互联网金融视域下的类资产证券化:交易模式、金融异化与监管逻辑

Quasi-securitization from the Perspective of Internet Finance:Transaction Mode,Financial Alienation and Regulatory Logic

为了规避监管或监管套利,互联网金融的类资产证券化创设了新的交易模式与法律结构:债权拆分流转、信托受益权拆分流转和资产收益权拆分流转。这突破传统的法律权利类型与法律边界,改变了传统的公募、私募监管逻辑,相关法律规制面临冲击和重构。对实质开展互联网资管业务的非金融类机构监管等领域的法律滞后与模糊,造成事实上的监管真空,引发金融乱象。金融监管应坚持实质重于形式的监管原则,强化穿透式监管,厘清互联网金融创新的法律边界,推进央地监管分工的法治化、体系化,消除监管空白,避免泛化式、运动式监管。

In order to evade supervision or gain regulatory arbitrage, the quasi-securitization of Internet finance has created a new transaction model and legal structure: the separation and circulation of creditor’s rights, the separation and circulation of trust beneficiary rights, and the separation and circulation of asset income rights. This has broken the traditional types of legal rights and legal boundaries, and has changed the traditional regulatory logic for public and private equity. As a result, the related legal regulations are facing impact and require reconstruction. The tardiness and ambiguity in legal system for supervision of non-financial institutions that actually carry out Internet asset management services have created a de facto regulatory vacuum and triggered financial chaos. Financial regulation should adhere to the principle of regulation featuring substance over form, strengthen penetrating supervision, clarify the legal boundaries of Internet financial innovation, promote the legalization and systematization of the regulatory division between central and local authorities, eliminate regulatory gaps, and avoid generalized and campaign-style supervision.