本文選題：互聯(lián)網(wǎng)金融 + 信息不對稱�。� 參考：《經(jīng)濟與管理》2017年05期

【摘要】：互聯(lián)網(wǎng)金融體現(xiàn)了聚少成多、分散眾籌的"眾籌金融"精神,其風險本質(zhì)在于生人社會交易背景下直接融資中嚴重的信息不對稱風險。當前我國互聯(lián)網(wǎng)金融規(guī)制沿循了傳統(tǒng)的金融規(guī)制思路,將P2P網(wǎng)絡(luò)借貸定位為民間借貸網(wǎng)絡(luò)化,將股權(quán)眾籌定位為股權(quán)私募發(fā)行,寄希望于通過本身就涵攝不清的非法集資刑罪壓制涉眾性的網(wǎng)絡(luò)融資活動來管控互聯(lián)網(wǎng)金融信息不對稱風險。這種"削足適履"的規(guī)制思路不僅壓制了互聯(lián)網(wǎng)金融發(fā)展,也注定無法起到很好的風險控制效果。未來應(yīng)當直接著眼于互聯(lián)網(wǎng)金融風險本質(zhì),通過收益端和風險端的制度建設(shè),化解轉(zhuǎn)移信息不對稱風險,使其回歸到傳統(tǒng)金融交易風險定價的基本邏輯。我國互聯(lián)網(wǎng)金融規(guī)制早期可以確立原則導(dǎo)向監(jiān)管并倡導(dǎo)軟法治理先行的規(guī)制進路,對于互聯(lián)網(wǎng)金融創(chuàng)新規(guī)制可以借鑒引入國外監(jiān)管沙箱方法以鼓勵創(chuàng)新并控制風險。
[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.
【作者單位】： 華東政法大學經(jīng)濟法律研究院;
【分類號】：F724.6;F832

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本文編號：1767434