基于互联网视角下的金融去中介化对企业融资的影响
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摘要
在融资领域,金融中介机构在很长时期内都扮演着推动者的积极角色。然而,在互联网金融高速发展的今天,金融中介化对企业融资的积极意义正逐步变弱。本文在回顾了前人对金融中介理论和互联网金融研究的基础上,尝试阐明金融中介化的关键动因——代理问题;并进一步利用数学的方式证明为何金融业的去中介化会有利于企业融资。最后,本文尝试就当今中国的互联网金融现状给出了一些政策建议。
The Financial intermediaries have played a positive role in promoting corporate financing in a long history. However, with the rapid development of Internet finance, the positive influence of financial intermediation for enterprise financing is becoming weaker. On the basis of reviewing previous studies on financial intermediary theory and Internet finance, this paper tries to clarify the key motivation and agency of financial intermediation; meanwhile, it tries to prove why the de-intermediation of financial industry is beneficial to corporation financing by using mathematical methods. After that, this paper gives some policy suggestions on the current situation of Internet finance in China.
The Financial intermediaries have played a positive role in promoting corporate financing in a long history. However, with the rapid development of Internet finance, the positive influence of financial intermediation for enterprise financing is becoming weaker. On the basis of reviewing previous studies on financial intermediary theory and Internet finance, this paper tries to clarify the key motivation and agency of financial intermediation; meanwhile, it tries to prove why the de-intermediation of financial industry is beneficial to corporation financing by using mathematical methods. After that, this paper gives some policy suggestions on the current situation of Internet finance in China.
引文
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[2] Zhang, J.J. Liu. Rational Herding in Microloan Markets. [J]. 2012, Management Science, 58(2):892-912.
[3] Ray. The Financing and Financing Control of Small Enterprise Development[M]. England: Gower Publishing Company Limited, 2011:156-167.
[4] 谢平,邹传伟,刘海二.互联网金融的基础理论[J].金融研究,2015(8):1-12.
[5] 吴晓灵.互联网金融应分类监管区别对待[J].IT时代周刊,2013(21):14.
[6] 王筠权,王国成,金强.互联网金融对商业银行传统业务的影响研究[J].西南金融,2013(12):3-5.
[7] 吴晓求.互联网金融:成长的逻辑[J].财贸经济,2015(2):5-15.
[8] 温小倪,武小娟.P2P网络借贷成功率影响因素研究[J].金融论坛,2014(3):3-8.