Development Of Internet Finance And Small And Micro Enterprises Financing Innovation

Internet finance has now begun to take shape,large internet financial institutions have even been able to compare with traditional financial institutions,for example,the total size of the "Yuebao" has reached 1 trillion and 430 billion yuan,exceeding the China Merchants Bank.Not only that,commercial banks and other traditional financial institutions have also been affected by the development of Internet Finance for many changes and innovations.Internet finance brings not only the Internet technology,but also the great and far-reaching impact on the overall financial efficiency of our country.Internet finance has brought many new services.It not only satisfies the new demand and customizing demand derived from all aspects,but also excavates the potential demand of each user group,and makes China The financial system has become more perfect and has promoted the improvement of China’s financial efficiency.Because there are few literature in the field of Internet Finance and financial efficiency in the existing research,the Internet Finance and financial efficiency have been paid much attention in recent years.Therefore,this paper makes an empirical study on the impact of Internet Financial Development on China’s financial efficiency,and then explores the impact of this effect on small and micro enterprises.The promotion role of financing,and for the development of Internet Finance and small and micro enterprises financing development proposals.This paper first defines the concept of Internet Finance and the concept of financial efficiency.Then through theoretical analysis,the influence of Internet Financial Development on financial efficiency is summed up as long tail effect and spillover effect,and the research hypothesis is put forward.In this study,the index of Internet financial development index is used as a measure of the degree of Internet financial development.At the same time,according to the definition of financial efficiency,the financial efficiency is refined,and the index of gold melting efficiency is designed and selected from the micro and macro two angles,that is,DEA Malmquist model.The integrated efficiency of input and output is calculated as a measure of micro financial efficiency,and the scale of social financing in China is used as an indicator of macro financial efficiency,and the VAR impulse response analysis and variance decomposition are carried out through the above indicators,which verify the direction and influence of the Internet Financial Development on the financial efficiency of China.Based on the empirical results,this paper discusses the impact of Internet Financial Development on the financing of small and micro enterprises.Through the empirical analysis,it is found that:(1)the spillover effect of Internet Financial Development on China’s micro financial efficiency has a periodic change and tends to be stable,and the development of Internet financial development contributes to the change of China’s micro financial efficiency,which is in line with the impact of the new Internet finance technology on the traditional financial industry and the traditional gold.The technology transfer of the financial sector to improve efficiency and the high contribution rate also conform to the current situation of less traditional financial innovation.(2)the long tail effect of Internet financial development has promoted the improvement of China’s macro financial efficiency,but compared with the impact of the Internet Financial Development on the micro financial efficiency,the contribution of Internet finance to macro financial efficiency is less than that of the Internet finance.This is in line with the development of the Internet financial development that can open up the long tail market which has not been paid much attention to,thus improving the path of financial efficiency,while its smaller contribution also reflects the smaller current situation of the overall scale of the Internet finance than the traditional financial scale.Therefore,based on the empirical conclusion,this paper makes a summary and puts forward some suggestions.The contribution of this paper is mainly to enrich the research on Internet Finance in this new field,and use more scientific indicators to measure the impact of Internet Financial Development on financial efficiency.At the same time,this paper uses the Internet financial development index issued in 2016 to measure the development of Internet finance.It is helpful to use and develop.