Research on the Path of Smart Investment and Financing Platforms to Alleviate the Financing Constraints of Small and Micro Enterprises from a Transaction-Cost Perspective

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摘要

As the most numerous market entities in the national economy, small and micro enterprises (SMEs) play a crucial role in employment creation, innovation, and industrial upgrading. However, due to severe information asymmetries and the lack of scale economies, SMEs have long faced the structural dilemma of “difficult and costly financing,” whose core lies in persistently high transaction costs. Based on transaction cost theory, this paper analyzes the cost structure of SME financing from the three dimensions of search costs, decision-making costs, and supervisory/execution costs, and further examines the mechanisms through which smart investment and financing platforms reduce such costs with the support of digital technologies. The findings indicate that through data integration, process restructuring, and dynamic risk control, these platforms establish a full-chain cost-reduction system characterized by “information integration—process optimization—risk sharing,” thereby improving the “cost–benefit” structure of financial institutions and enhancing their willingness to extend credit. The paper also identifies key challenges in practice, including data security, algorithmic fairness, and system coordination, which require privacy-preserving computation, standardized interface systems, and strengthened regulatory collaboration for resolution. This study provides theoretical insights and policy implications for the development of smart financial infrastructures.

文献引用

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