多层次资本市场构建下的P2P网贷规制研究

Research on Regulating P2P Lending in a Multi-level Capital Market

P2P的结构形态和市场套利需求决定了P2P融资成本低的突出特点,这一特点明显有别于其他线下融资方式。从P2P的交易外观和交易实质出发,P2P融资过程构成了"类证券发行"。在多层次资本市场框架下,P2P融资市场相当于一个"微型债券市场"。对监管者而言,针对P2P网贷在多层次资本市场中的构造和特性,从网贷平台、借款人和出借人三个层次构筑P2P规制框架是P2P良性发展的可行之策。

With the characteristic of low financing cost determined by its structure and the intrinsic motivation of market arbitrage, Peer-to-Peer Lending （P2P） obviously differs from other offline financing methods. In terms of appearances and substances of P2P transaction, it is similar to issuing securities. In a multi-level capital market, the P2P financing market can be considered as a ＂micro bond market＂. Based on the assumption and reasoning above, it is feasible for the regulators to improve the development of P2P by constructing a P2P regulatory framework from the aspect of network platforms, borrowers and lenders.