互联网金融风险的社会特性与监管创新

Internet Finance Risks' Social Attributes and Its Regulatory Innovation

将社会网络分析方法运用于互联网金融风险分析,得到互联网金融风险的两大社会特性:一是多节点之间的连接密度具有分散、降低金融风险和加剧金融风险积聚、扩散的双重作用;二是互联网金融风险的形成和社会放大受到"所嵌入的关系网络"的制约。由互联网建立起来的金融关系网络使互联网金融的系统性风险不仅具有复杂、传染快、波及广等基本特征,而且具有"太多连接而不能倒"以及"太快而不能倒"的新的表现形式。在我国互联网金融新业态近二十年的发展过程中,金融市场监管层分阶段地以包容性监管、原则性监管和运动式监管三种监管方式,对互联网金融风险进行了防范回应。实践表明,"一行三会"式的分业监管体制及缺乏科技支撑的传统监管模式难以遏制互联网金融的野蛮生长以及防范金融风险的积累和传染,须以先进的监管理念、信息共享与合作联动的监管主体、与基础风险源相匹配的监管原则以及科技化的监管模式为内容,建构互联网金融监管体系。当前我国金融监管改革使互联网金融监管朝着应然方向前进了一大步,而科技监管是互联网金融监管从应然走向新的实然的必由之路。

The application of social network analysis method to Internet financial risk analysis reals two social characteristics of Internet financial risks.First,the connection density between multiple nodes has the dual role of decentralizing and reducing financial risks as well as aggravating the accumulation and spread of financial risks.Second,the formation and social amplification of Internet financial risks are constrained by the“embedded relationship network”.The financial relationship network established by the Internet leads not only to the complexity,abruptness,rapidness,and extensiveness of the spread of systemic risks of Internet finance,but also to such new forms of expression as“too many connections to collapse”and“too fast to collapse”.With the gradual manifestation of the risks and social characteristics of China’s new Internet finance industry in its development in the past two decades,the regulatory authorities have responded by stages with three regulatory methods:“tolerant regulation”,“regulation in principle”and“campaign-style regulation”.The recent regulatory failures have made it clearly that,due to the lack of appropriate data and technology,traditional divided financial regulation system,also known as“PBC and three commissions system”,falls far short of curbing the rampant growth of illegal Internet finance and preventing the accumulation and spread of financial risks.As a remedy,a new Internet finance regulation system with advanced regulatory ideas,coordinated and data-sharing regulatory organs,regulatory principles matching underlying risks,and a RegTech arsenal has been proposed.The ongoing reform of the financial regulatory system in China is a big step in the right direction,and RegTech is the most important basis of Internet finance regulation regime.