我国互联网货币基金法律监管问题研究
发布时间：2018-08-03 13:28
【摘要】：以“余额宝”为代表的互联网货币基金自2013年6月在中国问世以来,作为一项极具创新性、竞争性与包容性的金融产品,引发了社会各界的高度关注。互联网货币基金在移动互联网高速发展的背景下,凭借自身低门槛、交易便捷、高收益、即时赎回等特点迅速聚拢了最广泛的投资者,成功开拓余额理财市场,促进利率市场化改革,成为搅动金融市场的“鲶鱼”。我国互联网货币基金的发展涉及普通民众与相关产业链的利益,深刻影响着金融市场秩序乃至社会的发展与稳定。创新意味着风险,存在风险就需要监管先行,目前针对互联网货币基金,全球范围内都尚未建立一套完整有效的监管体系,即使是互联网货币基金起源地的美国,拥有夯实的互联网金融监管经验,也曾因对货币基金监管失灵而触发全球性金融危机。而我国互联网货币基金尚处于起步阶段,创新之余暴露了诸多监管层面的问题,国内传统的金融监管模式相对滞后,互联网货币基金法律监管的变革势在必行。互联网货币基金参与主体包括消费者/投资者、基金公司和第三方支付平台,趋利性致使每一方主体的行为都需要法律规制。我国互联网货币基金具体运作过程中突破了证券监管领域,其高收益来源存在监管套利的嫌疑,基金信息披露方面不够全面,即时赎回模式下存在巨大的挤兑风险,并且发生纠纷时消费者的合法权益得不到法律保障,网络信息安全监管缺位。本文通过分析镜鉴美国在解决以上问题时的监管对策,首先确立我国互联网货币基金应当遵行的监管原则,包括鼓励创新与监管并重、保护消费者权益等。在此基础上提出构建混业监管模式、引导货币基金投资组合多样化、完善信息披露、规范流动性管理、落实第三方支付平台法律责任和增强网络交易与个人数据安全监管等具体的监管建议,以期厘清普通民众对于互联网货币基金认知上的误区,为引导我国互联网货币基金的健康可持续发展提供一些借鉴与启示。
[Abstract]:Since the advent of the "balance treasure" as the representative of the Internet Monetary Fund since June 2013 in China, as a highly innovative, competitive and inclusive financial products, it has aroused great concern from all walks of life. Under the background of the high-speed development of the mobile Internet, the Internet Monetary Fund has its own low threshold, convenient trading and high profit. Instant redemption and other characteristics quickly gather the most extensive investors, successfully open up the balance of the financial market, promote the reform of the interest rate market, and become the "catfish" to stir the financial market. The development of the Internet monetary fund of our country involves the interests of the common people and the related industrial chain, which profoundly affects the financial market order and the development and stability of the society. Innovation means risk and risk needs to be monitored. At present, a complete and effective regulatory system has not been set up worldwide for the Internet Monetary Fund. Even the United States, where the Internet Monetary Fund originates, has a rammed Internet financial supervision experience and has triggered a failure to regulate the Monetary Fund. The Internet Monetary Fund in China is still in its infancy, and the surplus of innovation has exposed many regulatory problems. The traditional financial supervision mode in China is lagging behind, and the reform of the legal supervision of the Internet monetary fund is imperative. The three party payment platform makes the behavior of the main body of each party need legal regulation. In the specific operation of the Internet monetary fund, China has broken through the field of securities regulation. The high income source has the suspicion of regulatory arbitrage, the information disclosure of the fund is not comprehensive enough, and there is a huge run risk in the model of instant redemption. In the case of disputes, the legal rights and interests of consumers are not guaranteed and the network information security supervision is out of place. Through the analysis of the supervision measures of the United States in solving the above problems, this paper first establishes the regulatory principles that our Internet monetary fund should comply with, including the encouragement of both innovation and supervision, and the protection of the rights and interests of consumers. In order to clarify the misunderstanding on the cognition of the Internet monetary fund, we put forward a mixed supervision model, guide the diversification of the fund investment portfolio, perfect the information disclosure, standardize the management of the liquidity, implement the legal responsibility of the third party payment platform and strengthen the supervision of the network transaction and the personal data security supervision. To provide some reference and inspiration for guiding the healthy and sustainable development of Internet Monetary Fund in China.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28
本文编号：2161887
[Abstract]:Since the advent of the "balance treasure" as the representative of the Internet Monetary Fund since June 2013 in China, as a highly innovative, competitive and inclusive financial products, it has aroused great concern from all walks of life. Under the background of the high-speed development of the mobile Internet, the Internet Monetary Fund has its own low threshold, convenient trading and high profit. Instant redemption and other characteristics quickly gather the most extensive investors, successfully open up the balance of the financial market, promote the reform of the interest rate market, and become the "catfish" to stir the financial market. The development of the Internet monetary fund of our country involves the interests of the common people and the related industrial chain, which profoundly affects the financial market order and the development and stability of the society. Innovation means risk and risk needs to be monitored. At present, a complete and effective regulatory system has not been set up worldwide for the Internet Monetary Fund. Even the United States, where the Internet Monetary Fund originates, has a rammed Internet financial supervision experience and has triggered a failure to regulate the Monetary Fund. The Internet Monetary Fund in China is still in its infancy, and the surplus of innovation has exposed many regulatory problems. The traditional financial supervision mode in China is lagging behind, and the reform of the legal supervision of the Internet monetary fund is imperative. The three party payment platform makes the behavior of the main body of each party need legal regulation. In the specific operation of the Internet monetary fund, China has broken through the field of securities regulation. The high income source has the suspicion of regulatory arbitrage, the information disclosure of the fund is not comprehensive enough, and there is a huge run risk in the model of instant redemption. In the case of disputes, the legal rights and interests of consumers are not guaranteed and the network information security supervision is out of place. Through the analysis of the supervision measures of the United States in solving the above problems, this paper first establishes the regulatory principles that our Internet monetary fund should comply with, including the encouragement of both innovation and supervision, and the protection of the rights and interests of consumers. In order to clarify the misunderstanding on the cognition of the Internet monetary fund, we put forward a mixed supervision model, guide the diversification of the fund investment portfolio, perfect the information disclosure, standardize the management of the liquidity, implement the legal responsibility of the third party payment platform and strengthen the supervision of the network transaction and the personal data security supervision. To provide some reference and inspiration for guiding the healthy and sustainable development of Internet Monetary Fund in China.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28
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