Research On Financing Performance Of Small And Micro Enterprises In P2P Network Lending Environment

China's small and micro enterprises account for 94%of the total number of enterprises,providing 85%of the national urban jobs,small and micro enterprises become China's largest and most dynamic economy in solving employment,increase income,improve people's livelihood,Economic structure,and promote the development of market economy has played a decisive role.The development of small and micro enterprises also help to promote internal and external linkage,to help China's dominant elements of "going out." In general,small and micro enterprises have become an important force to promote economic development and Linnovation.The government also solves the financing constraints of small and micro enterprises through the establishment of policies and measures such as village banks and tax support,but still alleviates the financing needs of small and micro enterprises "financing difficulties" and"financing costs".With the development of "Internet +" mode,Internet finance has come into being.Internet finance has the characteristics of low cost,high efficiency,wide coverage and fast development.It can meet the demand of small and micro enterprises in a short time.The financing constraints of small and micro enterprises,while improving the efficiency of the allocation of funds while reducing the cost of financing,Internet financial models are diverse,can be summarized as:public financing,P2P network lending,third-party payments,large data,financial institutions And financial portal.In order to further study whether the Internet finance can alleviate the financing constraints of small and micro enterprises,based on the availability of data,this paper selects P2P network borrowing in the Internet financial model as the research object.P2P network borrowing mainly focuses on individual investment and financing needs,but in fact,more and more small and micro enterprises began to adopt this mode of financing.So,in the P2P network lending environment,compared to personal borrowing,small micro-enterprise borrowing performance,borrowing costs and repayment performance will change?In order to explore the above problems,this paper takes the borrowing subject of P2P loan platform as the research sample,and uses Logistic regression analysis and OLS linear regression method to carry on the empirical research.The empirical analysis results are as follows:In terms of borrowing performance,small and micro enterprises have higher borrowing success rates on the P2P platform than the individuals;in terms of loan interest rates,the small and micro enterprises need to pay higher interest rates to investors The performance of repayment,compared to individuals,small and micro enterprises repayment performance is better.In short,for small and micro enterprises,P2P lending is an effective financing channels.In the end of this paper,the author gives some suggestions on the borrowers,investors and P2P loan platform in the P2P network loan platform in order to better integrate the funds Flow,improve the allocation of social capital efficiency,build Pratt&Whitney financial system.