中小企业发展过程中一直面临着融资难题，直接制约了其快速增 长。究其原因，在于融资市场上存在信息不对称，使得银行等金融主体 一方面有心开拓中小企业融资市场为未来发展方向，因此积极重视发 展中小企业融资业务，另一方面整个中小企业融资市场却又障碍重重， 迟迟无法打开。针对这一现象，本文通过对市场上出现的基于网络的信 贷模式的研究，试图建立一种新型的可扩展的小额信贷模型。 本文以阿里巴巴小额信贷为对象，分析其基于电子商务平台的商业 操作模式，重点研究了其产品创新，即其如何基于大数据平台、以云计 算为手段，一定程度上解决了融资市场上的信息不对称问题，从而实现 了小额贷款的工厂化运作；同时以其局限性，即平台的封闭性、参与主 体的有限性为突破口，构建了一个以国家政策性基金为基础，以电子商 务平台为核心，以线下多种金融非金融机构为参与方的大金融模式，用 以解决中小企业融资难题。本文还详细探讨了从平台的总体设计、到各 参与方盈利的分析，以及可能遇到的问题和不足，验证了其经济上的可 行性，并且对平台未来发展的做了一定程度的展望。 关键词，中小企业；融资难；电子商务；阿里小贷上海交通大学 MBA 学位报告 基于电子商务的中小企业融资平台可行性研究 [Type text] THE FEASIBILITY STUDY OF E-COMMERCE BASED SMEs FINANCING PLATFORM ABSTRACT Small and medium sized enterprises are facing financing difficulties all through their development path, which have hindered their rapid growth. The fundamental cause exists in the information asymmetry in financing market. This has made, on one hand, the major financial players like banks nourish great ambitions to exploit the financing market for small and medium sized enterprises, but on another hand, the whole financing market for small business is still far from being opened up. Regarding this phenomena, this thesis, via analysis on existing credit models on internet, is trying to establish a new extensible model for small-amount credit. This thesis takes Alibaba as object, analyzes its business operation model upon E-commerce platform, and focuses on its innovation of new products. That is, based on huge data collection platform, with cloud computing measures, how they partially solved this information asymmetry and realized operation of small-amount credit. Meanwhile against the limitation of this model “platform closure property and finiteness of participants”, relying on state political funds, and with the E-commerce platform as the core, we will build a much larger scaled financial model with the participation of all types of financial and上海交通大学 MBA 学位报告 基于电子商务的中小企业融资平台可行性研究 6 | non-financial institutions in order to solve the financing difficulties of small business. This thesis has discussed also in exhaustible ways all eventual problems and weaknesses that could be encountered from the design of platform to the profitability analysis of all participants, has validated the feasibility in economy, has made as well as an outlook for the future of the development of this platform. KEY WORDS: SME, Financing, E-commerce, Alibaba MicroFinance上海交通大学 MBA 学位报告 基于电子商务的中小企业融资平台可行性研究 [Type text] 目 录 第一章 导论 ................................................................................................................................................1 1.1 研究的背景、意义和目的..............................................................................................................1 1.1.1 研究背景 ..............................................................................................................................1 1.1.2 研究意义 ..............................................................................................................................1 1.2 关于小企业融资研究现状..............................................................................................................2 1.2.1 国外研究现状 ......................................................................................................................2 1.2.2 国内研究现状 ......................................................................................................................3 1.3 研究框架和方法 .............................................................................................................................4 第二章 中小企业融资难的原因分析.........................................................................................................5 2.1 中小企业主体的界定 .....................................................................................................................5 2.2 中小企业融资的特点 .....................................................................................................................7 2.3 中小企业融资的现状分析..............................................................................................................9 2.4 中小企业融资难的根本原因解析................................................................................................11 第三章 阿里小企业融资创新研究...........................................................................................................13 3.1 阿里融资的起源 .........................................................................................................................14 3.2 阿里巴巴小额贷款 .....................................................................................................................15 3.3 阿里巴巴平台的融资创新分析..................................................................................................16 3.3.1 客观的客户及产品定位 ....................................................................................................17 3.3.2 海量的交易数据 ................................................................................................................18 3.3.3 完善的事前事后风险审核.................................................................................................18 3.3.4 工厂化运作 ........................................................................................................................18 3.4 阿里巴巴平台融资的局限和借鉴意义.....................................................................................19 3.4.1 阿里巴巴平台融资的局限.................................................................................................19 3.4.2 阿里巴巴平台融资的借鉴意义.........................................................................................20 第四章 基于电子商务平台的一种新型融资创新构想...........................................................................21 4.1 融资创新的路径分析 .................................................................................................................21 4.2 基于电子商务平台的中小企业融资模式研究..........................................................................22 4.2.1 创新模式简介 ..................................................................................................................23上海交通大学 MBA 学位报告 基于电子商务的中小企业融资平台可行性研究 8 | 4.2.1.1 授信模式 ...............................................................................................................24 4.2.1.2 融资模式 .................................................................................................................25 4.2.1.3 参与主体的角色和功能........................................................................................26 4.2.1.4 风险和收益分析 ...................................................................................................27 4.3 基于电子商务平台的中小企业融资的盈利模式......................................................................29 4.3.1 参与各方在不同阶段的风险和盈利方式.........................................................................29 4.3.2 平台贷款参与各方成本分析和测算.................................................................................31 4.3.3 新模式的风险 ..................................................................................................................33 第五章 结论和展望 ................................................................................................