关键词: 互联网金融, 企业融资选择, 社会融资结构, 断点最小二乘法

Abstract: The rapid development of the Internet Finance has great impact on the Enterprise Financing Options. This paper divides the Enterprise Financing Options into Bond Financing and Bank Financing by constructing a model of Enterprise Finance Options, and studies the impact that Internet Finance has on the Social Financing Structure. The results show that Internet Finance's ultimate impact on Social Financing Structure will be determined by its combined effects. The Scale Substitution Effect and “Long Tail” Effect of Internet Finance can contribute to increasing the portion of Bond Financing in Social Financing, while the Technology Spillover Effect and Risk Transfer Effect of Internet Finance will decrease the portion of Bond Financing in Social Financing. Further test with the use of Least Squares with Breakpoints finds that Internet Finance has a positive effect on improving Social Financing Structure, and that it has no Breakpoint Effect, which indicates that at present stage Internet Risk Transfer Effect is not dominant and more efforts should be put into developing Internet Finance so as to improve the Social Financing Structure.

Key words: Internet Finance, Enterprise Financing Options, Social Financing Structure, Least Squares with Breakpoints