互联网金融不当行为风险及其规制政策研究——以市场诚信、公平竞争与消费者保护为核心

发布时间：2019-07-31 11:08

【摘要】：互联网金融近年来在我国蓬勃发展的同时,其不当行为风险问题引起了社会的普遍关注,如虚假产品宣传、违规销售、泄露客户信息、绑架银行信誉、提现困难、卷款跑路等不当行为,给金融市场诚信、公平竞争和互联网金融消费者权益带来了损害。笔者首次探讨了互联网金融的不当行为风险及其规制问题,该风险的产生源于交易双方信息不对称和地位不平等、行业羊群行为以及道德风险和不当激励,也形成了巨大的社会成本,动摇了公众对互联网金融行业的信心。在借鉴梯诺尔新规制理论基础上,提出从监管机构角度实施穿透式监管,堵塞监管漏洞和监管套利,加强产品治理和产品干预,构建资金第三方存管和风险补偿机制等监管底线,同时,还需要从互联网金融机构角度重塑诚信为核心的企业文化,改革与消费者保护挂钩的薪酬激励制度以及建立常态化的风险培训机制。
[Abstract]:With the vigorous development of Internet finance in China in recent years, the risk of misconduct has aroused widespread concern in the society, such as false product publicity, illegal sales, divulging customer information, kidnapping bank reputation, withdrawal difficulties, volume running and other misconduct, which has brought damage to the integrity of the financial market, fair competition and the rights and interests of Internet financial consumers. For the first time, the author discusses the risk of misconduct and its regulation in Internet finance. The risk originates from asymmetric information and unequal status between the two sides of the transaction, herding behavior in the industry, moral hazard and improper incentive, and also forms a huge social cost, which shakes public confidence in the Internet finance industry. On the basis of drawing lessons from Turner's new regulation theory, this paper puts forward to carry out penetrating supervision from the perspective of regulatory institutions, plug regulatory loopholes and regulatory arbitrage, strengthen product governance and product intervention, and construct regulatory bottom line such as fund third party deposit management and risk compensation mechanism. at the same time, it is also necessary to reshape the corporate culture with integrity as the core from the perspective of Internet financial institutions. Reform the salary incentive system linked to consumer protection and establish a regular risk training mechanism.
【作者单位】：北京大学国家发展研究院;中国工商银行博士后科研工作站;中央财经大学中国互联网经济研究院;
【基金】：教育部人文社会科学基金项目“全球资本全球化及其对中国经济的内外影响”(项目编号:10YJA790145) 中国博士后科学基金面上资助项目“主权信用评级变动对股票市场的传染机制研究”(项目编号:2016M601091)
【分类号】：F724.6;F832.1

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