考虑社交网络和互联网金融的金融市场超网络均衡研究

doi:10.16381/j.cnki.issn1003-207x.2018.12.006

摘要/Abstract

摘要： 社交网络和互联网金融的广泛应用给金融市场发展带来机遇和挑战，金融市场呈现复杂多变、交叉融合的特征，传统的金融市场和监管理论难以适应金融市场发展和风险管理需要。本文从金融网络视角，针对互联网金融发展带来的区别于传统金融的信用风险和操作风险，引入信用惩罚函数和操作风险函数，考虑到加强社交网络关系可提高信息透明度、降低交易成本和交易风险，建立了由资金供给者、互联网金融中介、传统金融中介、资金需求者四种类型金融参与组成的、集成资金流动网络和社交关系网络的金融市场超网络模型，进行金融市场各参与主体的行为分析，建立包括净收益最大化、社交网络关系最大化和风险最小化为目标的多目标决策模型；运用变分不等式将约束条件放松为单边约束，研究包括上述金融市场的均衡条件；最后通过算例的MATLAB仿真验证模型有效性。研究结果表明，考虑与否社交网络关系水平，金融市场的均衡状态不同；社交网络关系水平对互联网金融中介和传统金融中介具有影响作用；为提高市场稳定性和有效性，降低金融风险，互联网金融和传统金融中介需要合作和协同发展。

关键词: 均衡, 互联网金融, 社交网络, 超网络, 变分不等式

Abstract: The wide application of social network and Internet finance brings opportunities and challenges to the development of the financial market. For example, Alipay is widely used for payment online and offline in China, and Lending Club is used in American as a P2P platform. The financial market is more complex and diverse than ever. Traditional financial markets and regulation theories are hard to adapt to the development of the financial market and risk management needs. What is the new equilibrium of the financial market which integrates social network and Internet finance? How do the social network and social relationship affect financial market? What is the role of Internet finance in the financial market? These are some new problems worth studying.
In this paper, considering the complex networks relationships brought by social network and Internet finance, an integrated capital flow network and social network financial market supernetwork model is built to show the complex relationships among financial market participants, and variational inequalities method is used to study the equilibrium of the financial market.
First,the credit punishment function and operational risk function that considered Intenet finance are given. And taking into account the strengthening of social network relations can improve the transparency of information, reduce transaction costs and risks, a four-layer supernetwork model which is composed by social network and capital flow network is established. The four layer are capital supplier layer, Internet financial layer, traditional financial layer, capital demander layer respectively. Then,an analysis of the behavior of the participants in the proposed supernetwork model is performed is performed, the multi-objective decision model that includs the maximum net income, the social network relationship between maximization and risk minimization goals si gotten. Next, using variational inequality theory, the financial market equilibrium conditions are studied. Finally, an example for simulating is given to test the validity of the model, and the management insight for Internet financial intermediaries and traditional financial intermediaries is discussed.
The results show that when considering social network relationships, the financial market equilibrium is different. There are some effects on Internet financial intermediaries and traditional financial intermediaries. That is to say, as the development of social network and Internet finance, strengthening the cooperation and collaboration between Internet financial intermediaries and traditional financial intermediaries is of great significance to enhance the stability and effectiveness of the financial market and reduce the financial risk.
The paper's result is useful for financial regulation department, Internet finance and traditional financial intermediaries.

Key words: equilibrium, Internet finance, social network,supernetwork, variational inequality

中图分类号:

F830

米传民, 李丹丹, 张婷, 钱媛媛, 周志鹏. 考虑社交网络和互联网金融的金融市场超网络均衡研究[J]. 中国管理科学, 2018, 26(12): 56-65.

MI Chuan-min, LI Dan-dan, ZHANG Ting, QIAN Yuan-yuan, ZHOU Zhi-peng. Study on Financial Market Supernetwork Equilibrium Considering Social Network and Internet Finance[J]. Chinese Journal of Management Science, 2018, 26(12): 56-65.

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