互联网金融的风险机理与风险度量研究——以P2P网贷为例

Risk mechanism and risk evaluation of internet finance:a case study of P2P net loan

基于互联网科技与金融的融合,互联网金融引发金融服务模式变革并加快定价市场化,对打破金融抑制和加速金融脱媒具有积极影响。然而,互联网金融快速发展的同时风险凸显,对其进行风险识别及度量意义明显。鉴于此,本文采用二层次CRITIC-灰色关联模型构建互联网金融风险评价体系,运用Va R方法测算互联网金融风险大小。发现,当前互联网金融整体风险及各维度风险在前三季度基本保持有序波动状态,但在第四季度呈下降趋势,风险防控对发展互联网作用突出。

Internet finance has triggered the reform of financial service mode and accelerated the market-oriented pric-ing,which helps break the financial repression and accelerate the financial disintermediation. As the rapid devel-opment of Internet finance entails some potential risks,however,it is necessary to evaluate such risks for thesake of a sustainable development of Internet finance. This paper constructs an Internet financial risk evaluationsystem by means of two-level CRITIC-grey relational model and then uses the Va R method to evaluate the risks.The empirical results show that the current overall risk of Internet finance and the risk of each dimension main-tain orderly swings in the first three quarters,but decline in the fourth quarter. The paper concludes that risk re-duction and management is crucial to Internet.