本文關(guān)鍵詞：互聯(lián)網(wǎng)融資、資源配置效率與風(fēng)險監(jiān)管研究　出處：《東南大學(xué)》2016年博士論文　論文類型：學(xué)位論文

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【摘要】：思想和技術(shù)是保持一個國家或企業(yè)領(lǐng)先的重要武器,互聯(lián)網(wǎng)金融創(chuàng)新為解決中國社會融資難問題提供了一種新的方式,解決金融市場中陌生人投融資過程的信任問題,充分發(fā)揮金融對實(shí)體經(jīng)濟(jì)增長的資金支持作用,釋放中國經(jīng)濟(jì)增長活力,使之成為支撐中國經(jīng)濟(jì)崛起的新興金融工具。研究互聯(lián)網(wǎng)金融的資源配置機(jī)制及效率來回答對中國互聯(lián)網(wǎng)金融創(chuàng)新的質(zhì)疑,探索互聯(lián)網(wǎng)金融融資效率的提高路徑并有效防范金融創(chuàng)新引起的風(fēng)險,形成良好的互聯(lián)網(wǎng)金融的技術(shù)支撐和制度規(guī)范,從而更加有效促進(jìn)中國經(jīng)濟(jì)持續(xù)健康發(fā)展。結(jié)合互聯(lián)網(wǎng)金融資源配置的組織模式和運(yùn)行機(jī)制、融資效率評價以及風(fēng)險監(jiān)管三大內(nèi)容,形成了互聯(lián)網(wǎng)金融配置方式的微觀信息效率、微觀平臺配置效率、中觀行業(yè)風(fēng)險傳導(dǎo)和宏觀市場沖擊效率的研究框架思路。結(jié)合網(wǎng)絡(luò)經(jīng)濟(jì)理論和互聯(lián)網(wǎng)金融資源配置的現(xiàn)實(shí)情況,根據(jù)互聯(lián)網(wǎng)金融發(fā)展的典型模式——債權(quán)眾籌融資,總結(jié)互聯(lián)網(wǎng)金融的一般運(yùn)行機(jī)理�；诨ヂ�(lián)網(wǎng)平臺的資金供需匹配機(jī)制是互聯(lián)網(wǎng)金融運(yùn)行的基本形式,互聯(lián)網(wǎng)平臺的定價機(jī)制是互聯(lián)網(wǎng)金融價格機(jī)制的基本模型,利率形成機(jī)制是互聯(lián)網(wǎng)金融定價的更深層表現(xiàn)形式。從微觀信息披露和平臺中介作用角度出發(fā),構(gòu)建互聯(lián)網(wǎng)金融的資金匹配模型。結(jié)合網(wǎng)絡(luò)借貸的利率形成機(jī)制,鑒于指導(dǎo)利率模式盛行情況,構(gòu)建互聯(lián)網(wǎng)金融定價及競爭的理論模型,分析互聯(lián)網(wǎng)金融運(yùn)行的市場均衡結(jié)果及經(jīng)濟(jì)含義。結(jié)合金融資源配置的成本模型,指出互聯(lián)網(wǎng)金融效率的模型表現(xiàn)和內(nèi)涵意義。從微觀信息角度,構(gòu)建互聯(lián)網(wǎng)金融信息披露質(zhì)量模型,刻畫互聯(lián)網(wǎng)金融的信號傳遞以及信息價值。以P2P網(wǎng)絡(luò)借貸為例,從身份信息這一角度分析中國互聯(lián)網(wǎng)金融模式中的微觀信息作用,實(shí)證檢驗(yàn)身份信號在網(wǎng)絡(luò)借貸是否發(fā)揮有效的理性信號作用,提高陌生人之間資金借貸的效率。鑒于互聯(lián)網(wǎng)金融中微觀信息的錯誤使用存在較大風(fēng)險,從技術(shù)和制度角度提出了風(fēng)險監(jiān)管的對策。從微觀平臺角度,基于以互聯(lián)網(wǎng)平臺為核心的互聯(lián)網(wǎng)金融資源配置機(jī)理,構(gòu)建互聯(lián)網(wǎng)金融平臺的資源配置效率的實(shí)證模型。比較互聯(lián)網(wǎng)金融與傳統(tǒng)金融的融資效率,從融資的可得、易得、得益三個維度分析中國互聯(lián)網(wǎng)金融的發(fā)展。以網(wǎng)絡(luò)借貸為例,收集了200多家網(wǎng)絡(luò)借貸平臺的月度交易數(shù)據(jù),從成交規(guī)模,成交用時和成交風(fēng)險質(zhì)量來實(shí)證檢驗(yàn)網(wǎng)絡(luò)借貸平臺的資源配置效率。結(jié)合互聯(lián)網(wǎng)金融平臺的風(fēng)險識別,區(qū)分金融風(fēng)險監(jiān)管和網(wǎng)絡(luò)平臺監(jiān)管的不同,為緩解金融市場內(nèi)部性和外部性問題提出相應(yīng)對策。從中觀行業(yè)角度,根據(jù)金融套利理論,分析各細(xì)分金融市場風(fēng)險收益影響的傳導(dǎo)機(jī)制。從互聯(lián)網(wǎng)金融創(chuàng)新對貨幣市場、借貸市場、股票市場三大傳統(tǒng)金融市場的影響角度,收集2013年—2016年相關(guān)收益率數(shù)據(jù)運(yùn)用時變GARCH-Copula模型等定量方法實(shí)證檢驗(yàn)互聯(lián)網(wǎng)金融創(chuàng)新對各細(xì)分金融市場風(fēng)險收益的影響,估計(jì)細(xì)分市場金融風(fēng)險收益波動的傳導(dǎo)關(guān)系。鑒于互聯(lián)網(wǎng)金融創(chuàng)新對金融市場穩(wěn)定存在潛在風(fēng)險,從行業(yè)風(fēng)險傳導(dǎo)角度提出相應(yīng)的監(jiān)管對策。從宏觀市場角度,分析互聯(lián)網(wǎng)金融創(chuàng)新對家庭、廠商等微觀個體決策的影響,進(jìn)而上升到社會消費(fèi)、投資以及總產(chǎn)出的沖擊,得出金融創(chuàng)新對宏觀經(jīng)濟(jì)影響的理論基礎(chǔ)。根據(jù)一般均衡理論分析和宏觀經(jīng)濟(jì)現(xiàn)實(shí)發(fā)展現(xiàn)狀,實(shí)證檢驗(yàn)互聯(lián)網(wǎng)金融創(chuàng)新對宏觀經(jīng)濟(jì)影響機(jī)制和效率。實(shí)證結(jié)果說明互聯(lián)網(wǎng)金融創(chuàng)新對社會消費(fèi)和投資確實(shí)有顯著的影響,互聯(lián)網(wǎng)金融創(chuàng)新通過融資效率提高使得市場利率下降,改善了家庭和廠商的消費(fèi)和投資的渠道和效率,間接有助于拉動社會消費(fèi)和投資而促進(jìn)經(jīng)濟(jì)總產(chǎn)值的增加�？偨Y(jié)金融創(chuàng)新對宏觀市場沖擊帶來的風(fēng)險,并提出互聯(lián)網(wǎng)金融創(chuàng)新的宏觀風(fēng)險防范對策�；ヂ�(lián)網(wǎng)金融發(fā)展的機(jī)遇與風(fēng)險共存�；ヂ�(lián)網(wǎng)金融資源配置機(jī)制和效率的理論分析和實(shí)證檢驗(yàn)回應(yīng)中國互聯(lián)網(wǎng)金融發(fā)展中的質(zhì)疑,更為規(guī)范中國互聯(lián)網(wǎng)金融發(fā)展提供相應(yīng)的監(jiān)管思路。
