Research On Measurement Of Financing Capability Of Internet Consumption Finance Platform Based On Entropy Weight Method

General Secretary Xi Jinping first put forward the idea of socialism with Chinese characteristics in the new era at the Nineteenth National Congress of the Communist Party of China.At the meeting,General Secretary indicated that we should vigorously develop the real economy,carry out structural reform on the supply side and build a socialist modern economic system.The financial industry has the function of financing and optimizing the allocation of resources in the social economy.One of its important values lies in serving the establishment of a modern economic system.At present,China is in the critical period of the new normal economic development.To overcome difficulties,adjust the structure and find new opportunities are the important goals of economic development.With the development of economy and information technology,the consumption patterns of residents are becoming more and more diverse.Alipay,Jingdong,white stripes and other app are constantly breaking the shackles of people's consumption.Online consumption has become an indispensable mode of consumption in China.Under this background,the Internet consumer finance platform gradually sprouted,and found its own position through years of development and quickly occupied the market.However,the excessive expansion of Internet consumer finance has gradually exposed the problems of the whole industry to the public.Intense platform competition,stretched capital chain,hard to estimate bad debt balance,and frenzied and frequent financing behavior have become important issues that can not be ignored in China's Internet consumer finance platform.At present,most of China's Internet consumer finance platform financing is relatively easy,mainly due to the rapid development of the Internet consumer financial market in recent years,but some platforms also because of frequent financing,but not good operation led to frequent platform scandals.Therefore,since 2017,China has begun to strengthen the regulation of Internet consumer financial platforms,especially P2 P platforms and staged shopping platforms.Strong regulatory policies have made some platforms encounter certain difficulties in financing,which makes these platforms face severe challenges in the future development.In this paper,from the perspective of corporate financing capacity,using theoretical analysis and empirical analysis and other research methods to study the methods and indicators of measuring the Internet consumer finance platform,and explore ways to improve the financing channels of the Internet consumer finance platform.Firstly,it elaborates the financing status of China's Internet consumer finance platform,finds that ABS financing is the most frequently used financing mode of China's Internet consumer finance platform,and analyses the financing factors of China's Internet consumer finance platform's financing capacity.From the macro perspective,the level of social and economic development and the national policy environment can affect the Internet consumer finance platform.From a micro perspective,the platform's development model,size,solvency,profitability,internal accumulation level,growth capacity and operational capacity play a key role in improving the financing capacity of the Internet consumer finance platform.Secondly,we use empirical analysis to measure the financing capacity of Internet consumer finance platform,and extract the financial data of 16 Internet consumer finance platforms from 2015 to 2017.According to the previous scholars' research on the measurement of enterprise financing capacity,combined with the characteristics of Internet consumer finance platform itself,we select 15 variable indicators,and use information entropy and factor analysis to measure the Internet consumer finance platform.The specific measurement steps are as follows:(1)Six common factors are screened out from 15 original indicators by principal component analysis,which correspond to the scale,solvency,profitability,internal accumulation level,growth ability and operation ability of the Internet consumer finance platform;(2)A comprehensive scoring model is constructed,and 16 factors are calculated by using information entropy and factor analysis,respectively.The comprehensive score of the financing ability of the Internet consumer finance platform is obtained and ranked.Finally,KENDALL synergistic coefficient W test is used to verify the accuracy and scientificity of the conclusions of the two measurement methods.The test steps of this method are divided into two steps.The first step is to calculate the W statistic.The value range of the W statistic is between 0 and 1.The closer the W statistic is to 1,the stronger the consistency of the two measurement methods is.The second step is to calculate the H statistic and observe whether the H statistic is larger than the given one.The H value under the significance level,if greater than that,indicates that the test has passed,and that the conclusions of the two measurement methods are consistent and scientific.Finally,according to the empirical results,the paper puts forward relevant countermeasures and suggestions.Through empirical analysis,the following conclusions are drawn.(1)The financing capacity of the Internet consumer finance platform can be measured by information entropy and factor analysis,and the indicators include platform size,solvency,profitability,growth capacity,internal accumulation level and operational capacity.(2)The six indicators interact and restrict each other.The improvement of the financing capability of the Internet consumer finance platform is the result of the comprehensive development of the six indicators.(3)The financing capacity of China's interconnected consumer finance platform is unbalanced.The results of information entropy and factor analysis show that the comprehensive scores between the top platform and the last platform are very different.(4)Economic development and national policies not only promote but also restrict the financing capacity of the Internet consumer finance platform.On the one hand,economic development promotes the improvement of the financing capacity of the Internet consumer finance platform,on the other hand,policy supervision restricts the frequent financing of the platform.In a word,the improvement of the financing capability of the Internet consumer finance platform needs the cooperation of the platform itself,government departments and investors.