金融危机的视角:P2P雷潮的深层形成机理

From the Perspective of Financial Crisis:Formation Mechanism of P2P Crisis in China

2018年6月至8月,我国P2P出现大规模雷潮,这次事件首次向世人展示了由互联网金融这一新型金融业态引发的系统性风险。在P2P发展的初期阶段,学术界主流观点认为受惠于大数据的使用,P2P网贷克服了信息不对称问题,因而有助于降低信用风险。而2018年的P2P雷潮以事实证明了P2P网贷不仅没有消除信息不对称问题,反而加重了这一问题,舆论和媒体对金融创新持有的盲目乐观态度也进一步助长了道德风险的发生。从金融危机的视角看,道德风险、信息的不对称和基于预期变化的自我实现共同构成了P2P雷潮深层次的形成机理,因此,无论何时金融创新都不应该成为放松监管的理由。监管部门需要彻底消除市场存在的刚性兑付预期,进一步完善P2P网贷平台的监管体系,从多头监管、双头监管过渡到实施单一主体监管的管理模式。

From June to August 2018, there was a large-scale crisis in China’s P2 P. This event showed the world for the first time the systemic risk caused by the new financial industry of Internet finance. In the early stage of the development of P2 P, the mainstream view in the academic circles is that thanks to the use of big data, P2 P lending overcomes the problem of information asymmetry and thus helps to reduce credit risk. But the P2 P crisis in 2018 proved that P2 P aggravates the problem of information asymmetry. In addition, the blindly optimistic attitude of public opinion and media towards financial innovation has led to moral hazard, which is the deep-seated reason for the P2P crisis.