本文關(guān)鍵詞：我國(guó)P2P平臺(tái)的角色定位與治理研究　出處：《浙江大學(xué)》2016年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 互聯(lián)網(wǎng)金融 P2P平臺(tái) 角色定位 群體演化路徑 治理機(jī)制

【摘要】：本文從中國(guó)的P2P網(wǎng)貸行業(yè)風(fēng)險(xiǎn)頻發(fā)的現(xiàn)實(shí)出發(fā),打開一個(gè)分析P2P平臺(tái)功能特征、行為選擇、發(fā)展方向、治理模式的新視角,建立起了P2P平臺(tái)角色定位研究的較為完整的理論體系,并緊貼現(xiàn)實(shí)地探究了我國(guó)P2P平臺(tái)治理問題。厘清P2P平臺(tái)的角色定位是研究的起點(diǎn),本文將其分為信息中介、信用中介、增信中介,研究了國(guó)內(nèi)外角色定位差異及其根源,并分析了P2P平臺(tái)群體主流角色的演化過程和我國(guó)P2P平臺(tái)的應(yīng)然角色；繼而,探究了互聯(lián)網(wǎng)聲譽(yù)約束機(jī)制、訴訟制度、替代性糾紛解決機(jī)制和行政監(jiān)管四種治理機(jī)制的運(yùn)作原理和互動(dòng)關(guān)系,歸納選擇和配置治理機(jī)制的內(nèi)在規(guī)律；并由此勾勒了P2P平臺(tái)治理模式的演進(jìn)路徑,提出適應(yīng)我國(guó)P2P網(wǎng)貸行業(yè)現(xiàn)狀的治理體系。本文共有七章。第一和第二章分別是導(dǎo)論和相關(guān)理論、文獻(xiàn)綜述,第七章總結(jié)全文并展望未來研究方向。第三至第六章是核心章節(jié)。第三章介紹了國(guó)內(nèi)外P2P平臺(tái)的角色定位。P2P平臺(tái)的初始角色是信息中介,發(fā)展中可能轉(zhuǎn)變?yōu)樾庞弥薪�、增信中介或兼而有之。信息中介業(yè)務(wù)是每一種角色P2P平臺(tái)固有的基本職能,包括審查評(píng)級(jí)、信用評(píng)價(jià)和交易的撮合、管理。信用中介型P2P平臺(tái)介入借貸雙方之間,構(gòu)建并掌控“資金池”,成為跨時(shí)空、跨行業(yè)融通金融資源的中心。增信中介型P2P平臺(tái)承諾本金(息)保障或?qū)嵤┑韧谠擁?xiàng)承諾的行為。國(guó)外P2P平臺(tái)大致有信息中介和增信中介兩類,我國(guó)絕大部分P2P平臺(tái)信息服務(wù)水平不足,信用、增信服務(wù)則蓬勃發(fā)展。國(guó)內(nèi)外角色差異源于監(jiān)管模式與力度、信用信息基礎(chǔ)、市場(chǎng)供需與競(jìng)爭(zhēng)三個(gè)方面。通過實(shí)證分析,發(fā)現(xiàn)自主增信能幫助我國(guó)P2P平臺(tái)得到更多投資,且投資者對(duì)于互聯(lián)網(wǎng)曝光度、借款利率、借款期限、人氣度高度敏感,但注冊(cè)資本、運(yùn)營(yíng)時(shí)間影響不大。第四章闡釋了不同角色P2P平臺(tái)的最優(yōu)努力水平和群體演化路徑。在投資者與P2P平臺(tái)的長(zhǎng)期委托-代理關(guān)系中,各種角色的P2P平臺(tái)出于對(duì)未來收益的追求,均會(huì)保持符合收益最大化要求和投資者理性預(yù)期的最優(yōu)努力水平。在一定時(shí)期內(nèi),雙方博弈的進(jìn)化穩(wěn)定均衡結(jié)果決定了P2P平臺(tái)群體中以何種角色為主。具體而言：信息中介要想成為P2P平臺(tái)主流角色,一是要求信息中介相對(duì)信用中介節(jié)省的成本超過信用中介業(yè)務(wù)的收益,二是要求外生不確定性小于某一特定限度；否則,信息中介將被信用中介代替。