文献出处: Waitz M. The small and medium-sized enterprise financing under P2P finance [J]. Journal of Business Research, 2016, 8(6): 81-91.
原文
The small and medium-sized enterprise financing under P2P finance
Waitz M
Abstract
Small and medium-sized enterprise financing difficult is worldwide difficult problem. Article introduces the concept of the Internet financial, mainly summarized the P2P financial in the development of financial innovation and integration of science and technology, a combination of academic research on P2P financial now of the five directions of various views and opinions. Points out the current P2P financial problems in the development of risk control, and analyses the trend of the Internet financial.
Keywords: P2P financial; Financial innovation; Risk control
1 Introduction
Look from the history of enterprise development, a large enterprise originate from small and medium-sized enterprises. Small and medium-sized enterprises (smes) is the most dynamic part of the national economy, often walk in the forefront of technology development, in the high-tech industry, clean energy, green economy, etc, have good performance, play an important role in the economic transformation. Small and medium-sized enterprise financing difficult is worldwide difficult problem. These small and medium-sized enterprise financing environment and narrow channels, more than 60% are unable to get a bank loan. At present, science and technology enterprises and the characteristics of light assets, financing difficulties, become a huge bottleneck of sustainable development.
2 The concept of the Internet financial
In the past two years, the Internet financial show explosive growth, since 2014, the Internet financial sector performance strength. Current economic field exists the phenomenon of two special contradiction, one is the small and medium-sized
enterprises in the total number of enterprises accounted for a large, but the universal problems of financing difficulties; Second, folk idle capital, but in addition to the stock market and housing market, it is difficult to invest in other areas. And on the basis of the Internet, cloud computing, big data and highly fit market leads the development of the Internet financial, to solve these two problems, better serve the real economy, especially small and medium-sized enterprise development to create a good financial environment, but also for China's overtaking play an important role in the implementation of international competition corners.
Internet financial besides master client, also facilitate completes the upstream suppliers, downstream capital use party, the integration of point and point, combining with the characteristics of the Internet (P2P) and the nature of financial (capital).Based on the development of the Internet financial, financial supply ability is improved, inclusive to strengthen, can mobilize more financial resources, broader, more coverage, more decentralized, more diversified needs.
The Internet the most narrow financial concept is P2P (Peer - to - Peer Lend - ing) financial platform, the core of the P2P model is: on the web site has a qualification platform, the borrower credit information, and provide the loan project specific situation, the borrower's integrity and economic strength and other related information; Investors according to the platform to provide information, make decisions, and finally made a decision of to make loans to borrowers.P2P finance is a new kind of financial model, through the Internet and large data, make to minimize the asymmetric information, this new financing channels, for individuals and businesses to provide great convenience, is a beneficial supplement of the existing banking system. Peer-to-peer (P2P) had a great influence on financial business in China. Traditional banking business model, mainly is the savings and loan business, P2P entirely new business models, deconstructs the traditional banking business model, breaking the monopoly of state-owned Banks, to a certain extent, in the form of fragmentation added to the drawback of the market.
P2P financial innovation of science and technology and financial integration development, the release of the science and technology system reform and the double
dividend of financial reform, to introduce more financial products to serve the scientific and technological innovation, support the development of science and technology enterprises, solve to create light assets of small and mid-sized enterprise multidimensional financing difficulties; Also is helpful for financial innovation, find new investment direction, in order to obtain a higher return on investment.
In 2005, the world's first P2P Zopa, a financial company (Zone of Possi - ble Agreement) was founded in London. In 2006, the United States, the first a P2P financial company Prosper founded in California. In 2007, our country the first P2P finance company established on credit, at present, the P2P financial firms more than more than 300, traded as high as more than 200 one hundred million. Financial risk is a highly amplified industry, P2P financial with convenient Internet natural attributes, but relative to the traditional financial institutions, financial in the Internet's openness also determines the P2P web site platform, information security, etc, could be affected by a great deal of challenges, risk control will be more pressure.
3 The five direction of current P2P financial
3.1 What is: it is subversive or supplementary
Has view: P2P financial is the innovation of the Internet with the traditional financial integration, at present is still in the stage of integration, there are a lot of problems, problems are not terrible, problems can also be seen as a contradiction, the process to solve the problem, is to promote the process of developing a new thing, this is the necessary stage P2P financial growth. To correctly treat the present P2P financial problems and drawbacks: a guide; Second, we must avoid risk. Only in this way, will lead to financial and the Internet have more innovation, to the prosperity of the rational.
