关于中国P2P网络借贷平台刚性兑付问题的研究

发布时间：2018-06-18 16:20

本文选题：P2P + 网络借贷　；参考：《华东政法大学》2015年硕士论文

【摘要】：面对借款者逾期不还,不同的P2P网贷平台做出了不同的选择:红岭创投按照事先的约定,利用平台自有资金进行了逾期垫付,这种刚性兑付的做法极大地吸引了人气;盛融在线采取了限制投资者提现的手段,希望通过与其他平台的合作化解危机,投资者人心惶惶;贷帮网提出平台仅作为借贷双方的信息中介,没有逾期垫付的义务,坚持通过合法的途径解决危机,这种做法被部分人称为“目光短浅,不识大局”。综观国内P2P网贷平台的现状,刚性兑付成为了行业的普遍选择。这样的做法促使着投资者逐步养成“只认平台,不看具体借款标的”的习惯。刚性兑付的模式是否可持续发展?会不会造成劣币驱逐良币的局面?由于现有金融市场的产品未能充分满足供需双方的需求,加上相关监管规则缺位造成的制度真空,P2P网贷行业在过去的几年里快速发展。互联网虽然提供了方便快捷的投资渠道,但是由于缺乏完善的信用评价体系,借贷双方之间存在的严重信息不对称让投资者有所顾虑。在这样的背景下,催生了网贷行业的担保模式。由于多方资本的参与,网贷行业竞争激烈,以至于提供刚性兑付的网贷平台脱颖而出,而没有此项功能的网贷平台市场份额逐渐减少。随着P2P网贷行业监管的逐步完善,银监会提出了“平台本身不能提供担保”的监管原则。刚性兑付的局面是否会就此被打破?我们需要具体分析网贷平台担保的模式,从而预测不同模式下的刚性兑付在未来的发展趋势。本文将中国P2P网贷担保的模式分为四种:自融型担保模式、平台担保模式、第三方合作机构担保模式和风险准备金担保模式。本文结合具体案例的分析,以及比较法层面上对域外相关实践的梳理,对上述不同模式的刚性兑付提出如下监管建议:应当禁止自融型担保,因为这种担保模式的实质是一种变相地吸收公众存款的行为,因而违反刑法的有关规定。应当完善关于第三方合作机构担保的规定,第三方担保的规模应当控制在合理的范围内,防止造成系统性的风险。鼓励建立风险准备金模式,但应将平台的交易规模控制在合理的范围内,否则无法做到真正意义上的担保,对投资者的承诺将成为一纸空文,难以兑现。禁止网贷平台公开宣称提供逾期垫付。在平台没有事先约定提供相关保证的情况下,平台经营者为了维护自身的声誉,作为一种经营策略的考虑,利用自有资金或者股东追加资金提供逾期垫付,这种模式并没有相应的法律明文予以禁止,因此可以适当允许。本文主体部分包括三章。第一章简述P2P网络借贷行业发展的社会背景以及运营情况。对网贷平台面对逾期而采取的不同应对方式进行比较,分析刚性兑付成为行业普遍选择的原因。第二章介绍美国的Prosper和英国的Zopa的运营模式,分析国外网贷平台的制度优势。基于典型平台的操作现状对国内P2P网贷行业担保模式进行分类,解析每种担保模式的交易结构。将国内外网贷平台的经营情况做比较,分析不同模式的差异,为我国网贷行业的制度完善与技术革新提供借鉴。第三章对国内网贷行业刚性兑付模式进行评价与监管对策建言,提出应禁止自融型网贷平台和关联担保,鼓励信息中介的网贷模式,将第三方担保与平台系统性风险相分离,控制风险准备金模式平台的交易规模,并根据相关法律的规定与平台的实践为网贷行业的完善提出建议。
[Abstract]:Facing the borrowers' overdue, different P2P network loan platforms have made different choices: the Hongling venture capital has made the overdue payment by using the platform's own funds in advance. This rigid cash payment method has greatly attracted the popularity; Sheng Rong online has adopted the means to limit the investors to cash in, and hope to cooperate with other platforms. In order to resolve the crisis, the investors are in a panic, and the loan help network puts forward the platform only as the information intermediary of the borrowers and the borrowers. There is no overdue obligation to settle the crisis. This practice is described by some people as "short-sighted and unaware". A comprehensive view of the domestic P2P network platform is the general selection of the industry. This has prompted investors to gradually develop the habit of "the platform only, not the specific loan mark". Is the rigid payment model sustainable? Will it cause bad currency to expel good money, because the products in the existing financial market fail to fully meet the demand and demand of supply and demand, and the absence of relevant regulation rules The system vacuum, the P2P net loan industry has developed rapidly in the past few years. Although the Internet provides a convenient and quick investment channel, but due to the lack of perfect credit evaluation system, the serious information asymmetry between the borrowers and the borrowers causes investors to worry. In this context, the guarantee mode of the net loan industry has been promoted. With the participation of multiparty capital, the competition of the net loan industry is so fierce that the net loan platform which provides the rigid cash payment stands out, and the market share of the net loan platform without this function is decreasing gradually. With the gradual improvement of the P2P net loan industry supervision, the Banking Regulatory Commission has put forward the supervision principle of "the platform itself can not provide guarantee". Will the surface be broken? We need to analyze the model of the net loan platform guarantee in detail, so as to predict the future development trend of the rigid cash payment under different modes. This paper divides the model of P2P loan guarantee in China into four types: the self finance guarantee model, the platform guarantee model, the third party cooperative institution guarantee model and the risk reserve guarantee This article, based on the analysis of specific cases and the combing of the relevant practice at the comparative law level, puts forward the following suggestions on the rigid payment of the above models: the self finance guarantee should be prohibited, because the essence of this guarantee model is to absorb the public deposit in a disguised manner, and therefore violates the relevant provisions of the criminal law. The provisions on the security of the third party cooperative institutions should be perfected. The scale of the third party guarantee should be controlled in a reasonable range to prevent the systemic risk. To encourage the establishment of the risk reserve model, the scale of the transaction of the platform should be controlled in a reasonable range, otherwise the real guarantee should not be achieved. In the absence of prior agreement provided by the platform, the platform operators, in order to maintain their own reputation, as a business strategy, use their own funds or shareholder additional funds to provide overdue advances. There are no relevant laws to be banned clearly, so it can be properly allowed. The main part of this article includes three chapters. The first chapter briefly describes the social background and operation situation of the development of P2P network lending industry. The two chapter introduces the operation mode of Prosper and Zopa in the United States and analyzes the institutional advantages of foreign net loan platform. Based on the operation status of the typical platform, this paper classifies the guarantee mode of domestic P2P net loan industry, analyzes the transaction structure of each guarantee mode, compares the operation of the domestic and foreign loan platform, and analyzes the differences in different modes, In order to provide reference for the system improvement and technological innovation of the net loan industry in China. The third chapter is to evaluate and supervise the rigid payment mode of the domestic net loan industry, and put forward that the self finance network loan platform and the related guarantee should be prohibited, the net loan mode of the information intermediary should be encouraged, the system risk of the third party support and the platform is separated and the risk control is controlled. The scale of transactions on the gold platform, and in accordance with the relevant laws and regulations, and the practice of the platform, put forward suggestions for the improvement of the net loan industry.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28

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