基于动态博弈模型透视互联网金融监管的适度性

An Analysis of Internet Financial Regulation through Dynamic Game Model

金融监管机构对快速发展的互联网金融的复杂程度的认知是循序渐进的,因此适度的动态监管方可为互联网金融的健康发展保驾护航。在互联网金融监管与发展的动态"博弈"关系中,参与者都表现出"有限理性"。基于动态博弈模型,互联网金融中的博弈参与方一般都不满足现代主流博弈论的"完全理性"的前提假设,而基本遵循"探索、学习、成熟"的监管和动态调整等行为逻辑;适度处理好互联网金融的监管与创新之间的平衡关系,对互联网金融发展至关重要。

While financial regulators only perceive the complexity of the rapid develop- ment of Internet Finance in a gradual way, dynamic financial regulation mechanism can bet- ter ensure the healthy development of Internet Finance. Indeed, the relationship between fi- nancial development and financial supervision of Internet Finance is a dynamic game and participants show ＂bounded rationality. ＂ Based on dynamic game model,we find that Inter- net Finance participants generally do not satisfy the ＂ perfectly rational＂ assumptions of modern mainstream of game theory, and they follow the ＂exploration, learning, sophistication＂ regulatory mechanism and dynamic adjustment behavior. Therefore, it is important to balance both financial regulation and innovation in the Internet Finance.