面向行业自律机制建设的P2P网络借贷市场监管策略研究

发布时间：2018-01-03 04:24

本文关键词：面向行业自律机制建设的P2P网络借贷市场监管策略研究　出处：《西南财经大学》2014年博士论文　论文类型：学位论文

【摘要】：在信息技术的发展和支撑下,为了满足小额借款者的借款需求和小额投资者的投资需求,一种以网络信息技术为基础的P2P (peer-to-peer)网络借贷市场应运而生。该市场的出现不仅为借贷双方提供了更加高效、便捷的渠道,同时也是对传统借贷市场的重要补充。从2005年全球第一家从事P2P网络借贷业务的平台建立以来,P2P网络借贷市场相继在多个国家出现并得到了迅速发展。P2P网络借贷市场于2007年进入中国,近两年在互联网金融发展的带动下,P2P网络借贷市场的发展和创新都非常迅速。然而,从P2P网络借贷市场在各国的发展情况来看,系统层面、平台层面以及借贷参与者层面的市场风险已经逐渐开始显现。与之同时,由于法律法规、信用体系等多方面的原因,P2P网络借贷市场在中国的创新又将该市场的风险更多地集中于平台经营与操作层面。近两年,中国的P2P网络借贷市场中,频频出现P2P网络借贷平台倒闭、提现困难以及经营者卷款跑路的情况,说明P2P网络借贷市场的发展发生了扭曲,P2P网络借贷市场的优势不能得到体现。因此,如何通过合理的监管纠正P2P网络借贷市场中存在的问题成为监管者、从业者以及研究者共同关注的问题。然而,对于一个还在起步发展阶段的新兴市场,既要对其风险和问题进行一定的控制,又要保护P2P网络借贷市场的创新能力,使其能够健康的、可持续的发展,因而,行业自律被监管当局作为中国P2P网络借贷市场的主要监管方式。所以,建立适度的行业自律机制从而激励参与主体的自律行为,对于P2P网络借贷市场的发展和监管具有非常重要的意义。更进一步,自律机制的建立本质上依赖于监管措施的制定。因而,如何实施合理、有效的监管措施以激励参与主体的行业自律行为,从而建立起有效的行业自律机制就变得及其重要。根据文献研究可见,鉴于P2P网络借贷市场的特征,灵活而具有前瞻性的监管方式为学者们所推崇,行业自律为主的监管方式也被大多数学者所提倡。但是自律毕竟是由P2P网络借贷平台的行为直接反映的,而在P2P网络借贷市场的研究中对P2P网络借贷平台自律行为选择及约束的研究很少。尽管在其他行业中有部分研究参与主体自律行为的文献,但由于P2P网络借贷市场中还没有统一、规范的行业自律机制,因此对其借鉴作用有限。同时,自律收益是影响主体自律行为选择的根本动力,政府的监管和惩戒则是P2P网络借贷平台自律行为选择的外部约束,只有当这两个方面的条件都具备时,行业自律才能得以实现。然而,在P2P网络借贷平台发展过程中,对自律行为产生的影响以及监管当局的监管措施对自律行为的约束作用的理论研究较少。对此,本文以行业自律机制建设为目的,分析了P2P网络借贷平台自律行为选择的影响因素以及平台自律行为选择与政府监管策略之间的相互关系和影响,通过剖析不同类型P2P网络借贷平台、不同发展阶段P2P网络借贷平台以及政府监管者不同的监管策略之间的相互影响,为制定以行业自律机制建设为目标的、符合中国实际情况的P2P网络借贷市场监管措施提供了理论依据和对策性建议。本文的主体有三部分：第一部分主要包括第二章和第三章,对研究框架进行构建；第二部分是对研究问题的理论分析,主要包括第四、五、六章；第三部分是对比分析与借鉴研究,主要体现在第七章。第一章为本文的绪论部分,主要介绍了论文的选题背景和意义,然后,结合现实情况,提出本文的研究目的及研究方法。最后,基于研究目的,给出研究框架和主要研究内容。第二章主要是对监管理论的概述以及P2P网络借贷市场研究现状的评述。在对金融监管相关概念进行定义后,简述了行业自律与政府监管的关系。然后从市场发展特征、借贷双方行为特征研究以及P2P网络借贷市场的风险与监管三个方面对当前国内外P2P网络借贷市场研究现状进行了综述,指出当前研究的特点与范围。第三章对P2P网络借贷市场的发展现状及监管现状进行了分析。从市场发展模式、市场特征对P2P网络借贷市场的发展现状进行了梳理,然后从系统层面、平台层面、借贷双方层面对P2P网络借贷市场的风险进行了分析,同时对我国P2P网络借贷市场的监管现状以及面临的挑战进行了讨论。第四章开始是本文的理论研究部分,对P2P网络借贷平台自律行为选择的动机进行了分析,得到了影响P2P网络借贷平台自律行为选择的因素,同时分类讨论了在监管者不同的监管策略下,P2P网络借贷平台自律行为选择的变化。在第四章的研究基础上,第五章进一步分类分析了主要影响因素对P2P网络借贷平台自律行为选择所产生的影响。本章首先根据P2P网络借贷平台的内在差异,将P2P网络借贷平台分为自律平台和机会主义平台,分析自律选择影响因素对不同平台的影响,以及两种平台之间自律行为选择的相互影响。同时,讨论了在不同政府监管策略下,P2P网络借贷平台的自律选择变化。 P2P网络借贷平台在不同的发展阶段,由于面对不同的行为选择收益,也可能会产生自律行为选择的变化。所以,在第五章的研究基础上,第六章针对不同发展阶段P2P网络借贷平台的自律行为选择进行了分析,系统地分析了通过学习和模仿,不同发展阶段的P2P网络借贷平台的自律行为选择相互影响,及其对行业自律水平变化的影响。