民间融资引导机制研究

发布时间：2018-09-03 08:44

【摘要】：作为我国金融体系的重要补充部分,民间融资在解决中小微型企业资金需求方面发挥着不可或缺的中坚力量,对优化社会融资结构、提高资金使用效率和促进地方经济发展等方面均有显著的推进作用。然而,由于监管及引导措施的缺位,顺应供需双方利益诉求自发生成的民间融资活动呈现出隐蔽性、自发性、随意性等特点,经常与非法集资、金融诈骗等犯罪案件粘连。当前发生在浙江、鄂尔多斯等地的民间融资乱象,充分揭示其高风险、涉及面广、容易引发群体事件的弊端,资金链断裂后容易引发社会动荡及金融巨震。如何引导民间融资发展提高运作效能已然成为社会各方关注的焦点,也是学术界和实务界亟待解决的重要课题。本文在此背景下,以博弈论、制度经济学等相关理论为基础,分析民间融资市场内在运作机理及影响参与方行为决策的关键因素所在,探寻政府引导民间融资的切入点,并构建结构方程模型进行验证,进而设计出一套解决民间融资问题的有效方案。论文的主要工作如下:首先论文深入剖析了政府建立民间融资引导机制的理论和现实依据,指出民间融资活动日益升温是由我国金融抑制政策、正规金融机构信贷配给和需求方主观选择三方面共同作用而形成,其存在和发展是必然且不可逆转的。另外,民间融资带来的经济效益也驱使政府对其进行引导、疏通。其次,论文对国内规范民间融资具体做法进行描述和评价,指出其创新及不足之处,并通过建立博弈模型研究参与各方行为路径,根据民间融资市场内在运作机理找出引导模式搭建的切入点。第三,本文以中小微型企业相对集中、民间融资广泛活跃的珠三角地区作为研究对象,通过向中山市24个镇区发放问卷调查的形式进行数据收集工作,构建结构方程模型检验政府的政策支持、法律保障及信息平台建设对民间融资市场的支持效应。最后,在借鉴相关实践经验基础上,根据中山市专业镇产业集聚特点,提出构建一种以政府引导、市场化运作的新型民间融资引导机制。目前此提议得到了广东省金融办的大力支持,已经在中山市的小榄和古镇率先试点进行运作,对全国范围内解决民间融资问题及缓解中小微型企业资金压力均有一定借鉴意义。
[Abstract]:As an important supplementary part of our financial system, private financing plays an indispensable role in solving the financial needs of small and medium-sized enterprises, and plays an important role in optimizing the social financing structure. Improving the efficiency of the use of funds and promoting local economic development and other aspects have a significant role in promoting. However, due to the absence of supervision and guidance measures, the voluntary private financing activities, which comply with the interests of both sides of supply and demand, show the characteristics of concealment, spontaneity and arbitrariness, and are often associated with criminal cases such as illegal fund-raising, financial fraud and so on. The disorder of folk financing in Zhejiang Ordos and other places at present fully reveals its high risk wide range and easily leads to the malpractice of group events. The breakage of the fund chain can easily lead to social unrest and financial giant earthquake. How to guide the development of private financing to improve the operational efficiency has become the focus of attention of all parties in society, but also an important topic to be solved urgently in academia and practice. Under this background, based on the relevant theories such as game theory and institutional economics, this paper analyzes the internal operating mechanism of the private financing market and the key factors that affect the decision making of the participants' behavior, and explores the breakthrough point for the government to guide the folk financing. A structural equation model is constructed to verify the problem, and a set of effective scheme to solve the problem of private financing is designed. The main work of the paper is as follows: firstly, the paper deeply analyzes the theoretical and practical basis of the government to establish the private financing guidance mechanism, and points out that the increasing increase of private financing activities is the policy of financial suppression in our country. The existence and development of credit rationing of formal financial institutions and subjective choice of the demand side are inevitable and irreversible. In addition, the economic benefits of private financing also drive the government to guide and dredge. Secondly, the paper describes and evaluates the specific practices of regulating folk financing in China, points out its innovation and shortcomings, and studies the behavior path of the parties involved by establishing a game model. According to the internal operating mechanism of private financing market to find out the breakthrough point of guiding model. Third, this paper takes the Pearl River Delta region, which is relatively concentrated in small and medium-sized enterprises and widely active in private financing, as the research object, and carries on the data collection work by issuing questionnaires to 24 townships in Zhongshan City. Construct the structural equation model to test the support effect of government policy, legal guarantee and information platform on private financing market. Finally, on the basis of relevant practical experience and according to the characteristics of industrial agglomeration in Zhongshan City, a new type of folk financing guidance mechanism guided by government and market-oriented operation is put forward. At present, this proposal has been strongly supported by the Guangdong Provincial Financial Office, and it has taken the lead in the pilot operation in Xiaolan and Guzhen in Zhongshan City, which can be used as a reference for solving the problem of private financing and alleviating the pressure on the capital of small and medium-sized microenterprises in the whole country.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4

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