互联网金融创新监管机制构建——基于激励相容的视角

Mechanism Design on Internet Financial Innovation Supervision——From the Perspective of Incentive Compatibility

当前,互联网金融成为学术界和实践界关注的焦点,2013年甚至被称为我国的"互联网金融元年"。如何在鼓励互联网金融发展创新的同时进一步完善监管,是一个兼具理论价值和现实意义的重要问题。文章首先从互联网金融的内涵、发展模式、风险及监管等多方面对互联网金融的相关文献进行回顾及述评,并提出了激励相容视角下互联网金融创新监管的主要思想,即如何达到互联网金融发展创新的安全和效率之间的平衡。在此基础上,文章重点提出了从"内部风险管控→市场约束→政府监管"的激励相容的互联网金融创新监管机制设计路线,构建了互联网金融安全网的三道防线。最后,还分析了现有研究仍存在的不足以及将来需要努力的方向和重点。

At present, the Internet Finance has become the focus in academic and practical field, and it is called the ＂first year of Internet Financial＂ in 2013. There is a very important theoretical value and practical significance to consider how to encourage the development of Internet Financial innovation and the supervision in the future. At the beginning, the relevant literatures about the content,developing model, risk and supervision of the Internet Finance are reviewed, and the main ideas of incentive compatible supervision of innovation are provided, which is how to achieve the balance between the security and efficiency of Internet Financial development and innovation. Based on these analyses, the route of incentive compatible Internet Financial innovation regulatory mechanism is designed from ＂internal risk management, control to market constraints and governmental regulation＂, and there are three defensing lines for Internet Financial security network established. Finally, the existing problems and weakness are analyzed, and the future research directions and aims are provided.