由于政府监管者对新进入P2P网络借贷平台的可控性更强,本章还对不同政府监管策略对新进入市场的P2P平台的自律行为选择的影响进行了深入地分析。在均衡结果分析的基础上,对政府监管者的监管措施及其对行业自律水平的调整办法进行了归纳。第七章立足于从不同国家P2P网络借贷市场监管措施的对比分析中找出P2P网络借贷市场的监管要素。该部分结合前文的研究结论,比较了美国、英国和法国P2P网络借贷市场的监管现状,提炼出对我国P2P网络借贷市场的监管启示。第八章对本文的主要结论、理论贡献及实践价值进行了总结,提出了当前研究存在的不足和未来研究的方向。本文结合P2P网络借贷市场发展现状和特征,力图通过较为严密的演绎分析,采用理论与实际相结合、静态与动态分析相结合、对比分析与借鉴相结合的研究方法,对制定有利于提高我国P2P网络借贷市场行业自律水平、建立行业自律机制的政府监管措施提供理论依据和对策建议。纵观全文,本研究主要的创新和贡献包括以下几个方面：第一,本文结合P2P网络借贷市场的特征,推导出P2P网络借贷平台自律选择与政府监管者的监管策略选择的相互影响及其影响因素,包括声誉收益、监管成本、自律成本等。对于处在行业自律机制建设过程中的P2P网络借贷市场的监管及监管措施的制定提供了借鉴。第二,围绕P2P网络借贷平台自律选择与政府监管者的监管策略选择的相互影响及其影响因素这个核心问题,从不同维度,系统地对不同P2P网络借贷平台自律选择及内在相互影响分别进行了静态与动态分析。具体表现在以下三个方面：首先,本文从P2P平台个体差异的角度,将其分为自律平台和机会主义平台,并针对不同的平台类型,对不同的自律行为选择影响因素分别进行了讨论,并总结出在不同自律水平下,政府监管者的策略选择对不同类型P2P平台自律行为选择的影响。同时,本文更为清晰地分析了政府监管者不同的惩罚措施对不同类型P2P平台自律行为选择产生影响的本质原因,为政府监管者了解和调整政府监管策略以维护行业自律的良好秩序、建立有效的自律行为约束机制提供了理论依据。其次,在时间维度上,不同发展阶段的差异也可能使P2P平台在自律行为的选择上产生差异。因此,本文创新性地将P2P平台的自律选择进行了进一步地演化分析,将P2P平台分为在位P2P平台和新进入P2P平台分别进行分析。不同类别P2P平台自律行为的选择比例实际上也直接反映了P2P网络借贷市场的行业自律水平。在此基础上,本文不仅对在位P2P平台和新进入P2P平台自律行为选择的相互影响进行了分析,而且根据影响行为选择的参数之间关系的变化,对不同类别P2P平台自律行为选择比例之间的演化关系进行了分析。这些分析反映了随着P2P平台之间的不断学习和模仿,P2P网络借贷市场自律水平在不同情况下的演化过程。这种演化分析不仅是对市场主体自律行为选择理论研究的一种补充,同时也为政府监管者在不同市场环境下对P2P网络借贷市场行业自律水平进行调节,以形成有效的自律机制提供了参考。最后,从参数关系变化的角度,本文详细分析了不同情况下新进入P2P平台的自律行为选择与政府监管者的监管策略选择之间的相互影响。事实上,不同的参数关系也就意味着不同的声誉评级、管理成本和监管成本。那么当某种因素对新进入P2P平台的自律选择产生影响时,政府监管者可以根据本文的分析结果采取相应的约束措施,调整新进入P2P平台群体的自律水平,从而达到维护和监督P2P网络借贷市场行业自律水平的目的。同时演化分析的框架,对于其他行业自律行为选择与政府监管可以提供一定的参考,较以往的文献研究更具有理论和现实意义。总体来看,这部分内容对P2P网络借贷平台的内在差异、发展阶段差异下的自律行为选择进行了静态和动态的推演分析,系统地解析了P2P网络借贷平台自律行为选择与政府监管者策略选择在动态演进中的相互影响,这些创新构成了本研究的重要特色所在。第三,本文结合理论研究结论和国外P2P网络借贷市场监管现状,归纳出了P2P网络监管的要素和启示,并对我国以行业自律为主的P2P网络借贷市场的监管措施提出了建议。限于P2P网络借贷市场监管数据获取的限制,本研究在理论假设和实证检验方面还存在不足。同时由于P2P网络借贷市场与互联网金融市场、实体经济发展以及银行体系的发展都有密切的关系,面向行业自律机制的监管措施如何与上述外部发展环境相适应,这也是未来进行进一步研究的方向。本论文得到了国家社科基金重点项目(No.11AZD077),中央高校基本科研业务费专项资金(No. JBK130503和No. JBK120505)和国家自然科学基金项目(No.71003081)的资助。
[Abstract]:In the development of information technology and support, in order to meet the needs of borrowers borrowing needs and small investors investment demand, a network of information technology based on P2P (peer-to-peer) network lending market emerged. The market not only for both lenders and borrowers to provide a more efficient and convenient channels, is also an important supplement to the the traditional lending market.
