中国互联网消费金融的包容性监管:理论要义、现实逻辑与改革进路

Inclusive Regulation of Internet Consumer Finance in China:Theoretical Essentials,Realistic Logic and Reform Approach

中国互联网消费金融是互联网与消费金融深度融合的金融创新。鉴于互联网消费金融具有刺激消费、扩大内需、促进经济增长的重要作用,实现其健康有序发展意义重大。互联网消费金融具有创新性和风险性两大主要特性,协调这两大特性是实现互联网消费金融健康有序发展的关键。而强制性监管模式因监管太过严苛,虽可以控制并降低风险,但会限制互联网消费金融的创新,无法有效协调创新性和风险性。对于不断创新的中国互联网消费金融,可引入“激励相容”理论,对其施以包容性监管,在明确监管底线和可包容范围的基础上构建互联网消费金融创新性与风险性协调机制:一是建立监管机构与互联网消费金融从业机构目标协同机制,二是建立健全消费金融市场信息共享机制,三是建立健全激励性监管机制,从而实现监管机构与从业机构的激励相容,进而协调互联网消费金融的创新性和风险性,实现互联网消费金融的健康有序发展。

China's Internet consumer finance is the financial innovation of the deep integration of Internet and consumer finance.Since Internet consumer finance plays an important role in stimulating consumption,expanding domestic demand and promoting economic growth,it is of great significance to realize its healthy and orderly development.Internet consumer finance has two main characteristics:innovation and risk.Coordinating these two characteristics is the key to realize the healthy and orderly development of Internet consumer finance.However,the compulsory supervision mode is too strict.Although it can control and reduce risks,it will restrict the innovation of Internet consumer finance and fail to effectively coordinate innovation and risk.For China's constantly innovating Internet consumer finance,the theory of"incentive compatibility"can be introduced to impose inclusive regulation on it,and a coordination mechanism of innovation and risk of Internet consumer finance can be established on the basis of clear regulation bottom line and inclusive scope:One is to establish a regulatory goals with Internet consumer finance institutions synergy mechanism,the second is to establish and improve the consumer finance market information sharing mechanism,the third is to establish and perfect the incentive regulation mechanism,so as to realize the incentive compatibility of regulators and industry organizations,to coordinate the financial innovation and the risk of Internet consumption,realize the healthy and orderly development of the Internet consumer finance.