首都经济贸易大学金融学院招聘启事
工作论文
当前位置:首页 > 工作论文
金融发展、信息化进程与互联网金融参与
阅读全文         下载全文
TitleFinancial development, the process of informatization and internet finance participation  
作者王博 梁洪 张晓玫  
AuthorWANG Bo,LIANG Hong and ZHANG Xiaomei  
作者单位西南财经大学金融学院 
OrganizationSchool of Finance,Southwestern University of Finance and Economics 
作者Emailwangbo0503@swufe.edu.cn;lianghongswufe@163.com;xiaomei51@swufe.edu.cn 
中文关键词金融发展 信息化进程 互联网金融参与 微金融供给侧改革 
Key WordsFinancial Development; The Process of Informatization; Internet Finance Participation 
内容提要互联网金融通过信息技术和金融交易的融合,创新了金融交易的组织形式,为推动微金融的供给侧改革提供了新的思路。借助于“人人贷”平台2010-2015年的微观借贷数据,本文基于金融发展理论、网络经济学双重视角,研究金融发展、信息化进程对互联网金融参与率、参与成本的作用机制。进一步结合中国经济长期发展形成的空间特征和互联网金融发展的时间维度,研究空间层面和时间维度的差异性。研究结果表明,传统金融发展通过扩展融资渠道、加大市场竞争、降低机会成本等路径,对互联网金融参与率存在宏观层面上的替代效应、对参与成本存在微观层面上的挤出效应。信息化进程的强化深刻变革了金融组织结构,通过扩展信息获取范围等路径,增加互联网金融的参与意愿、并降低参与成本。信息化进程的提升同时有助于降低传统金融的交易成本。在信息化欠发达地区,这种间接作用机制使得传统金融与互联网金融的替代效应更强、传统金融发展对微观借贷成本的挤出效应更大,意味着网络借贷有望成为传统融资模式的有效补充。最后,随着金融竞争格局的重塑以及信息技术带来的后发优势,网络借贷的普惠性将进一步得到增强。 
AbstractThrough the integration of information technology and financial transactions, Internet finance has innovated the organizational form of financial transactions and provided new ideas for promoting the supply-side reform of microfinance. Based on the micro-lending data of the “RENRENDAI” platform from 2010 to 2015, this paper studies the mechanism of financial development and informatization process on Internet financial participation rate and participation cost based on the dual perspectives of financial development theory and network economics. At the same time, it analyzes the impact of financial development on Internet financial participation under the difference of informatization process. Further combining the spatial characteristics of the long-term development of China's economy and the time dimension of Internet finance development, the differences between spatial and time dimensions are studied. Finally, based on the micro characteristics of borrowers, this paper analyzes how the micro characteristics of borrowers will affect the impact of financial development on Internet financial participation costs. The research results show that traditional financial development has a macro-level substitution effect on the Internet financial participation rate and a crowding effect on the micro-level of participation costs by expanding financing channels, increasing market competition, and reducing opportunity costs. The intensification of the informatization process has profoundly changed the financial organization structure and the degree of information asymmetry of both parties to financial transactions, which in turn will increase the willingness of the long-tailed group to participate in Internet finance. The improvement of the informatization process can reduce the cost of information search and increase the efficiency of market operation by expanding the scope of information search and increasing the number of information searches, thereby reducing the participation cost of Internet finance. The intensification of the informatization process has weakened the alternativeness of traditional finance to the Internet financial participation rate by expanding the network externality of Internet finance. At the same time, the improvement of the informatization process will help reduce the market transaction friction of traditional finance and reduce transaction costs. Which increases the impact of traditional financial development on the cost of Internet financial participation. In underdeveloped regions, this indirect mechanism makes the substitution effect of traditional finance and internet finance stronger, and the effect of traditional financial development on micro-lending costs is greater, which means that online lending is expected to become an effective supplement to traditional financing models. Finally, with the reshaping of the financial competition pattern and the late-developing advantage of information technology, the inclusiveness of online lending will be further enhanced. The reform of the financial supply side pointed out that finance should serve the substantial economy and promote economic transformation and upgrading. The financial industry needs to allocate financial resources more rationally and effectively, and improve the ability of the financial system to prevent and resolve financial risks. Long-tailed groups such as small and micro enterprises play an important role in creating jobs, expanding domestic demand, and promoting economic growth. Whether Macmillan gap of long tail group can be effectively alleviated is related to whether the supply-side reform of micro-finance can be realized smoothly. The conclusions of this paper can be seen that traditional financial and Internet financial participation has significant substitution; in areas with backward information technology, the indirect mechanism makes the substitution effect of traditional finance and Internet finance stronger, and the traditional financial development further squeezes the micro borrowing cost. It means that online lending is expected to be an effective complement to traditional financing models. Therefore, this paper believes that with the balanced development of traditional finance and Internet finance, the comprehensive regulation of online lending by the regulatory authorities, and the acceleration of the informatization process, the Macmillan gap of the long tail group is expected to be alleviated.  
文章编号WP1437 
登载时间2019-11-20 
  • 主管单位:中国社会科学院     主办单位:中国社会科学院经济研究所
  • 经济研究杂志社版权所有 未经允许 不得转载     京ICP备10211437号
  • 本网所登载文章仅代表作者观点 不代表本网观点或意见 常年法律顾问:陆康(重光律师事务所)
  • 国际标准刊号 ISSN 0577-9154      国内统一刊号 CN11-1081/F       国内邮发代号 2-251        国外代号 M16
  • 地址:北京市西城区阜外月坛北小街2号   100836
  • 电话/传真:010-68034153
  • 本刊微信公众号:erj_weixin