互联网金融规制反思与建议——基于信息不对称视角

发布时间：2018-04-18 07:39

本文选题：互联网金融 + 信息不对称　；参考：《经济与管理》2017年05期

【摘要】：互联网金融体现了聚少成多、分散众筹的"众筹金融"精神,其风险本质在于生人社会交易背景下直接融资中严重的信息不对称风险。当前我国互联网金融规制沿循了传统的金融规制思路,将P2P网络借贷定位为民间借贷网络化,将股权众筹定位为股权私募发行,寄希望于通过本身就涵摄不清的非法集资刑罪压制涉众性的网络融资活动来管控互联网金融信息不对称风险。这种"削足适履"的规制思路不仅压制了互联网金融发展,也注定无法起到很好的风险控制效果。未来应当直接着眼于互联网金融风险本质,通过收益端和风险端的制度建设,化解转移信息不对称风险,使其回归到传统金融交易风险定价的基本逻辑。我国互联网金融规制早期可以确立原则导向监管并倡导软法治理先行的规制进路,对于互联网金融创新规制可以借鉴引入国外监管沙箱方法以鼓励创新并控制风险。
[Abstract]:Internet finance embodies the spirit of "crowdfunding finance" which gathers less and disperses crowdfunding. The essence of its risk lies in the serious information asymmetry risk in direct financing under the background of strangers' social transactions.At present, the Internet financial regulation of our country follows the traditional idea of financial regulation. P2P network lending is defined as the network of private lending, and the stock raising is defined as private equity issuance.The hope is to control the risk of asymmetric Internet financial information by suppressing the network financing activities of stakeholders through the criminal offence of illegal capital raising which is incomprehensible in itself.This idea not only suppresses the development of Internet finance, but also can not play a good risk control effect.In the future, we should focus directly on the essence of Internet financial risk, and resolve the transfer of asymmetric information risk through the institutional construction of revenue and risk side, and make it return to the basic logic of traditional financial transaction risk pricing.In the early stage of Internet financial regulation in our country, we can establish the principle oriented regulation and advocate the regulation path of soft law governance first. For Internet financial innovation regulation, we can draw lessons from the introduction of foreign regulatory sandbox method to encourage innovation and control risks.
【作者单位】：华东政法大学经济法律研究院;
【分类号】：F724.6;F832

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