to the market,at the same time it poses problem of natural and market risks,small scale of operation and unsound industrial organization.The rural areas are faced with serious financing constraints and the problem of rural formal financial and economic performance,which directly affects the development of rural economy.Internet finance as a new resource allocation channel,such as: Ali’s "ant gold dress",Jingdong "village promoter",the pterodactyl loan "Sannongdai","Dabeinong","Cuncundai",these organizations seems to solve this problem provides a new solution.Based on the review of domestic and foreign literature on rural financing constraints,the limitations of traditional rural financial institutions and the development of rural Internet finance,this paper argues that Internet finance has an alternative role in the performance of rural formal financial economy,the development of Internet finance in rural areas has an alternative role for rural financial institutions to promote rural economic development,and to a certain extent,ease the problem of financial constraints of farmers.In order to deeply study and excavate the research on the constraints of emerging internet finance on household financing,this paper takes China as a sample study and finds that Internet finance has an alternative role to the traditional formal finance to a certain extent,but the substitution effect is limited.Taking into account the large differences across the country,the sample does not belong to the same mother,and the level of Internet finance in rural areas varies widely,therefore,this article Zhejiang,Hunan and Gansu represent different levels of Internet finance in rural areas to further demonstrate the development of new Internet finance Rural informal financial institutions to promote rural economic development and alternative role.Finally,based on the perspectives of rural households’ financing constraints,this paper examines the substitution effect of rural internet finance on the performance of rural formal financial and economy based on whether rural finance’s dependency on rural savings is effective or not.This paper first studies the mechanism of insufficient supply of formal financial financing in rural areas and analyzes the status quo of credit rationing of rural formal financial institutions in rural areas of Zhejiang Province through questionnaires.Secondly,the data will be collected through the public network resources such as China Statistical Yearbook,China Rural Statistical Yearbook,wind database,Ereli network,Zero One data and so on.Empirical studies will be conducted using econometric analysis methods such as least squares estimation And quantile regression and other estimation methods,trying to use these detailed indicators to study the impact of emerging Internet finance on rural formal financial institutions.Finally,in order to make better use of rural Internet finance to alleviate the current situation of farmers’ financing constraints. |
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