[Abstract]:Thought and technology is an important weapon of a country or an enterprise's leading Internet financial innovation provides a new way to solve Chinese social financing problems, solve the problem of trust investment and financing process of strangers in the financial market, give full play to the role of financial support to increase financial long on the real economy, the release of Chinese economic growth vigor to become the new financial tools to support the China economic rise. The resource allocation mechanism and efficiency of Internet financial research to answer questions about the financial innovation China Internet, explore the Internet financial path to improve financing efficiency and effectively prevent the financial risk caused by the formation of good internet financial and technical support system, so as to more effectively promote the Chinese sustained and healthy economic development. Combining with the Internet financial resources organization mode and operation mechanism, financing efficiency evaluation Price and risk supervision of the three content, form the micro information efficiency of Internet financial allocation, the allocation efficiency of micro platform, research framework and ideas of industry risk conduction and macro market impact efficiency. Combined with the reality of the network economy theory and Internet financial resources, according to the typical pattern of Internet financial development, raise public debt financing. Summarize the general operation mechanism of Internet banking. The Internet platform, based on the mechanism of supply and demand of funds is the basic form of Internet finance, pricing mechanism of Internet platform is the basic model of Internet financial price mechanism, interest rate formation mechanism is more profound form of Internet financial pricing. Starting from the microscopic information disclosure and intermediary platform, construction the Internet financial funds matching model. Combined with the network lending interest rate formation mechanism, in which The interest rate pattern prevailed, the theoretical model of Internet financial and competitive pricing, market equilibrium analysis results of Internet Finance and economic meaning. Combined with the cost model of the allocation of financial resources, pointed out that the Internet financial efficiency model and connotation. From the micro perspective of information disclosure quality, construct the model of Internet financial information, internet signal characterization the financial transfer and information value. To P2P lending network as an example, analysis of micro information China Internet financial model in the role from the perspective of identity, identity empirical test signal in the network lending might play a effective role in the rational signal, improve the efficiency of capital borrowing between strangers. In view of microcosmic information of the Internet financial errors exist greater risk, and puts forward some countermeasures of risk supervision from the perspective of technology and system. From the micro perspective based platform, On the Internet platform as the core of the Internet financial resource allocation mechanism, an empirical