互联网金融“穿透式”监管研究

A Study of the “Penetrating” Supervision of Internet Finance

互联网金融作为互联网与金融统合而成的重大金融创新,深刻改变了金融市场,但其在高速发展中不断显现出的风险,亦推动监管者将其快速纳入专项整治与全面治理。互联网金融风险的现实性和特殊性,是对其进行特殊规制和强化监管的逻辑前提。面对互联网金融创新带来的潜在风险和现实挑战,在专项整治向长效性监管机制的转变过程中,对互联网金融的"穿透式"监管,作为一项较新的、适合于互联网金融产业的监管模式已被提上日程。本文认为,对互联网金融的"穿透式"监管的理论基础和正当性,来源于"实质重于形式"的法律原则,这一认识有助于从根本上扫除互联网金融监管的盲区。与此同时,对互联网金融的"穿透式"监管应坚持干预谦抑性的理念,遵循妥当性、必要性与均衡原则,防止穿透过程中行政自由裁量权的滥用。在此基础上,本文以P2P网络借贷这一典型的互联网金融业态为例,探讨了"穿透式"监管在具体实施过程中的监管主体、边界和方式等问题。

Internet finance, as a major financial innovation with the integration of Internet and finance, has profoundly changed the financial market. However, its risk also drives regulators to quickly incorporate it into special rectification and comprehensive governance. The reality and particularity of Internet financial risk is the logical premise for it to be specially regulated and strengthening supervised. With the potential risks and practical challenges brought by the innovation of Internet finance, the special rectification is changed into a longacting regulatory mechanism. In this process, the ’penetrating’ regulation of Internet finance has been put on the agenda as a relatively new regulatory model suitable for the Internet financial industry. This paper argues that the theoretical basis and justification of the "penetrating" supervision of Internet finance come from the legal principle of "substance is more important than form", and this understanding is helpful to eradicate the blind area of Internet finance supervision fundamentally. Meanwhile, the "penetrating" supervision of Internet finance should adhere to the idea of modest intervention, follow the principles of appropriateness, necessity and balance, and prevent the abuse of administrative discretion in the process of penetration. This paper then uses a typical internet finance industry, the P2 P lending, as an example, and explores the relevant issues of the "penetrating" supervision, such as the supervision subject, the supervision boundary and the supervision model in the specific implementation process.