互联网金融:成长的逻辑

Internet Finance:The Logic of Growth

互联网金融是一种新的金融业态。本文从互联网金融的基本内容、运行结构、理论基础、风险特点、监管标准以及替代边界等角度出发,探究其生存逻辑、理论结构及监管准则。本文认为,广阔的市场空间是互联网金融生存的必要条件,而金融功能与互联网技术特性在基因层面上的匹配是其生存和发展的充分条件,是其生存和发展的逻辑基础。在理论层面上,金融功能理论、"二次脱媒"理论、新信用理论、普惠金融理论、连续金融理论构成了互联网金融独特的理论结构。互联网金融的内核性风险更多地表现于透明度风险,外置风险则更多地表现于技术和系统安全性,风险的叠加性相对明显。因此,互联网金融监管准则的基石标准应是透明度,外置标准是平台技术安全等级。本文认为,互联网金融与传统金融的相互竞争,会推动金融结构变革和金融效率提升,完成从大企业金融、富人金融到普惠型金融的转型。

Internet finance is a new kind of finance format. This paper analyzes the survival logic, theoretical structure and supervision rules of internet finance from the perspectives of its basic contents, operation structure, theoretical foundation, risk characteristics, supervision standard and substitution boundary. Broad market space is the necessary condition of internet finance, and the match of financial function and technological characteristics of internet is the sufficient condition and logic foundation of internet finance. Financial function theory, ＂second disintermediation＂ theory, new credit theory, inclusive finance theory and continuous finance theory constitute the unique theoretical structure of internet finance. The risks of internet finance may appear in the forms of operation risk, technological risk, credit risk and liquidity risk, but the intrinsic risk is in the form of transparency risk while the external risks lie in the safety of technology and system. The additivity of risks is relatively obvious. Based on above risk characteristics, this paper holds the opinion that the basic standard of internet finance supervision is transparency, while the external standard is technological safety level of platform. The competition between internet finance and traditional finance will promote the reform of financial structure and the improvement of financial efficiency, and help complete the transformation from finance for big enterprises and finance for the rich to inclusive finance.