互联网金融规制反思与建议——基于信息不对称视角

Reflection and Suggestion on Internet Finance Regulation

互联网金融体现了聚少成多、分散众筹的"众筹金融"精神,其风险本质在于生人社会交易背景下直接融资中严重的信息不对称风险。当前我国互联网金融规制沿循了传统的金融规制思路,将P2P网络借贷定位为民间借贷网络化,将股权众筹定位为股权私募发行,寄希望于通过本身就涵摄不清的非法集资刑罪压制涉众性的网络融资活动来管控互联网金融信息不对称风险。这种"削足适履"的规制思路不仅压制了互联网金融发展,也注定无法起到很好的风险控制效果。未来应当直接着眼于互联网金融风险本质,通过收益端和风险端的制度建设,化解转移信息不对称风险,使其回归到传统金融交易风险定价的基本逻辑。我国互联网金融规制早期可以确立原则导向监管并倡导软法治理先行的规制进路,对于互联网金融创新规制可以借鉴引入国外监管沙箱方法以鼓励创新并控制风险。

Internet finance embodies the spirit of raising finance that gather all less into more. The essence of its risk is serious information asymmetry under the background of strangers society. The current internet finance regulation followed the traditional finance regulation thinking, defined the P2P lending as the networking of private lending, and defined the equity- based crowd funding as the private offering of equity. At the same time, relying on the crime of illegal fund-raising that is not clear in itself suppress the online financing activities of the stakeholders to regulate the information asymmetry risk of internet finance. This regulation thinking not only suppressed the development of internet finance, but also had no risk control effect. Through the institutional construction of the income and risk side, we should concentrate on the essence of its risks, dissolve and transfer information asymmetry risk to make it back to the traditional logic of risk pricing. Principle-oriented regulation and governance of soft law can be our choice in the early days of the internet finance regulation. As for the regulation of internet finance innovation, we can introduce the ＂Regulation Sandbox＂ to realize the goal of encourage innovation and control its risks.