互聯網金融融資模式之研究：以中美中小型企業融資框架為中心

New Internet Finance for Small and Medium-sized Enterprises—Comparative Analysis of Sino-US Frameworks

宋宇虹(Yu-Hong Song)

指導教授 ： 王文宇

國立臺灣大學/法律學院/法律學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.02786

摘要

中小型企業由於所處的國情及經濟狀況有所不同，其發展的方向策略以及面臨到的問題也存在諸多差異。但是，根據世紀銀行的統計數據，無論已開發國家或開發中國家，中小型企業（Small and Medium-sized Enterprises）都在整體經濟結構中佔有較高的比例，對於一個國家的經濟發展以及促進就業具有重大的影響。各國政府為了促進中小型企業發展，都相繼設立相應的組織來為中小企業提供資金、法律方面的支持，例如美國有小企業局，中國國家發展與改革委員會設立中小型企業協會，日本游中小型企業聽等。
然而，中小型企業面臨的最大難題--融資困難，始終沒有得到解決，它不僅僅存在於中小企業數量眾多的中國和美國，更是一個真正意義上的世界性難題。各國政府不斷設置新的融資項目以及相應變通的法規以方便中小型企業融資，例如美國小企業局設置的 8（a） Business Development Program和HUBZone Program，中國中小型企業協會也設立了類似的項目。但是這些以政府或者銀行為主導的融資方式並未真正解決中小型企業所遇到的金融難題，反而出現了諸多藉由政策優惠產生的濫用以及詐欺問題。許多真正需要融資以及財政補助的中小企業因為缺少抵押物或者信用記錄以及無人擔保，因此並未從傳統融資模式中取得足夠的資金支持。資訊不對稱是中小企業融資困境的主要原因，為了解決這一核心問題，各國的金融機構與政府都在不斷探索，但是並未找到高效便捷的辦法。
互聯網金融的出現，為進入資訊時代的中小型企業融資難提供了一個新的思路。互聯網金融公司利用網絡發展與大數據應用，不僅讓放貸方得到更高價值的數據，讓風險管控變得更加可行、借貸流程更嬌高效便捷，更重要的是，互聯網金融給普通民眾提供了平等參與金融體系的權利。互聯網金融成功解決了借貸主體之間的資訊不對稱產生的成本，防止逆向選擇和道德風險，有效地提供了一種新的融資方式給中小型企業。
為了解決中小型企業融資難，本文基於現有的傳統以及新興融資模式進行比較，對比中美兩國中小型企業融資發展歷史以及政府政策，並以阿里巴巴公司旗下的螞蟻金服為例，闡述互聯網金融融資模式對於中小型企業的作用，預測可能存在的融資風險以及未來的發展模式，提出相關的法律、政策以及金融方面的建議，以期推廣互聯網金融融資的發展。

關鍵字

互聯網金融 ； 中小型企業 ； 融資模式 ； 螞蟻金服 ； 阿里巴巴

並列摘要

Small businesses are the engine of the world economy and touch a majority of many countries on a daily basis. According to the World Bank, both in developed countries and developing countries, small and medium-sized enterprises account more than 72% of total entrepreneurships and SMEs are the driver of employment growth, almost creating 65% of all net new jobs since 2000. In order to flourish small businesses, every government launch apartment to assist small firms with capital and legal support, such as U.S. Small Business Administration and China Association of Small and Medium Enterprises.

However, the thorny problem of SMEs is that there is not enough financial capital for small businesses. It is not only the issue happened in the U.S. and China, but also a world-wide difficulty to be solved. The U.S. government tried lots of methods to ease access for small business and set up many programs to support them, including 8- (a) Business Development Program and HUBZone program, etc. And Chinese government did the same thing as U.S., providing financial assistance for SMEs. But these governmental supports failed to assist with enough capital for small business, even causing some worse situation. On the contrary, these special financial supports lead many abuses, defaults and frauds among individual small businesses. Thus, many financial institutes and governments explore different ways to find an effective investment for SMEs.

With the development of internet technology, internet financial services for small business are expected to solve this difficulty. Based on the big data and online transactions, the internet financial company will provide a calculated credit for small firms and then decide how much to invest these small and medium enterprises. In addition, it is more convenient for small individual investors to gain profits from small business. Alibaba has built its own credit scoring model based on internet transactions, using big data to offer responsive financial services, overturning traditional banking models and leveraging small businesses.

Under this framework, this paper focuses on the comparisons of small businesses’ history and financial methods between U.S. and China. To further analyze the core value of internet finance, this thesis attempt to elaborate the operation of Ant Financial Services and fully illustrate the risk and perspective of future internet investments. At last in this paper, there are legal suggestions based on the analysis to promote this financing method for small businesses.

並列關鍵字

Internet Finance ； Small and Medium-sized Enterprises ； Capital and Bond ； Ant Financial Services ； Alibaba Group

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