Internet Finance To Relieve Financing Constraints Of Small And Medium-sized Enterprises

Small and medium-sized enterprises(SMES)are the main driving force of social and economic growth,and their capital investment needs run through the whole development life cycle.In addition to relying on internal capital accumulation,enterprise financing also needs to rely on external financing channels.However,limited by enterprises' own credit qualification,borrowing cost,financing threshold and other factors,financing channels provided by traditional finance still cannot meet the financing needs of most SMES.In recent years,with the rapid development of financial technology,financial development for SMES financing channels,the Internet through the online data processing and analyzing real will be SMES can't regulate information disclosure of financial and other soft "hardening",make financial institutions and investors for SMES business qualification evaluation is no longer limited to the SMES financial information,mortgage guarantee,etc.,and then the optimization of financial resource allocation.This paper takes the financing constraints of SMES and Internet finance as the research object,combines theoretical analysis and empirical test,and explores the role of Internet finance in solving the financing constraints of SMES.This paper starts from the financing status of SMES,analyzes the size and development of the entire credit market,summarizes the existing financing methods of SMES,and finds the financing environment problems faced by SMES from the macro and micro perspective.Then the development of Internet finance is sorted out,including the operation of the whole industry and the development of Internet payment business,insurance business,money fund business and investment business.And contact related to the financing of the Internet financial typical case: financing model based on electric business platform,"ali small loans" and based on network platform loan financing model-"FM project" to do an overview and analysis,including product categories,the loan process,risk control mechanism,etc.,and through the loan process with the bank lending and credit before,after comparison,summed up the Internet financial compared with bank financing business in the process of practice the characteristics of the show.Second,contact the long tail theory,credit rationing theory and information asymmetry theory of Internet financial relief mechanism analysis of SMES financing constraints,including from small business financing demand characteristics and the characteristics of Internet technology,the feasibility of financial analysis and Internet how its characteristics play a network externality and scale economy effect analysis to solve this problem.,in this paper,based on the cash,cash flow sensitivity model model,to small and mediumsized board listed company financial data from 2011 to 2015 as research samples,first makes an empirical test on SMES financing constraints in China,after joining the Internet financial variables to explore the development of the Internet financial problem of SMES financing constraints,and nature of enterprises,enterprise scale,to analyze the sample,made in this paper,the empirical results on the basis of the data acquisition is limited,can cover sample a broader financial financing of SMES can through the Internet to support to provide the basis.The empirical study finds that the financing constraint problem generally exists in China's SMES,and the development of Internet finance can reduce the sensitivity of cash-cash flow of enterprises and play a role in alleviating the effect of enterprise financing constraint.For private enterprises and small enterprises,the alleviating effect is more obvious.This paper not only enriches the empirical research in the field of Internet finance,but also provides new ideas for the selection of development variables of Internet finance,which will help to fully understand the relationship between the development of Internet finance and traditional finance.Finally,this paper will put forward relevant policy Suggestions for the sound development of Internet finance to improve the financing services for SMES.