Research On Financing Constraints Of SMEs Under Internet Financing Mode

The existence of information asymmetry and transaction cost makes the cost of external financing of small and medium-sized enterprises different when the enterprise internal funds insufficient,facing financing constraints.The rapid development of Internet finance has a profound impact on China's financial system,its unique internet technology "hardening" soft information of small and medium-sized enterprises and financial institutions and investors are no longer confined to hard information of financial information,collateral,to achieve optimal allocation of resources.This paper is based on the long tail theory and network economics theory,starting from the feasibility of P2P net loan to ease the financing constraints of small and medium-sized enterprises,this paper discusses the effect of Internet finance to ease the financing constraints of small and medium-sized enterprises from financial function and financing cost.First of all,it is proved that small and medium-sized enterprises are the long tail of China's financial market,and the application of Internet technology can screen high-quality enterprises from a large number of small and medium-sized enterprises,which shows that P2P net loan is feasible for solving the financing problems of SMEs.In the aspect of effect,P2P network loan can realize the function of financial resource allocation,at the same time,using its own technical advantages,fast and accurate processing of transaction information,financial information processing functions.The marginal cost decreasing characteristics of network economy determine the scale economic effect of Internet finance,lower marginal costs reduce the transaction costs and credit costs of SMEs,and ease their financing constraints.As to the empirical analysis,we use factor analysis to construct the comprehensive index system from two aspects of development size and risk to measure the development level of P2P net loan in china,by P2P net loan scale factors and risk factors weighted to get the comprehensive index of P2P net loan.The results show that,in general,China's P2P net loan presents a trend of continuous development,in which the scale factor shows the same characteristics,while the risk factor presents a trend of rising first and then falling.Finally,we use the proportion of enterprises that believe that financing is easy in China's Small and Medium EnterpriseDynamic Database and P2P net loan interest rates as a dependent variable to measure the financing availability of SMEs and financing costs,EG two step method and error correction model are used to test the relationship between Internet Finance and their relationship.The results show that the level of P2P net loan development,P2P net loan scale factors and SME financing availability are significantly positive correlation,and financing costs are significantly negative correlation,while the P2P net loan risk factors on the financing availability are significantly negative correlation for a long period while the others are not significant.