互联网金融:本质、现状与趋势

The Nature,Situation and Trend of Internet Finance

尽管互联网金融的发展还存在着较大的不确定性,但是对互联网金融的研究已越来越多。已有对互联网金融的研究大多围绕业务模式、监管方式等,忽视了对互联网金融本质的研究。互联网金融的本质仍然是金融,它与传统金融的区别体现在四个基本特征上:去中介化(降低交易成本)特征、信息有效性(减少信息不对称)特征、利基市场(长尾市场、碎片化需求)特征和可获得性(普惠金融)特征。互联网金融不会取代传统金融,这是由交易成本和分工方式所决定的。不论是从现实需求还是从发展趋势看,中国互联网金融主要业务模式是第三方支付、P2P网络借贷和股权众筹融资。基于长尾理论分别对第三方支付、P2P网络借贷和股权众筹进行分析后发现,互联网金融的发展空间巨大。采用社会融资规模、GDP和企业资产负债率等数据测算,股权众筹的发展空间最大,这既是我国金融改革和金融结构优化的需要,也是经济'去杠杆化'和降低全社会负债水平的需要。

Although there are some greater uncertainties in the development of the Internet Finance,yet more and more researches are related to Internet Finance.The existing researches of Internet Finance are usually about business model,the impact on traditional Finance and regulation pattern,and so forth.In other words,people have neglected the researches on the nature of the Internet Finance.In this paper,I believe that the nature of the Internet Finance still is finance,the differences between Internet Finance and traditional finance lie in four basic features,such as,Disintermediation feature(reducing transaction costs),Information efficiency feature(decreasing the degree of information dissymmetry),Niche market feature(long tail market,fragmentation demand),Availability feature(inclusive financial),Internet banking will not replace traditional banking,because which is decided by transaction costs and the division of labor.Whether from current demand or development trend,China’s Internet banking’s primary business models are Third-Party Payment,P2 P network lending and Equity-based Crowd-funding.Based on analysis of The Long Tail theory to Third-Party Payment,P2 P network lending and equity-based crowd-funding,we find that Internet banking has huge space for development.We use social financing scale,GDP and corporate assets-liability ratio and other data to measure the developmental space of equity-based crowd-funding and find it has the maximum development.This situation is not only the needs of China’s financial reform and financial structure optimization,but also the needs of economic"deleveraging"and reducing the level of debt of the whole society.