基于金融功能的互联网金融模式评估

An Evaluation of Internet Finance Patterns Based on Financial Functions

本文从国民经济循环流转的视角,以金融的功能为研究起点,分析互联网金融在服务实体经济过程中,发挥金融的什么功能,以及如何发挥这些功能。分析发现,互联网金融在服务实体经济的过程中,发挥着提供支付结算便利的基础功能和资源配置的核心功能,并没有改变金融的本质。互联网金融利用信息流与现金流的结合,通过提高金融的可获得性,降低了交易成本中的搜寻成本、决策成本和违约成本;通过减弱信息不对称,降低了交易成本中的信息成本、监督成本,经由此两条路径发挥着金融的功能。在此基础上,本文以互联网金融服务实体经济的能力为准绳,从监管者的角度,从信息对称性、便利性、可获得性、安全性四个维度,构建了一个ICAR评估体系,对现有互联网金融模式进行评估,并根据评估结果,提出分类监管建议。综上,本文对于完善互联网金融监管,具有一定的理论和现实意义。

With the functions of finance as a starting point, this paper studies the financial functions and the mechanism ofinternet finance supporting the real economy from the angle of the circular flow of the economy. We find that internet finance does not change the nature of finance as it still has the basic function of finance （providing the service of the payments and settlements） and the core function of finance （allocating resources）. Internet finance reduces transaction costs including searching costs, decision costs and default costs by combining the flows of information and cash and improving the availability of finance, and reduces transaction costs including information costs, monitoring costs by reducing information asymmetry, and function as finance with the above two mechanisms. Taking the ability of internet finance to support real economy development as the core criteria, and from the angle of regulators, this paper constructs a ICAR evaluation system for internet finance of four dimensions including information symmetry, convenience, availability, safety. Finally, we propose some regulatory suggestions based on our evaluations with this system. Therefore, this paper has some meaning both theoretically and empirically in perfecting the internet finance regulation.