Study On The Effect Of P2P Online Lending On The Financing Constraints Of SMEs

As an important part of the Chinese market,small and medium-sized enterprises(SMEs)play an important role in ensuring the healthy and stable development of the national economy,but the financing constraints they face restrict its further development.In order to explore the mitigation effect of P2P online lending on SME financing constraints,this paper follows the research idea of "theoretical basis mechanical analysis-status analysis-positive test-policy suggestion".Through combing and summarizing related literatures at home and abroad,this paper clarifies the definition of P2P online lending and SME financing constraints.On the basis of related theory,paper analyzes the mechanism of P2P online lending affecting SME financing constraints,and then puts forward the research hypothesis.On this basis,based on the data from January 2014 to December 2018 disclosed by the SME Dynamic Database Online Loan Home,constructing the comprehensive measurement index of P2P online lending and then using the EG two-step method and error correction model to run the empirical test.The research shows that China's P2P online lending has a stable development trend;P2P online lending,as a new financing mode of Internet finance,can improve the financing availability of SMEs through the information superiority of network platform and the externality of network economy and reduce their financing costs.It also can alleviate the financing constraints through the above ways.However,in the long run,the risk of P2P online lending may have a reverse effect on financing constraints.In view of the existence of P2P online lending risk,We should standardize the formalization and systematic development of P2P online lending platform.Based on the research results,to make P2P online lending play a more positive role in market,this paper puts forward corresponding policy recommendations from the government,platform and enterprise levels.