小微企业网络融资机制效率分析--基于“人人贷”的实证分析

摘要

网络借贷是传统借贷体系的有益补充，具有间接融资的延伸作用，能满足小微企业小额、快速、短期的借款需求，解决小微企业融资需求与传统借贷体系难以匹配的问题。基于网络借贷的间融延伸的特征，探析网络借贷的匹配机制及效率的机理。通过国内典型的 P2P 网络借贷平台———人人贷的交易数据，从小微企业的融资可得性和融资成本的角度，验证网络借贷的间融延伸作用，并对网络借贷的匹配机制和效率进行探究。实证结果表明，网络借贷平台能突破地域限制，有效匹配小微企业的小额贷款需求，达到间融延伸的目的。信用等级较高、融资需求合理的小微企业获得贷款的概率更高、融资成本更低。%Online lending is a beneficial supplement of traditional lending system,with the extension functionality of indirect lending which satisfies micro enterprises’financing needs.It can solve the problem that the endowment and financing demand of micro enterprise is difficult to match in the traditional lending system.One must broaden the financing channels to solve the financing bottleneck problem.This paper argues that Based on the characteristics of indirect -financing extension, this paper analyzed the matching mechanism and efficiency of the online lending platform.Using the transaction data of domestic typical P2P lending platform - Renrendai,we explored the matching mechanism and efficiency of the platform and verified its indirect -financing extension functionally,all from the perspectives of small micro enterprise financing availability and cost of financing.The empirical results show that the online lending platform can break through geographical restrictions,matching small loans for small micro enterprise.Small micro enterprises with high credit ratings and reasonable financing demands have a high probability of lending loans with less cost.