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Technology Finance Platform And Financial Inclusive Of Small And Micro Enterprises

Posted on:2020-11-23Degree:MasterType:Thesis
Country:ChinaCandidate:S J ChengFull Text:PDF
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Since the reform and opening up,China's small and micro enterprises have developed rapidly and become the main force of national economic development.However,due to their own weak economic characteristics,lack of effective collateral,and unsound social credit and financial service system,small and micro enterprises are facing serious financing difficulties.At the same time,the fintech platform is characterized by high flexibility,simple procedures and low borrowing costs.As an effective supplement to the traditional financing mode,it has become an important channel for the group financing of the long tail and seems to be paving a feasible way for the development of inclusive finance.This financing model has also caused widespread concern from all sectors of society.Researchers at home and abroad have conducted a large number of studies on the interaction between fintech platforms and social financing activities,and most of them focus on the analysis of the impact of fintech platforms on all financing demanders.The results show that,on the one hand,the disclosure of borrowers' hard information in the fintech platform has an impact on the success of the transaction,the borrowing rate,and can reflect the default risk.The disclosure of the borrower's soft information will affect the transaction behavior and the degree of information asymmetry between the borrower and the borrower.On the other hand,the behavior of investors in the platform is easily affected by irrational factors such as gender,age and regional characteristics,and they pay attention to the liquidity of funds,prefer short-term investment and have obvious herding behavior.Based on this,this paper,by combining theoretical analysis and empirical analysis,discusses the role of borrower information in the path of realizing inclusive finance for small and micro enterprises from the aspects of financing difficulty and financing cost.The research of this paper is mainly composed of four parts: the first part is the status quo and problem analysis,elaborating the definition,characteristics and development status of fintech platform;The second part is the theoretical basis of this paper.By discussing reputation theory,long tail theory and information asymmetry theory,it analyzes the relationship between small and micro enterprises,fintech platforms and long tail market demand.The third part is mechanism analysis,discussing the performance and causes of financing difficulties of small and micro enterprises,and studying the mechanism of fintech platform to cope with financing difficulties of small and micro enterprises.The fourth part is empirical analysis.From the perspective of fintech platform's financing support for small and micro enterprises,Probit model,Tobit model and OLS model are constructed to study the influence of hard and soft information on borrowers' borrowing success rate,borrowing depth and borrowing cost under the pure information intermediary model.Through the above research,this paper mainly comes to the following conclusions: from the perspective of capital demand,fintech platform can alleviate the two major problems of "difficult financing" and "expensive financing" of small and micro enterprises,reflecting the real financial universality.On the one hand,for the problem of "financing difficulty",the hard information intensity and soft information level of borrowers of small and micro enterprises are positively correlated with the availability and depth of loans.The asymmetric influence of soft information on small and micro business owners with different credit levels can weaken the influence of credit levels on the long-tail group in terms of financing difficulty.To the problem of "financing expensive",on the other hand,this article found that hard information intensity is proportional to the cost of borrowing,this conclusion obvious difference with existing literature,analysis on the one hand is that when the investors invest in small micro enterprise on the order of the borrowers,pay attention to the profitability of investment rather than security,on the other hand,when the higher the strength of hard information,small business owners can get more loans,take fund scale rise,take up capital risk,so need to charge more interest,compensation for the risks of capital takes up;The historical success rate of borrowing and the historical repayment ratio of small and micro enterprise borrowers cannot significantly reduce their financing costs,mainly due to the inelasticity of the interest rate setting of the fintech platform.
Keywords/Search Tags:Fintech Platform, Small and Micro Enterprises, Infomediary, Reputation Mechanism, Inclusive Financ
PDF Full Text Request
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