Since 2005 the world's first in the P2P network lending platform, P2P lending market have appeared in a number of countries and has been the rapid development of.P2P lending market in Chinese in 2007, nearly two years in the financial development of the Internet driven, P2P network through the development and innovation of the credit markets are very rapidly. However, from the P2P network lending market development in various countries, the system level platform level and the level of market risk lending participants have begun to appear. At the same time, because of the laws and regulations, credit system and other aspects of the P2P lending market innovation in China and the risk of the market to focus more on business and operational platform. In recent years, P2P lending market China in frequent P2P network lending platform collapse, cash difficulties and operators escaped run away. The situation, which indicated the distorted development of P2P lending market, P2P lending market advantage can not be reflected. Therefore, how to be by regulators regulatory corrective P2P lending market reasonable problems in the common concern of practitioners and researchers question. However, for an emerging market is still in the initial stage of development it is necessary to carry out certain, to control the risks and problems, but also to protect the P2P lending market innovation ability, so that it can be healthy, sustainable development, therefore, industry self-regulation by regulatory authorities as the main way of supervision China P2P lending market. Therefore, the establishment of appropriate self-discipline mechanism to encourage self-discipline participants, has very important significance for the development and supervision of P2P lending market. Further, the establishment of self regulatory mechanism is essentially dependent on the supervision Therefore, how to implement reasonable and effective regulatory measures to encourage the participation of the industry's self-discipline behavior and establish an effective industry self-regulation mechanism becomes more important.
