摘要
中国的互联网金融经历了一个先创新发展后监管规制的过程,本文通过对网络借贷行业的实证研究,分析监管规则的出台实施对新型互联网融资市场有效性的影响。实证结果表明,网络借贷平台资金的银行存管、持有ICP证等强制性规定缓解了投资者、平台企业与借款人之间的信息不对称,对克服早期平台间通过竞相承诺高回报率来吸引投资者导致的"柠檬市场"问题、对解决网贷市场上缺乏平台风险性高低有效信号的问题都起到了正向作用,有助于互联网融资市场的有效性提高。
The fintech in China experienced a process from a period of rapid innovation and develop- ment to a period of strict regulation. Through an empirical study of P2P industry in China, this paper ana- lyzed the influence of financial supervision to on-line lending industry on market efficiency. Our study showed that some compulsory measures were specified by regulatory authority. For example P2P platform must deposit the fund in bank and apply ICP license, and ease the information asymmetry among inves- tors, platform and lenders, which were helpful to overcome the lemon market problem and to supply the effective signals, Therefore, it imoroved the rnnrkot ~ff;p; ; 1;~^ l~.J：-- ：_.J
出处
《经济理论与经济管理》
CSSCI
北大核心
2018年第2期51-63,共13页
Economic Theory and Business Management
基金
中国人民大学"亚洲研究中心"的资助