自主增信P2P平臺(tái)要想取代無增信P2P平臺(tái),前提條件是后者因風(fēng)險(xiǎn)過高而得不到投資,而且前者的收益可覆蓋墊付投資損失的風(fēng)險(xiǎn)。只有當(dāng)市場(chǎng)信用環(huán)境惡化,才需要引入外部增信手段,而且優(yōu)于自主增信。少數(shù)非主流角色可能顛覆性地取代主流角色。從當(dāng)前我國(guó)的信息基礎(chǔ)、信息技術(shù)和市場(chǎng)環(huán)境來看,法定的信息中介角色未必最優(yōu),引入外部增信手段更利于穩(wěn)固投資信心、促進(jìn)行業(yè)發(fā)展。在未來,引入外部增信手段的信息中介很可能成為主流。當(dāng)社會(huì)信用體系全面完善或P2P平臺(tái)信息能力大幅提升,推進(jìn)外生不確定下降,P2P網(wǎng)貸業(yè)務(wù)將能實(shí)現(xiàn)“去增信”。第五章探究P2P平臺(tái)治理機(jī)制選擇。組織聲譽(yù)約束、訴訟制度、替代性糾紛解決和行政監(jiān)管相輔相成,共同治理P2P平臺(tái)。P2P平臺(tái)根據(jù)耐心程度(對(duì)聲譽(yù)的重視程度)匹配不同的治理機(jī)制�？梢园l(fā)現(xiàn)：組織聲譽(yù)約束只能有效約束耐心充足的P2P平臺(tái),而由組織聲譽(yù)約束、ADR、行政監(jiān)管中何種機(jī)制治理更有效率,需要具體比較社會(huì)總剩余的大小。耐心不足的P2P平臺(tái)在行政監(jiān)管啟動(dòng)之前,優(yōu)先由ADR在其約束范圍內(nèi)進(jìn)行治理,在行政監(jiān)管啟動(dòng)之后,優(yōu)先由ADR和訴訟制度的組合進(jìn)行治理；這兩種情況下一旦ADR失效,就只能依靠訴訟制度。耐心匱乏的P2P平臺(tái)受刑事制裁。行政監(jiān)管既能通過罰款的威脅,廣泛地制約P2P平臺(tái)的日�；顒�(dòng),也能提高訴訟制度查證不盡責(zé)行為的能力,但縮小了組織聲譽(yù)約束的約束范圍。第六章討論的是我國(guó)P2P平臺(tái)治理體系。P2P平臺(tái)治理模式演進(jìn)的方向是他律主導(dǎo)與綜合治理。我國(guó)治理模式相對(duì)滯后,多種治理機(jī)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實(shí)際需求和監(jiān)管導(dǎo)向；內(nèi)部增信中介則應(yīng)被嚴(yán)令禁止；而那些具備充分信用能力的信用中介,可納入銀行業(yè)金融機(jī)構(gòu)范疇,受銀監(jiān)會(huì)嚴(yán)格的牌照監(jiān)管。當(dāng)前應(yīng)盡快完善行政監(jiān)管下的綜合治理,建立P2P平臺(tái)法律制度,提供系統(tǒng)性的法律依據(jù)；搭建適應(yīng)互聯(lián)網(wǎng)金融特征以及市場(chǎng)穩(wěn)定、消費(fèi)者保護(hù)兩項(xiàng)監(jiān)管目標(biāo)的監(jiān)管體制,落實(shí)各項(xiàng)監(jiān)管措施,積極發(fā)揮自律組織的作用；建設(shè)P2P平臺(tái)聲譽(yù)約束,幫助投資者存優(yōu)去劣,制衡機(jī)會(huì)主義行為；推廣ADR在P2P網(wǎng)貸糾紛解決上的應(yīng)用,低成本、高效率地定紛止?fàn)帯?br/>[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.

【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F724.6;F832.4
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本文編號(hào)：1386808