天津商业大学学报
天津商業大學學報
천진상업대학학보
Journal of Tianjin University of Commerce
2015年
1期
10~18
,共null页
内生性契约 信用共同体 融资信托 网络融信
內生性契約 信用共同體 融資信託 網絡融信
내생성계약 신용공동체 융자신탁 망락융신
endogenous contract; credit community; trust financing; network trust financing
为了解决民营中小企业的融资难问题,从融资路径创新的角度引入内生性契约,稳定信用共同体的融资主体之间的关系,完善信用共同体融资的作用机理,旨在为探索建立网络融信机制形成理论支撑。而网络融信机制的构建需在PPP模式的基础上确保网络融信的平稳运行,尤其是网络融信所面临的信息不对称问题应通过融资主体之间的内生性契约实现信息平衡,并通过信用共同体的形式为规避网络融信前端风险提供组织保证,在此基础上实现由“二重内生性契约”、“三维公私合作”、“多维信用共同体”构成的网络融信机制三大基础条件。进而基于PPP模式的内生性契约与信用共同体,从网络融信平台搭建、网络融资信托计划的设计、网络融资信托操作方式的选择与网络融资信托利益链的管理等方面构建网络融信机制。
為瞭解決民營中小企業的融資難問題,從融資路徑創新的角度引入內生性契約,穩定信用共同體的融資主體之間的關繫,完善信用共同體融資的作用機理,旨在為探索建立網絡融信機製形成理論支撐。而網絡融信機製的構建需在PPP模式的基礎上確保網絡融信的平穩運行,尤其是網絡融信所麵臨的信息不對稱問題應通過融資主體之間的內生性契約實現信息平衡,併通過信用共同體的形式為規避網絡融信前耑風險提供組織保證,在此基礎上實現由“二重內生性契約”、“三維公私閤作”、“多維信用共同體”構成的網絡融信機製三大基礎條件。進而基于PPP模式的內生性契約與信用共同體,從網絡融信平檯搭建、網絡融資信託計劃的設計、網絡融資信託操作方式的選擇與網絡融資信託利益鏈的管理等方麵構建網絡融信機製。
위료해결민영중소기업적융자난문제,종융자로경창신적각도인입내생성계약,은정신용공동체적융자주체지간적관계,완선신용공동체융자적작용궤리,지재위탐색건립망락융신궤제형성이론지탱。이망락융신궤제적구건수재PPP모식적기출상학보망락융신적평은운행,우기시망락융신소면림적신식불대칭문제응통과융자주체지간적내생성계약실현신식평형,병통과신용공동체적형식위규피망락융신전단풍험제공조직보증,재차기출상실현유“이중내생성계약”、“삼유공사합작”、“다유신용공동체”구성적망락융신궤제삼대기출조건。진이기우PPP모식적내생성계약여신용공동체,종망락융신평태탑건、망락융자신탁계화적설계、망락융자신탁조작방식적선택여망락융자신탁이익련적관리등방면구건망락융신궤제。
In order to solve the financing difficulty of small and medium-sized private enterprises, the paper introduces endogenous contract from the dimension of innovation in financing path to stabilize the relationship between financing en- tities of credit community and improve financing mechanism of credit community, and aims to support the establishment of network trust financing mechanism in theory. It is necessary to ensure the smooth operation of network trust financing based on the PPP Model to establish network trust financing mechanism. The information asymmetry problem of network trust financing should be solved by endogenous contract between financing entities to achieve information equilibrium. It is important to provide organizational guarantee for avoiding front-end risk of network trust financing through credit com- munity. Based on the above, it is likely to have three basic conditions of network trust financing mechanism such as the "double endogenous contract", "three-dimensional public-private cooperation", and "multi-dimensional credit commu- nity". Based on endogenous contract and credit community of the PPP model, it is possible to establish network trust financing mechanism from the construction of platform, design of plan, selection of operation mode, and management of interests chain.