我国P2P平台的角色定位与治理研究

发布时间：2018-01-06 07:11

  本文关键词：我国P2P平台的角色定位与治理研究　出处：《浙江大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 互联网金融 P2P平台 角色定位 群体演化路径 治理机制

【摘要】：本文从中国的P2P网贷行业风险频发的现实出发,打开一个分析P2P平台功能特征、行为选择、发展方向、治理模式的新视角,建立起了P2P平台角色定位研究的较为完整的理论体系,并紧贴现实地探究了我国P2P平台治理问题。厘清P2P平台的角色定位是研究的起点,本文将其分为信息中介、信用中介、增信中介,研究了国内外角色定位差异及其根源,并分析了P2P平台群体主流角色的演化过程和我国P2P平台的应然角色；继而,探究了互联网声誉约束机制、诉讼制度、替代性纠纷解决机制和行政监管四种治理机制的运作原理和互动关系,归纳选择和配置治理机制的内在规律；并由此勾勒了P2P平台治理模式的演进路径,提出适应我国P2P网贷行业现状的治理体系。本文共有七章。第一和第二章分别是导论和相关理论、文献综述,第七章总结全文并展望未来研究方向。第三至第六章是核心章节。第三章介绍了国内外P2P平台的角色定位。P2P平台的初始角色是信息中介,发展中可能转变为信用中介、增信中介或兼而有之。信息中介业务是每一种角色P2P平台固有的基本职能,包括审查评级、信用评价和交易的撮合、管理。信用中介型P2P平台介入借贷双方之间,构建并掌控“资金池”,成为跨时空、跨行业融通金融资源的中心。增信中介型P2P平台承诺本金(息)保障或实施等同于该项承诺的行为。国外P2P平台大致有信息中介和增信中介两类,我国绝大部分P2P平台信息服务水平不足,信用、增信服务则蓬勃发展。国内外角色差异源于监管模式与力度、信用信息基础、市场供需与竞争三个方面。通过实证分析,发现自主增信能帮助我国P2P平台得到更多投资,且投资者对于互联网曝光度、借款利率、借款期限、人气度高度敏感,但注册资本、运营时间影响不大。第四章阐释了不同角色P2P平台的最优努力水平和群体演化路径。在投资者与P2P平台的长期委托-代理关系中,各种角色的P2P平台出于对未来收益的追求,均会保持符合收益最大化要求和投资者理性预期的最优努力水平。在一定时期内,双方博弈的进化稳定均衡结果决定了P2P平台群体中以何种角色为主。具体而言：信息中介要想成为P2P平台主流角色,一是要求信息中介相对信用中介节省的成本超过信用中介业务的收益,二是要求外生不确定性小于某一特定限度；否则,信息中介将被信用中介代替。自主增信P2P平台要想取代无增信P2P平台,前提条件是后者因风险过高而得不到投资,而且前者的收益可覆盖垫付投资损失的风险。只有当市场信用环境恶化,才需要引入外部增信手段,而且优于自主增信。少数非主流角色可能颠覆性地取代主流角色。从当前我国的信息基础、信息技术和市场环境来看,法定的信息中介角色未必最优,引入外部增信手段更利于稳固投资信心、促进行业发展。在未来,引入外部增信手段的信息中介很可能成为主流。当社会信用体系全面完善或P2P平台信息能力大幅提升,推进外生不确定下降,P2P网贷业务将能实现“去增信”。第五章探究P2P平台治理机制选择。组织声誉约束、诉讼制度、替代性纠纷解决和行政监管相辅相成,共同治理P2P平台。P2P平台根据耐心程度(对声誉的重视程度)匹配不同的治理机制。可以发现：组织声誉约束只能有效约束耐心充足的P2P平台,而由组织声誉约束、ADR、行政监管中何种机制治理更有效率,需要具体比较社会总剩余的大小。耐心不足的P2P平台在行政监管启动之前,优先由ADR在其约束范围内进行治理,在行政监管启动之后,优先由ADR和诉讼制度的组合进行治理；这两种情况下一旦ADR失效,就只能依靠诉讼制度。耐心匮乏的P2P平台受刑事制裁。行政监管既能通过罚款的威胁,广泛地制约P2P平台的日常活动,也能提高诉讼制度查证不尽责行为的能力,但缩小了组织声誉约束的约束范围。第六章讨论的是我国P2P平台治理体系。P2P平台治理模式演进的方向是他律主导与综合治理。我国治理模式相对滞后,多种治理机制均亟待完善。信息中介是法定角色定位,引入外部增信手段的信息中介更契合实际需求和监管导向；内部增信中介则应被严令禁止；而那些具备充分信用能力的信用中介,可纳入银行业金融机构范畴,受银监会严格的牌照监管。当前应尽快完善行政监管下的综合治理,建立P2P平台法律制度,提供系统性的法律依据；搭建适应互联网金融特征以及市场稳定、消费者保护两项监管目标的监管体制,落实各项监管措施,积极发挥自律组织的作用；建设P2P平台声誉约束,帮助投资者存优去劣,制衡机会主义行为；推广ADR在P2P网贷纠纷解决上的应用,低成本、高效率地定纷止争。
[Abstract]:This article from the P2P net loan industry China risk prone reality, open a P2P analysis platform features, behavior choice, development direction, a new perspective of governance, established a relatively complete theoretical system of research on the role orientation of the P2P platform, and close to the realistic research governance problems of China's P2P platform. To clarify the role of P2P platform is the starting point of the study, this paper will be divided into the information intermediary, intermediary credit, credit intermediary, the difference between domestic and foreign role and its origin, and analyzes the roles evolution process of P2P platform in China and the role of the mainstream P2P platform; then, to explore the Internet reputation mechanism. The litigation system, operation principle and interactive relationship between settlement mechanism and administrative supervision of the four governance mechanisms of the alternative dispute, the inherent law of inductive selection and configuration of governance mechanism; and the outline of the P2P platform The evolution path of governance, the governance system to adapt to the status quo of P2P net loan industry in our country. This paper consists of seven chapters. The first chapter is the introduction and second respectively and the relevant theory, literature review, the seventh chapter summarizes the thesis and prospects for future research. The third chapter to the sixth chapter is the key chapter. The third chapter introduces the initial role localization of.P2P platform at home and abroad P2P platform is the information intermediary development may be transformed into a credit intermediary, credit intermediary or both. The intermediary business is the basic function of each role P2P platform inherent, including a review of credit rating, match, evaluation and transaction management. Credit intermediary P2P platform in both lending the construction and control, a pool of funds, a cross temporal, cross industry financial intermediation resource center. Credit intermediary P2P principal platform promises (interest) or the implementation of security equal to the promise behavior. Foreign P2P platform there are information intermediaries and credit intermediary class two, the vast majority of China's P2P platform information service level insufficient credit, credit services are booming. The domestic and foreign role due to differences in regulation mode and strength, credit information, market demand and competition three aspects. Through empirical analysis, independent credit can be found to help our P2P platform to get more investment, and investors for Internet exposure, loan interest rate, loan period, popularity is highly sensitive, but the registered capital, has little effect on operation time. The fourth