金融科技创新、网贷利率决定与小微企业融资——兼论“麦克米伦缺口”的治理  

Research on Fintech Innovation, Interest Rate Decision of Network Lending and Financing of Small and Micro Enterprises--Also Discusses the Management of “Macmillan Gap”

作　　者：周光友 罗素梅[3] 连舒婷[4] Zhou Guangyou;Luo Sumei;Lian Shuting(School of Economics,Fudan University;School of Finance,Shanghai University of Finance and Economics;School of Management,Fudan University)

机构地区：[1]复旦大学经济学院 [2]复旦大学金融研究院 [3]上海财经大学金融学院 [4]复旦大学管理学院

出　　处：《国际金融研究》2020年第3期76-86,共11页Studies of International Finance

基　　金：国家自然科学基金面上项目“互联网金融创新、电子货币替代与货币供给决定机制研究”(71573050);上海市哲学社会科学规划项目“互联网金融风险的传导、识别及监控研究”(2015BJB003)资助。

摘　　要：作为金融科技创新模式之一,P2P网贷为小微企业融资提供了重要渠道,探索如何通过P2P网贷治理"麦克米伦缺口"具有重要意义。本文以金融科技创新为视角,以长尾理论为基础,通过构建不完全信息的博弈模型,讨论P2P网贷利率形成机制,并选取相关的面板数据,检验P2P网贷综合利率及其影响因素之间的相关性。研究表明,金融科技创新通过发挥普惠效应并形成普惠价值,服务小微企业融资。借贷双方的力量对比是影响P2P网贷利率的重要因素。合规的P2P网贷有助于缩小"麦克米伦缺口",成为小微企业的主要融资方式。P2P从2016年进入规范发展阶段以来,极端风险得到有效控制,利率形成机制更趋合理。因此,当前我国应充分发挥金融科技、网络借贷对小微企业融资的支持作用,更好地服务实体经济。Fintech innovation has given rise to a new type of financial service. As one of the important models of Fintech innovation, P2P lending has played an important role in improving the financial service efficiency of small and micro enterprises and closing the" Macmillan Gap". The purpose of this paper is to explore the decision mechanisms of online loan interest rate and how to manage "Macmillan Gap"through P2P lending.From the perspective of Fintech innovation and based on the long tail theory, this paper discusses the interest rate formation mechanism of P2P lending by constructing a game model under incomplete information. The monthly data of 8 provinces and cities with the most active P2P transactions and other regions from January 2015 to June 2019 were selected as sample data to test the correlation between the comprehensive interest rate of P2P lending and its influencing factors.The research shows that Fintech innovation serves the financing of small and micro enterprises by giving play to the inclusive effect and forming the inclusive value. The number of participants, loan term, transaction volume, risk level and loan balance of both parties are the main factors influencing the P2P comprehensive interest rate. Compliant P2P lending help to narrow the"Macmillan Gap"and become the main financing method for small and micro enterprises. Since P2P entered the normative development stage in 2016, extreme risks have been effectively controlled and the interest rate formation mechanism has become more reasonable.In order to give full play of the Fintech and network lending to small micro enterprise financing, this paper puts forward three suggestions, namely strengthening the Fintech innovation, creating more financial products, exerting its inclusive value of finance, so as to further enhance the supporting role of P2P lending in the financing of small and micro businesses, and better serve the real economy. The compliance supervision of P2P industry should be strengthened to standardize the operation of P2P pla

关 键 词：金融科技 网贷利率 小微企业融资 麦克米伦缺口 

分 类 号：F832[经济管理—金融学]