社交网络环境下中小企业投融资市场的风险共担机制研究

谢楠, 何海涛, 王宗润

系统科学与数学 ›› 2022, Vol. 42 ›› Issue (7) : 1753-1768.

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系统科学与数学 ›› 2022, Vol. 42 ›› Issue (7) : 1753-1768. DOI: 10.12341/jssms21668

社交网络环境下中小企业投融资市场的风险共担机制研究

    谢楠1,2, 何海涛1,2, 王宗润3
作者信息 +

Research on Risk Sharing Mechanism of Investment and Financing Market of Small and Medium-Sized Enterprises Under Social Networks Environment

    XIE Nan1,2, HE Haitao1,2, WANG Zongrun3
Author information +
文章历史 +

摘要

信息不对称使得传统金融环境下投资机构与中小企业之间资源得不到最优配置,致使中小企业融资贵和投资机构获利空间变窄.在社交网络环境下,投资机构直接为中小企业提供投融资的传统模式有了电商平台的参与,从而考虑电商平台作为资金供应商的直接参与模式与和作为信息供应商的间接参与模式.通过数值算例分析关键参数对中小企业贷款利率、市场最优贷款数量和参与者期望效用的影响.研究结果表明:在社交网络环境下,电商平台间接参与模式下投资机构对中小企业的借贷门槛和借贷成本更低,授信额度更高.此外,投资机构和中小企业追求期望效用最大化行为会促使电商平台从直接参与向间接参与转变,从而降低了整个市场的贷款违约风险.

Abstract

Asymmetric information makes the allocation of resources always not the optima between investment institutions and small and medium-sized enterprises (SMEs) in the traditional financial environment, resulting in the problem of expensive financing for SMEs and the investment institutions gradually narrowing their profit margins. Under the background of Social Networks, by introducing e-commerce platforms in the traditional model of investment institutions directly providing financing for SMEs. Therefore, we consider the direct participation mode of the e-commerce platform as a fund supplier and the indirect participation mode as an information supplier. Furthermore, we analyze the impact of the key parameters on the financing cost of SMEs by optimal loan quantity in the market and expected utility of participants use of numerical cases. We find that the indirect participation model of e-commerce platform result in lower the borrowing threshold and cost, whereas the credit line is higher under social networks environment. Further evidence shows that the behavior of investment institutions and SMEs to maximize the expected utility will prompt the e-commerce platform to transform from a direct participation model to an indirect participation model, thereby reducing the risk of loan default in the entire market.

关键词

社交网络 / 投资机构 / 中小企业 / 电商平台 / 不完全信息动态博弈

Key words

Social networks / investment institutions / small and medium-sized enterprises (SMEs) / E-commerce platform / dynamic game with incomplete information

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谢楠 , 何海涛 , 王宗润. 社交网络环境下中小企业投融资市场的风险共担机制研究. 系统科学与数学, 2022, 42(7): 1753-1768. https://doi.org/10.12341/jssms21668
XIE Nan , HE Haitao , WANG Zongrun. Research on Risk Sharing Mechanism of Investment and Financing Market of Small and Medium-Sized Enterprises Under Social Networks Environment. Journal of Systems Science and Mathematical Sciences, 2022, 42(7): 1753-1768 https://doi.org/10.12341/jssms21668
中图分类号： 91A25   

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基金

国家自然科学基金重大项目(72091515),国家自然科学基金青年项目(71901094),湖南省自然科学基金青年项目(2020JJ5378),湖南省教育厅一般项目(18C1561)资助课题.
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