According to the literature research shows that in the view of the feature of P2P lending market, flexible and forward-looking supervision way for scholars are respected, industry self-discipline supervision is advocated by most scholars. But after all, self-discipline is a direct reflection by the P2P network lending platform behavior, and in the P2P lending market. Little research self-discipline behavior choice and constraints on the P2P network lending platform. Although in other industries some participants of self-discipline of literature, but because the P2P network lending market is not unified, standardized self-discipline mechanism, so the reference is limited. At the same time, self profit is the essential motivation self-discipline behavior influence the government supervision and punishment is the external constraints of the P2P network lending platform self-discipline behavior choice, only when these two conditions are met, the industry Self discipline can be achieved. However, in the process of development of the P2P network lending platform, the constraint effect on the behavior of the regulatory authorities and self regulatory measures to discipline less theoretical research. In this regard, the industry self-discipline mechanism construction for the purpose of mutual relation and influence analysis of the P2P network lending platform self-discipline behavior choice between the factors and the platform self-discipline behavior choice and government supervision strategy, through the analysis of different types of P2P network lending platform, the mutual influence between different stages of development of the P2P network lending platform and government regulators different regulatory strategy, is to develop the self-discipline mechanism construction as the goal, in line with the actual situation of the Chinese P2P lending market regulatory measures to provide a theoretical basis and countermeasures.
The main body of this paper has three parts: the first part mainly includes the second chapter and the third chapter, the research framework; the second part is the analysis of problems of the theory, including fourth, fifth, six chapters; the third part is the comparative analysis of research and reference, mainly embodied in the seventh chapter.
The first chapter is the introduction of this paper. It mainly introduces the background and significance of the topic selection. Then, combined with the actual situation, it puts forward the purpose and research method of this paper. Finally, based on the purpose of the study, the research framework and main research contents are given.
The second chapter is the review of regulatory theory and P2P network lending market research. The definition of related concepts of financial supervision, the relationship between industry self-regulation and government supervision. Then from the three aspects of market development characteristics, behavior characteristics of both lending and P2P lending market risk and supervision of overview of the current domestic and foreign P2P lending market research situation, points out the characteristics and the scope of the current study.
The third chapter analyzes the P2P network lending market development and supervision of the status quo. From the market development model, summarizes the development status of the market characteristics of P2P lending market, and then from the system level, platform level, debit layer face the risk P2P lending market is analyzed, at the same time the regulatory status of network lending the market of P2P in China and the challenges are discussed.
The fourth chapter is the part of theoretical research, selection of P2P network lending platform self-discipline behavior are analyzed, the influencing factors of P2P network lending platform self-discipline behavior choice, and discussed in different regulators supervision strategy, change of P2P network lending platform self-discipline behavior choice.
Based on the research on the fourth chapter, the fifth chapter further analyzes the classification of main factors that affect the production of P2P network lending platform self-discipline behavior choice. Firstly, according to the inherent differences between the P2P network lending platform, the P2P network lending platform is divided into self platform and opportunity "platform, analysis of the impact factors on the different choice of self-discipline the platform, the mutual influence between the self-discipline behavior choice and two platform. At the same time, discussed the effects of government regulation, self-discipline in the P2P network lending platform.
The P2P network lending platform in different stages of development, due to the different income behavior, may also produce changes in self-discipline behavior choice. Therefore, based on the research on the fifth chapter, the sixth chapter for self-discipline of different stages of development of the P2P network lending platform selection is analyzed, systematically analyzed through learning and imitation P2P, self-discipline of network lending platform in different stages of development of the influence, and its impact on the level of industry self-regulation changes. Because government regulators on more controllable new into the P2P network lending platform, this chapter focuses on the self-discipline behavior of different government regulatory strategy on P2P platform of new entrants to the market choice of in-depth based on the analysis of the equilibrium results on the analysis of government supervision measures and measures to adjust the level of industry self-regulation is summarized.