model of resource allocation efficiency to build Internet financial platform. The financing efficiency compared with the traditional Internet banking finance, from the financing available, easy to get, the three dimensions of benefit analysis of the development of Internet banking. China network lending were collected the monthly transaction data of more than 200 network lending platform, from the transaction size, transaction time and transaction risk quality to empirically test the network lending platform's efficiency of resource allocation. Combined with the risk identification of Internet banking platform, to distinguish the financial risk supervision and supervision network platform, put forward the corresponding countermeasures to ease the financial market, the internal and external problems from the industry perspective, according to financial arbitrage theory, transmission mechanism analysis of the segmentation of financial market risk return. The influence of financial innovation on the Internet from The money market, credit market, stock market impact angle of the three traditional financial markets from 2013 to 2016, impact related yield data using time-varying GARCH-Copula model and other quantitative methods of empirical test of financial innovation on the Internet risk return financial market segmentation, estimation of conduction relationship between financial risk return subdivision market fluctuations. In view of Internet financial innovation potential risks to the stability of the financial market, put forward corresponding measures from the industry risk conduction angle. From the macro market perspective, analysis of the Internet financial innovation on the influence of family, manufacturers and other micro individual decisions, and then rise to social consumption, investment and output shocks, the impact of financial innovation on the theoretical basis of the macro economy. According to the general equilibrium theory analysis and macro economic reality development status, the empirical test of Internet financial innovation view of macro economy The influence mechanism and efficiency. The empirical result shows that the Internet financial innovation does have a significant impact on the social consumption and investment, the Internet financial innovation through financing to improve the efficiency of the market interest rates, improved households and firms of consumption and investment channels and the efficiency of indirect help to stimulate social consumption and investment and increase economic output summary of risks of financial innovation on the macro market impact, and put forward the macro risk prevention measures of Internet financial innovation. The opportunity and risk coexist. The financial development of the Internet Internet financial resources with theoretical analysis and empirical test of the mechanism and efficiency in response to questions China the financial development of the Internet, more regulatory ideas relevant to regulate China the financial development of the Internet.

【學(xué)位授予單位】：東南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F724.6;F832
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本文編號：1423629