金融抑制、金融创新与互联网金融发展边界──基于与传统金融机构竞合的视角

Boundary between Financial Repression and Financial Innovation and Development of Online Finance——Based on the Perspective of Concurrence with Traditional Financial Institutes

当前我国正逐步放开金融管制,把金融的决定权交给市场。互联网金融凭借其特性,优化与提供了金融脱媒的方式,让人们不再完全依赖传统金融市场,适应了金融市场化的趋势。虽然配套法律还没有完善,但无疑已经引导了新一轮的金融革命。互联网金融从草根阶层切入,以P2P平台方式开辟资金借贷新模式,更符合中小企业的需求。众筹的出现,也让那些无法得到VC、PE青睐的初创项目有了融资的可能。无论是"宝类"基金、P2P平台还是股权众筹,都可以看出其定位于小微群体、着眼于小额投融资的诉求,长期以来传统金融机构安于高额的存贷利差,缺乏市场化改革动力。第三方移动支付平台、股权众筹、P2P平台让传统金融机构的业务感受到了来自市场的威胁,在中国这样一个金融外生化的国家,互联网金融更重大的意义在于倒逼金融体制改革。

Currently, the financial deregulation is gradually unfolding in China, which gives the decision making power of finance to the market. By virtue of its special characteristics, online finance provides and optimizes the methods of free from financial intermediary, which makes people no longer depend on traditional financial market completely and gets adapted to the trend of financial marketization. Although the corresponding legal system has not been perfected yet, there is no doubt that it has already triggered a new round of financial revolution. Starting from grass root class, online finance creates a new model of capital loan by means of P2P platform, which can satisfy demands of small and medium sized enterprises better. Due to the emergence of crowd funding, it is possible for start-ups to raise fund which fail to win the favor of VC or PE. It can be seen obviously no matter from ＂Yuebao money market fund type＂ fund, P2P platform or crowd funding that the appeal is position at small and micro group with small amount of investment or financing. For long period of time, traditional financial institutes have been satisfied with the difference between deposits and loans, which leads to the deficiency in motivation of marketization reform. Third party mobile payment platform, crow funding and P2P platform cause these institutes to feel threatened by the market. In China which is featured by financial externalization, the greater significance of online finance is forcing reform of financial system.