Solving the Financing Constraints on Small and Micro Enterprises from the Perspective of Internet Finance

Abstract

Abstract:

Financing constraint is a long-term problem suffocating the development of small and micro enterprises in China. The development of Internet finance provides a way to solve it. Through economic analysis, this paper first finds the deep-seated cause of small and micro enterprise financing constraints, namely, the moral hazard and adverse selection caused by the information asymmetry. By establishing a lending market in internet, the finance constraints will be solved. Two steps are necessary:the first is to build a small and micro enterprise financing platform and the second is to design the financing mechanism. Then the paper analyzes the mechanism of the platform through building an infinitely repeated game model of the credit market and a bidding game model of the loan interest rate. The analysis results show that the small and micro enterprise financing platform and financing mechanism can reduce the cost of the relevant aspects in the lending market by Internet finance, somewhat eliminate information asymmetry, promote the formation of an effective lending market and realize the efficient allocation of lending resources.

Key words: Internet finance, small and micro enterprises, financial constraints, financing platform, financing mechanism

Liu Manfeng, Zhao Long. Solving the Financing Constraints on Small and Micro Enterprises from the Perspective of Internet Finance[J]. , 2019, 31(3): 39-49.

References

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