基于PPP模式的内生性契约、信用共同体与网络融信机制构建——浙江民营中小企业融资路径探索

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要在PPP模式的基础上确保网络融信的平稳运行,尤其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,从网络融信平台的搭建、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。

PPP-based Endogenous Contracts,Credit Community and the Construction of Network Financial Mechanism

In order to solve the problem of financing for small-and medium-sized private enterprises,the author suggests introducing endogenous contract through the innovation of financing path,stabilizing the relationship between the credit community＇s main body of financing and perfecting the credit community＇s financing mechanism to explore the theoretical support for network financial mechanism.However,the construction of network financial system needs to ensure the smooth operation of network finance based on the PPP model and especially the problem of information asymmetry faced by network finance should be resolved through endogenous contracts between the main bodies of financing.The credit community provides the organizational guarantee to avoid the network financial front risk.On this basis we can realize three basic conditions of financial mechanism including ＂double endogenous contracts＂,＂3D public-private cooperation＂,and＂multi-dimensional credit community＂.Along with the endogenous contract and credit community based on PPP model,we can construct the network financial mechanism from the angles of the construction of network financing platform,the design of the network financing trust plan,the selection of network financing trust plans,the choice of network financing＇s operation and the management of network financing trust interests chain.