互联网金融的演进轨迹:学术论争与当下实践

The Evolution of Internet Finance: Academic Debate and Current Practice

互联网金融是借助互联网等现代信息技术,实现多种金融服务拓展与普及的创新金融活动。投资回报的泛货币化、需求推动的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。实现"渠道"或"平台"的突破和优化,提高资金支付的效率,实现多元化、深层次的资金供求匹配是互联网金融的本质。金融抑制下的市场需求和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我国互联网金融产生与发展的根本原因。根据发展动因理论、发展模式理论和风险管理理论,可构建互联网金融的理论逻辑框架。

Using the internet and other modern information technology, internet finance is an innovative financial activities for the popularization and extension of financial services. Return on investment of pan-monetization, financial innovation driven by demand and financial symbiotic system are important features of the internet finance. Essentially, internet finance achieves breakthrough and optimization of ＂channel＂ or ＂platform＂, improves the efficiency of the funds paid and realizes diversified and deep match of funds supply and demand. The fundamental reasons of emergence and development of China＇s internet finance include market demand under financial repression, changes in market supply and demand structures, transform in information technology, precipitation of financial ecological communities and the implementation of finance inclusive policies. According to the development motivation theory, model theory and risk theory, this paper constructs an logical framework of internet finance.