互联网金融对中小企业融资效率的实证分析

摘要近年来，随着互联网的深入发展，越来越多的领域开始与互联网进行接壤，不仅仅是我们日常所能经常接触的移动支付，利用互联网进行融资也开始出现在我们的日常生活中，而随着互联网金融的不断发展，越来越多的中小企业开始考虑非传统领域的互联网融资渠道。查阅大量文献发现，互联网金融在一定空间内能够很好地促进中小企业的融资发展，但也有资料显示互联网金融对中小企业融资弊大于利。在互联网金融下，中小企业的融资效率是否有显著的变化。本文研究内容建立在确定国内中小企业的融资效率的定义的基础上，梳理了中小企业的影响因素，以科技型上市企业为研究对象，分析互联网金融对企业融资效率的影响，指出进行互联网金融下对中小企业的融资效率研究的必要性和合理性。本文从融资效率的定义出发，用融资成本，融资收益和融资风险来定义融资效率，并用K☑指数来解释融资约束力，通过第三方支付规模与总业务支付规模比值来衡量互联网金融发展水平，通过构建多元线性回归方程来对互联网金融下的中小企业融资效率进行实证分析。通过比较研究和原因分析，本文得出研究结果，互联网金融对企业的融资效率并没有起到很积极的促进作用，相反，有弱微的逆向作用关键词：互联网金融：融资效率：中小企业AbstractIn recent years,with the further development of the Internet,more and more areas havebegun to border on the Internet,not only the mobile payment that we can often contact in ourdaily life,but also the use of the Internet for financing has begun to appear in our daily life,and with the continuous development of Internet finance,more and more SMEs have begun toconsider non-traditional areas of Internet financing channels.A review of a large amount ofliterature reveals that Internet finance can well facilitate the development of SME financing ina certain space,but there is also information showing that Internet finance can do more harmthan good to SME financing.Whether there is a significant change in the efficiency of SME financing under Internetfinance.The content of this paper builds on the definition of financing efficiency of domesticSMEs,sorts out the influencing factors of SMEs,takes technology-based listed enterprises asthe research object,analyses the impact of Internet finance on the financing efficiency ofenterprises,and points out the necessity and rationality of conducting research on thefinancing efficiency of SMEs under Internet finance.Starting from the definition of financingefficiency,this paper defines financing efficiency in terms of financing cost,financing benefitand financing risk,and uses the KZ index to explain the binding force of financing,measuresthe level of development of Internet finance through the ratio of the scale of third-partypayment to the scale of total business payment,and conducts an empirical analysis of thefinancing efficiency of SMEs under Internet finance by constructing a multiple linearregression equation.Through comparative research and cause analysis,this paper concludes that the researchresults show that Internet finance does not play a very positive role in promoting the financingefficiency of enterprises,rather,there is a weak inverse effect.Keywords:Internet finance;financing efficiency;Small and medium-sized enterprises目录摘要Abstract......Ⅲ目录…..V一、绪论(一)研究背景及意义1.研究背景.2.研究意义.2(二)文献综述2(三)论文结构4二、互联网金融对中小企业融资效率的影响分析.5(一)互联网金融的主要模式.5(二)中小企业目前融资状况…。7(三)互联网金融对中小企业的影响9(四)假设的提出….10三、互联网金融对中小企业融资效率的实证分析.12(一)变量选取及模型构建12(二)数据及样本来源.14(三)统计分析…。15(四)回归结果分析15四、结论与启示.17(一)结论…17(二）启示…17参考文献.19致谢.20