互联网金融改善了社会融资结构吗?——基于企业融资选择模型  

Has Internet Finance Improved Social Financing Structure?——Based on Model of Enterprise Financing Options

作　　者：刘柳[1] 屈小娥[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《财经论丛》2017年第3期38-48,共11页Collected Essays on Finance and Economics

基　　金：国家社会科学基金资助项目(13BJY073)

摘　　要：互联网金融的快速发展对企业的融资选择带来了新的冲击。本文通过构建企业融资选择模型,将企业融资选择划分为债券融资和银行融资两类,研究互联网金融对社会融资结构的影响。研究结果表明:互联网金融对社会融资结构的最终影响由其综合效应决定。互联网金融的规模替代效应和"长尾"效应有助于提高债券融资占比,而技术外溢效应及风险传递效应则会降低债券融资占比。同时,本文利用断点最小二乘法实证检验发现:互联网金融对社会融资结构的改善具有正向作用,且不存在断点效应,说明在当前阶段,互联网风险传递效应并不占据主导地位,应继续推动互联网金融的发展以改善社会融资结构。The rapid development of the Internet Finance has great impact on the Enterprise Financing Options. This paper divides the Enterprise Financing Options into Bond Financing and Bank Financing by constructing a model of Enterprise Finance Options, and studies the impact that Internet Finance has on the Social Financing Structure. The results show that Internet Finanee＇s ultimate impact on Social Financing Structure will be determined by its combined effects. The Scale Substitution Effect and ＂Long Tail＂ Effect of Interuet Finance can contribute to increasing the portion of Bond Financing in Social Financing, while the Technology Spillover Effect and Risk Transfer Effect of Internet Finance will decrease the portion of Bond Finaneing in Social Financing. Further test with the use of Least Squares with Breakpoints finds that Internet Finance has a positive effect on improving Social Financing Structure, and that it has no Breakpoint Effect, which indicates that at present stage Internet Risk Transfer Effect is not dominant and more efforts should be put into developing Internet Finance so as to improve the Social Financing Structure.

关 键 词：互联网金融 企业融资选择 社会融资结构 断点最小二乘法 

分 类 号：F843.3[经济管理—保险]