Research On The Path Of China's Internet Financial Services To SMEs

SMEs are an important source of tax revenue in China and an important way to solve employment.They play an irreplaceable role in promoting economic development and ensuring social stability.However,due to difficulties in guarantees,low efficiency and high requirements of credit approval,SME financing relies mainly on its own capital in the long term,making it difficult to obtain loans from banks.Under the influence of the fourth industrial revolution represented by the new generation of information and communication technology,the application of emerging technologies such as big data,cloud computing,blockchain and artificial intelligence in the financial field has become increasingly popular.Relying on the rapid development of the Internet and the netizen base bonus,China provides a good soil for the development of Internet finance,and the strong demand for public investment and relatively narrow investment channels further promote the development of Internet finance in China.At the same time,Internet financial innovation also opens an important window for the financing needs of SMEs.In this context,discussing the path of China's Internet financial serving SMEs has important theoretical and practical significance.First of all,based on the literature review and theoretical research,this paper uses the inclusive financial theory,financial suppression theory,long tail theory and financial function theory as the theoretical framework,and combines with Professor Xie Ping's three theoretical pillars of Internet finance.It is believed Internet finance mainly serves SMEs through financing,payment and information.These three paths can exactly solve the problem of financing difficulties for SMEs:commercial banks have long approval cycles and do not match the short-term needs of SMEs,while Internet finance companies have relatively fast processes,almost real-time arrivals;Internet finance focusing on credit Guarantees can solve the problem of insufficient collateral;Internet financial enterprises can also solve the problem of information asymmetry between SMEs by mastering and analyzing big data information.Furthermore,this paper uses vector autoregressive(VAR)model to explain the financing path and payment path from the perspective of empirical analysis to explore the effectiveness of SMEs in Internet financial services,and finds that the number of P2P platforms can promote the profits of SMEs,while the scale of online payment begins to have a positive effect on the profit of SMEs,but it has a negative effect for a long time.Therefore,it is inferred that with the development of network payment,SMEs need to pay a large amount of "user fees" for this,and the intensified competition between SMEs will also affect the company's excess profits.In addition,the improvement of the macro economy can promote the further development of SMEs,and the good development of SMEs can also promote the further improvement of the national economy.On this basis,this paper believes that the future should:(1)continue to play the financing function of SMEs in Internet financial services,and guide funds:into the real economy sector to help the development of SMEs.(2)Opt:imize the payment function of Internet finance to support SMEs,and the use of network payment,especially third-party payment,can greatly improve the efficiency of services.(3)Strengthen supervision to further improve the service level of Internet finance to SMEs.(4)Increase publicity and support for training,and guide SMEs to make good use of Internet financial tools to achieve innovative development.