互联网金融理论建构:本质、缘起与逻辑

Construction of Internet Finance Theory:Nature,Origin and Logic

互联网金融是金融活动借助互联网等现代技术工具实现的金融服务普及和延伸以及由此带来的一系列创新实践活动。分析发现,交易回报的泛货币化、需求推动金融创新以及共生性的金融生态系统是互联网金融的重要特征。因此从本质上讲,互联网金融实现的是"渠道"或"平台"的突破和优化,提高了资金支付的效率,实现了多元化、深层次的资金供求匹配。文章认为金融抑制下的市场需求、市场供求结构的变化、信息技术的变革、金融生态群落的沉淀以及普惠金融政策的实施是中国互联网金融产生与发展的根本原因。文章从传统金融中介理论比较分析角度入手,构建了互联金融动因理论、模式理论及风险理论为一体的完整理论逻辑框架。

Internet finance is the popularization and extension of financial services,as well as a series of innovative practice activities resulting from which,in virtue of some modern technologies ,,such as internet technology. Our analysis finds that quasi monetization of trading returns, financial innovation driven by demand and financial symbiotic system are the important features of Internet finance. Es- sentially ,Internet finance achieves breakthrough and optimization of ＂channel＂ or ＂platform＂ ,improves the efficiency of the funds pay- merit and realizes diversified and deep match of funds supply and demand. We argue that the critical reasons of emergence and develop- ment of China＇s Internet finance include market demand under financial repression, changes in market supply and demand structure, changes and reforms in information technology, precipitation of financial ecological communities and implementation of financial inclu- sive policies. And from the perspective of comparative analysis in intermediation theory of traditional finance, we also construct a com- plete logical framework of internet finance which includs internet financial motivation theory, model theory and risk theory.