3.2 What: high-end service grassroots or service
Comprehensive research achievements of this direction, mainly has the following kinds of views and opinions. Has view: is a multi-level capital market, the P2P finance is one of the components, compared with traditional financial companies, should follow the development way of differentiation and mainly for the financing difficulties of small and medium-sized enterprise service. View: P2P financial if the
service object, mostly low risk customers, then there will be a problem, must do a certain size, can have a better economic returns, and to do a certain size, must put the human cost, time cost and the cost of capital, the same small P2P financial companies, will form a lot of pressure, therefore, some P2P financial enterprises gradually became the "pool", big customers, lending if big client management problems, is easy to appear P2P financial risk, and even lead to P2P financial business owners "run". So P2P financial enterprises, should do more small loans, don't dabble in big customers, big customer risk is too big, not P2P financial companies can undertake. And do more small loans, the cost is lower than the bank, have a competitive advantage.
3.3 How to do: innovation mode of risk prevention
Comprehensive research achievements of this direction, mainly has the following kinds of views and opinions. The argument goes, the Internet technology and the integration of financial haven't reached a very reasonable, scientific, P2P financial there will be many new problems. And when the P2P financial after reaching a certain size, risk control will be the key to the healthy development of the P2P financial. If the P2P financial regulation, also will become a important test of P2P regulators wisdom. Have a view is: to the P2P financial risk control, should start from to the customer credit, credit reporting system perfect, to both sides of the docking loans, although to do so is very hard, but can avoid many risks, guarantee the healthy development of the financial industry, the P2P.At the same time, to clear the main body of industry regulations, for the convenience of management, appendage management should be implemented.
3.4 Who is going to do: working in the financial sector or non-financial areas
Comprehensive research achievements of this direction, mainly has the following kinds of views and opinions. The argument goes, P2P financial done by a team with a finance background is better; Due to the P2P finance is based on the Internet, with Internet gene, so the team should have the knowledge and skills of specialized personnel to participate in the Internet. View: P2P financial can be developed from the traditional financial transformation, also can by Internet companies innovation, finally formation of the team, must have both the financial and investment knowledge, and
the Internet. Knowledge of finance and investment aspects of the personnel, in accordance with the rules of the financial industry control risk; The persons with Internet knowledge, according to the rules of the network industry big data analysis, selected customers for sales, customer maintenance, at the same time do a good job in network security. View: P2P financial represents the future direction of financial development, some commercial Banks now also vigorously develop P2P financial, but at the same time to prevent the transfer of risk to the banking system, increased regulation of lending to P2P network platform.
3.5 How to pipe: cross-border development and supervised respectively
Has view: P2P financial, in essence, is still a financial, compared with the traditional industry, is only the change of the financial model, so must be regulated. If not strengthen supervision, can appear the problem such as run, adverse to the healthy development of the industry, and easy to bring serious social problems, affect social stability. View: in research regulation, there should be a state investment fund, to support the top in the field of technology innovation.P2P financial as a new financial form, to the top ahead of research and development, to prevent the banking system similar to the problem now. The argument goes: Europe, the United States based on large data of individual credit reporting system is relatively developed, can effectively prevent fraud. One is to establish individual credit system as soon as possible. The second is to establish P2P lending related laws and regulations as soon as possible. Three is to strengthen self-discipline of the P2P lending industry. Four is entry qualifications have to be very clear, the implementation system of archival filing registration.
