摘要
互联网金融通过技术溢出效应,显著提升了中国商业银行的全要素生产率。基于网络经济的特性,本文利用双边市场理论分析互联网金融模式的资源配置机制,比较传统金融机构与互联网金融平台两种中介模式的融资效率;通过收集2013年10月到2016年2月两百多家网络借贷平台的数据,从成交规模、成交用时和成交风险质量来实证检验网络借贷平台的资源配置效率。实证结果表明投资者方的挤出效应明显,借款者方的示范效应明显。因此,应统一互联网金融平台的信息披露标准,有序引导互联网金融的合理竞争并加强平台的综合监管。
Internet banking has significantly improved the total factor productivity of China＇s commercial banks through the technology spillover effect. Based on the characteristics of network economy,the paper analyzes the resource allocation mechanism of Internet financial model with the two-side market theory,and compares the financing efficiency of traditional financial institutions and Internet financial platform; the data of more than 200 network lending platforms from October 2013 to February 2016 are collected to verify the resource allocation efficiency of network lending platform from transaction scale,transaction time and risk quality. The empirical results show that the crowding-out effect is obvious in the lender side,and demonstration effect is obvious in the borrower side. Accordingly,we should unify information disclosure standards of Internet financial platform,orderly guide reasonable market competition and strengthen comprehensive supervision of the platform.
作者
庄雷
赵成国
ZHUANG Lei ZHAO Cheng-guo(School of Economics ＆ Management, Nanjing Tech University, Nanjing 211800, China)
出处
《商业研究》
CSSCI
北大核心
2017年第9期80-87,共8页
Commercial Research
基金
国家社会科学基金一般项目
项目编号:15BJY160
江苏省软科学项目
项目编号BR2015056
江苏省社科应用研究项目
项目编号:17SYC-029
关键词
互联网金融
网络效应
平台效率
风险监管
Internet finance
network effect
platform efficiency
risk regulation
