Research Of The Mechanisms Behind Meituan Financial Services' Efforts To Ease The Financing Constraints Of SMEs

Small and medium-sized enterprises(SMEs)are an important part of China's economic operation.But the difficulty of financing for SMEs has long hindered their development.With the improvement of Internet technology,a group of internet-based platform enterprises have grown up.These platforms have promoted various technologies in the original industrial chain through new technologies such as big data,cloud computing.The data accumulated by platforms has become the basis for financial services to companies or individuals on the platform.And platform finance based on e-commerce platforms has emerged.Platform finance has performed conspicuously in the financing of SMEs,and has gradually become an important provider of financing for them.This article focuses on the research of platform finance,specifically the case of Meituan Financial Services to ease the financing constraints of SMEs.The article firstly draws on the literature to find out the main reasons for SMEs' financing constraints and some disadvantages of traditional finance.The literature review includes literatures related to financing constraints,which can be divided into financial ecology literature and literature on financing constraints resulting from SMEs 'own factors,literature related to risk management,and literature related to Internet finance.At the same time,the relevant theories are studied,including information asymmetry theory,multilateral platform theory and long tail theory.The article then introduced the current status of Meituan Financial Services,including its development experience,products and their processes,showing the conditions and processes of Meituan Financial Services' financing for SMEs on the platform,and effects of financing for SMEs.The next step is to start with the analysis of participants and summarize the characteristics of them.Finally,combining these two points with the previous SMEs' financing constraints and related theories,this article find the Meituan Financial Services' mechanisms to alleviate the financing constraint.With the help of the digitization of merchants on Meituan Dianping,Meituan Dianping and other parties have obtained sufficient data related to financial services to ease the asymmetry of information.With the help of Internet technology,Meituan Financial Services has improved the efficiency of credit evaluation and formed an efficient credit evaluation.Meituan Financial Services uses big data technology to discover risk points.And at the same time,under the external and internal risk supervision and control,it obtains a better risk distribution and effectively spreads and controls risks.Not only that,Meituan Financial Services has a precise match between supply and demand,which alleviates the mismatch between financial institution services and SME financing needs under traditional financial models.With the help of the above several mechanisms,Meituan Finance meets the financing needs of platform SMEs,which are usually at the long end,and has formed corresponding scale effects.In the end,based on the results of the research,the article proposes to establish a unified information database.In order to better control risks,the platform can further increase the default cost of the financing party.And suggestions for other platforms to properly develop related financial services.