译文
P2P 金融下的中小企业融资
Waitz M
摘要
中小企业融资难是世界性难题。文章介绍了互联网金融的概念，重点概括了 P2P 金融在科技和金融创新融合方面的发展，综合了现在学术界对 P2P 金融研
究的五大方向方面的各种观点和见解。指出了当前 P2P 金融发展的突出问题风险控制，并对互联网金融的大趋势进行了分析。
关键词: P2P金融; 金融创新; 风险管控
1引言
从企业发展的历史看，大型企业都来源于中小企业。中小企业是国民经济中最具活力的部分，往往走在技术发展的最前端，在高科技产业、清洁能源、绿色经济等方面都有很好的业绩，在经济转型中发挥着巨大作用。中小企业融资难是世界性难题。这些中小企业融资环境和渠道狭窄，有 60% 以上无法获得银行贷款。目前，科技型企业又有轻资产的特点，融资困境，成为困扰可持续发展的巨大瓶颈。
2 互联网金融的概念
近两年来，互联网金融呈现井喷式发展， 2014 年以来，互联网金融板块表现强势。当前经济领域存在两个特别矛盾的现象，一是中小企业在企业总数中占比很大，但普遍存在融资难的问题; 二是民间闲散资金多，但除了股市和房市，往别的领域投资很难。而以互联网、大数据、云计算为基础和高度契合市场引领的互联网金融的发展，对于解决这两个难题，更好地为实体经济，尤其是中小企业发展创造良好的金融环境，也为中国在国际竞争当中实现弯道超车起到重要作用。
互联网金融除了掌握客户端外，还便于做好上游资本供给方、下游资本使用方点与点的整合，结合互联网的其中特质( P2P) 及金融的本质( 资本) 。依托互联网金融的发展，金融供给能力得以提高，包容性得以增强，可以动员更多的金融资源，覆盖面更广，覆盖度更多，满足更分散、更多元化的需求。
互联网金融最狭隘的概念就是 P2P( Peer-to-Peer Lend-ing) 金融平台，P2P 模式的核心是: 在这个具有资质的网站平台上，借款人发出借贷信息，并提供借贷项目的具体情况、借款人的相关诚信及经济实力等有关信息; 投资人根据平台上提供的信息，进行决策，最后做出向借款人发放贷款的决定。P2P 金融是一种新的金融模式，通过互联网和大数据，使借贷双方信息不对称降到最低，这种新的融资渠道，为个人和企业提供了很大的便利，是现有银行体系的有益补充。P2P 对我国金融业务影响很大。传统银行的商业模式，主要是存贷业务，P2P 全新的
商业模式，解构了传统银行的商业模式，打破了国有银行垄断的局面，在一定程度上以碎片化的方式补充了市场的缺憾。
P2P 金融实现了科技和金融的创新融合发展，释放了科技机制改革和金融改革的双重红利，有利于推出更多的金融产品来服务科技创新，支持科技型企业的发展，解决素来轻资产的科技型中小企业多面的融资难; 也有利于金融业创新，寻找新的投资方向，以获得较高的投资回报。
2005 年，全球第一家 P2P 金融公司 Zopa( Zone of Possi-ble Agreement) 成立于伦敦。2006 年，美国第一家 P2P 金融公司 Prosper 成立于加州。2007 年，我国第一家 P2P 金融公司拍拍贷成立，目前我国 P2P 金融公司超过 300 多家，交易额高达 200 多亿元。金融是一个风险高度放大的行业，P2P 金融具有互联网天然的便捷属性，但相对传统金融机构而言，互联网的开放性也决定了 P2P 金融在网站平台、信息安全等方面可能会受到极大的挑战，风控压力会更大。通过对 P2P 金融进行规范，可以引导民间资本更好地促进实体经济的发展。 3 目前 P2P 金融研究的五大方向
3.1是什么: 是颠覆者还是补充者
有观点认为: P2P 金融是传统金融与互联网创新的融合，现阶段还处于融合的阶段，存在很多问题，出现问题并不可怕，问题也可以看做是一个矛盾，解决问题的过程，正是推动一个新生事物向前发展的过程，这是 P2P 金融成长的必经阶段。要正确对待现阶段 P2P 金融存在的问题和不完善的地方: 一要引导; 二要规避风险。只有这样，才会引导金融和互联网产生更多的创新，走向理性的繁荣。
3.2 干什么: 服务草根还是服务高端
综合这一方向的研究成果，主要有以下几种观点和见解。有观点认为: 资本市场是多层次的，P2P 金融是其中的一个组成部分，与传统金融企业相比，应该走差异化的发展路子，主要为融资难的中小微企业服务。有观点认为: P2P 金融如果服务的对象，大多数是低风险客户，那么就会出现一个问题，必须做够一定的规模，才能有比较好的经济回报，而要做够一定的规模，必须投入一定的人力成本、时间成本和资金成本，这对同样小规模的 P2P金融企业而言，会形成不小的压力，为此，（完整译文请到百度文库）一些 P2P 金融企业就逐渐搞起了“资