利率市场化对中国金融改革的重大意义——以互联网金融为契机启动直接融资市场的可行性探讨

The Great Significance of Interest Rate Marketization to China's Financial Reform——On the Feasibility of Starting the Direct Financing Market with the Growing Internet Finance

以余额宝、理财通、百度百发等互联网理财产品为代表的存款利率市场化产品对于中国金融改革的意义最大,而且是帕累托改进的过程。与此相比,P2P网贷、众筹等创新商业模式都不会发展到很大的规模,只会是对传统金融的一种补充,不会对传统金融形成大的冲击。因此可以说,互联网金融对金融业最大的影响是存款利率市场化,其他的互联网金融创新还不足以对金融改革产生真正的影响。借存款利率市场化之机大力发展直接融资市场是中国金融改革的突破口,它将提高中国经济整体的效率,释放出制度改革的红利。

The lnternet-based financial products, with Yu＇ebao, Licaitong and Baldu 100 as the representative products, have the greatest significance for Chinese financial reform, and they will initiate a process of Pareto improvement. In contrast, P2P lending, crowdfunding and other innovative business models are only a supplement to the traditional finance and will not exercise a great impact on it or grow to a large size. So it can be said that the biggest influence Internet finance has on the financial sector is to promote the marketization of deposit interest rates, and other Internet-based financial innovations are unable to have a real impact on the financial reform. Taking advantage of the marketization of deposit interest rates and vigorously developing the direct financing market is the breakthrough point for Chinese financial reform. It will improve the overall efficiency of the Chinese economy, and create institutional reform dividend.