chapter explains the different roles of P2P platform, the optimal level of effort and population evolution path. In the long term investors entrust - agent relationship with the P2P platform in the P2P platform, a variety of roles for the pursuit of future profits, will remain in compliance with the requirements and to maximize the benefits of the investors' rational expectations the optimal effort level in a certain period of time. That evolutionary stable equilibrium result of the game determines the P2P platform in the group to what role. Specifically, information intermediary to become a mainstream P2P platform is a requirement of information intermediary role, relative credit intermediary cost savings over the credit intermediary business revenue, two is the requirement of exogenous uncertainty is less than a certain limit; otherwise the information intermediary will be replaced. The independent credit credit intermediary platform to replace the P2P credit P2P platform, is a prerequisite for the high risk and lack of investment, and the risk income can cover advance investment loss. Only when the market credit deterioration of the environment, it requires the introduction of external credit support, and better than the independent credit. A small number of non mainstream character might be disruptive to replace the mainstream role. From the basic information of our country at present, the information technology and the market environment, the legal information medium angle The color may not be the best, the introduction of external credit means more conducive to stable investment confidence, promote the development of the industry. In the future, the introduction of external credit means the information agency is likely to become the mainstream. When the social credit system of comprehensive information platform or P2P significantly enhance the ability, promote the exogenous uncertainty decline, P2P net loan business will be able to achieve the "to increase trust". The fifth chapter explores the governance mechanism of P2P platform. The reputation of the organization litigation system constraints, alternative dispute resolution and administrative supervision complement each other, common governance P2P.P2P platform according to the degree of patience (emphasis on reputation), different governance mechanisms. It can be found that P2P platform organization reputation constraint can constraint enough patience. From the organizational reputation constraint, ADR, administrative supervision in which governance mechanism need more efficient and specific comparison of the total social surplus. The size of the P2P platform in the lack of patience Before the start of administrative supervision, first by ADR in the constraint within the scope of governance, administrative supervision after the start, priority by the combination of ADR and litigation system of governance; the two cases when ADR fails, it can only rely on litigation system. The lack of patience P2P platform criminal sanctions. The administrative supervision can not only through the fine the threat, widely restricted P2P platform daily activities, also can improve the ability of litigation system verification irresponsible behavior, but narrow the range restricted organizational reputation constraints. The sixth chapter is on China's P2P platform management system.P2P platform governance pattern evolution direction is dominant and heteronomy comprehensive governance. The governance model of our country's relative many kinds of governance mechanisms are lagging behind, need to be perfected. The information intermediary is the legal role, introducing the external credit support information intermediary more in line with the actual needs and regulatory guidance; internal credit intermediary Should be strictly prohibited; and those who have sufficient credit capacity credit intermediary, can be incorporated into the banking financial institutions category, by the CBRC strict licensing regulation. The comprehensive treatment should be improved as soon as possible under the supervision of the administrative legal system, the establishment of P2P platform, provide a legal basis for the system; built to adapt the features of Internet banking and market stability. Two consumer protection regulatory objectives and regulatory system, the implementation of the supervision measures, and actively play the role of self regulatory organizations; the construction of P2P platform and reputation constraint, help investors superior to inferior survival, balance of opportunism behavior; application and popularization of ADR in P2P net loan disputes on low cost, high efficiency of settling disputes.

【学位授予单位】：浙江大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F724.6;F832.4
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本文编号：1386808