Logic of the emergence of Internet finance: Investor's perspective

被引：0
|
作者：
Wang Z. [1 ]
Yang M. [1 ]
Zhou Y. [1 ]
机构：
[1] School of Business, Central South University, Changsha
来源：
| 1600年 / Systems Engineering Society of China卷 / 36期
基金：
中国国家自然科学基金;
关键词：
E-commerce platform financing; Internet finance; Principal-agent theory; Revenue-sharing contract; Stackleberg game;
D O I：
10.12011/1000-6788(2016)11-2791-11
中图分类号：
学科分类号：
摘要：
Asymmetric information makes the allocation of resources always not the optima in the traditional financial environment, resulting in the traditional investment institutions gradually narrowing their profit margins. Under the background of Internet finance, by introducing e-commerce platforms, we improve the traditional model in which investment institutions provide financing to small and medium-sized enterprises (SMEs) directly, and take into account a new tripartite participate in indirect investment and financing incentive mode. Then, by using principal-agent theory, this paper quantitative study investment revenue-sharing contracts among traditional financial institutions, e-commerce platforms, as well as SMEs. Furthermore, we empirically analyze the impact of the key parameters on the investment income and investment decisions by use of numerical cases. The results show that compared with the traditional financial pattern, when the operation capacity of SMEs is at lower level, the introduction of e-commerce platforms can reduce the threshold for SMEs financing and increase the credit lines; also, the investment efficiency of investment institutions improves while reducing the information rent obtained by SMEs, thereby effectively alleviating the financing difficulty of SMEs which is caused by the information asymmetry between investment institutions and SMEs. © 2016, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
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收藏
页码：2791 / 2801
页数：10
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