The seventh chapter based on the regulatory elements to find out the P2P lending market from the comparative analysis of different countries P2P lending market regulatory measures. In some combination of the above research conclusion, the United States, Britain and France regulatory status of P2P lending market, refine the regulatory implications for lending market of P2P in China.
The eighth chapter summarizes the main conclusions, theoretical contribution and practical value of this paper, and puts forward the shortcomings of the current research and the direction of future research.
In combination with the present situation and features of the development of P2P network lending market, through rigorous deductive analysis, combination of theory and practice, the combination of static and dynamic analysis, comparative analysis of a combination of research methods and reference, to make China's P2P network lending market self-discipline level, and provide a theoretical basis and countermeasures suggestions and measures of government supervision of the establishment of industry self-regulation mechanisms. As a whole, the innovation and contribution of this research mainly includes the following aspects:
First, combining with the characteristics of the P2P network lending market, mutual influence the choice of derived P2P network lending platform self choice and government supervision strategy and its influencing factors, including reputation gains, regulatory costs, cost and so on. For the development of self-discipline supervision and regulation measures of P2P lending market in the industry self-discipline mechanism in the process of the construction of the to provide a reference.
Second, the core problem of the mutual influence on P2P network lending platform self choice and government supervision strategy and its influencing factors, from different dimensions, system self selection and internal interaction of different P2P network lending platform were carried out static and dynamic analysis. The specific performance in the following three aspects:
First of all, this article from the perspective of individual differences in P2P platform, which can be divided into self-discipline platform and opportunism platform, and for different types of platforms, self-discipline of different factors are discussed and summed up in different level of self-discipline, government regulators strategy influence the choice of different types of P2P platform of self-discipline at the same time, this paper clearly analyzes the government regulators different punishment essential reasons influencing the selection of different types of P2P platform of self-discipline and good order for government regulators to understand and adjust the government supervision of Guan Celve in order to maintain the industry self-discipline, self-discipline to establish effective restraint mechanism to provide a theoretical basis.
Secondly, in the dimension of time, different stages of development may also make a difference in the P2P platform self-discipline behavior selection. Therefore, this paper innovatively self-discipline choose P2P platform for the further evolution analysis, the P2P platform is divided into the reign of the P2P platform and the new platform to enter the P2P were analyzed. The proportion of choice different types of P2P platform self-discipline behavior actually reflects directly the P2P lending market self-discipline level. On this basis, this paper not only analyzes in the P2P platform and P2P platform to enter the new discipline behavior choice affect each other, and according to the relationship between parameters influence behavior selection, the evolutionary relationship between different categories of the P2P platform of self-discipline ratio are analyzed. The analysis shows as the P2P platform between the continuous learning and imitation, P2P lending market discipline The evolution of the level in different situations. This is not only the evolution of a supplementary study of the theory of market discipline, but also for the government regulators self-discipline level to P2P lending market in different market conditions to adjust, to form an effective self regulatory mechanism to provide reference.
Finally, from the relationship between the change of parameters, this paper analyzes the mutual influence between the choice of regulatory strategies under different conditions in the choice of P2P platform and the new government self-discipline regulators. In fact, the relationship between different parameters also means different reputation rating, management cost and supervision cost. So when some factors the influence of the new P2P platform into self-discipline, government regulators can take corresponding measures according to the constraints of the analysis results of this paper, a new adjustment into the P2P platform group self-discipline level, so as to achieve the maintenance and supervision of P2P lending market self-discipline level. At the same time evolution analysis framework for other industry self-regulation and government behavior selection regulators can provide a reference, compared with the previous literature is more theoretical and practical significance.
As a whole, this part makes a static and dynamic deduction of the inherent differences of P2P network lending platform and self-discipline behavior choice under different development stages, and systematically analyzes the P2P network lending platform's self-discipline behavior choice and government regulators' policy.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F724.6;F832.4

【参考文献】