互联网金融不当行为风险及其规制政策研究——以市场诚信、公平竞争与消费者保护为核心  

A Study of Misconduct Risk and Regulation Policy of Internet Finance:Focus on the Market Integrity,Fair Competition and Consumer Protection

作　　者：冯乾[1,2] 王海军[3] 

机构地区：[1]北京大学国家发展研究院 [2]中国工商银行博士后科研工作站 [3]中央财经大学中国互联网经济研究院

出　　处：《中央财经大学学报》2017年第2期24-31,51,共9页Journal of Central University of Finance & Economics

基　　金：教育部人文社会科学基金项目"全球资本全球化及其对中国经济的内外影响"(项目编号:10YJA790145);中国博士后科学基金面上资助项目"主权信用评级变动对股票市场的传染机制研究"(项目编号:2016M601091)

摘　　要：互联网金融近年来在我国蓬勃发展的同时,其不当行为风险问题引起了社会的普遍关注,如虚假产品宣传、违规销售、泄露客户信息、绑架银行信誉、提现困难、卷款跑路等不当行为,给金融市场诚信、公平竞争和互联网金融消费者权益带来了损害。笔者首次探讨了互联网金融的不当行为风险及其规制问题,该风险的产生源于交易双方信息不对称和地位不平等、行业羊群行为以及道德风险和不当激励,也形成了巨大的社会成本,动摇了公众对互联网金融行业的信心。在借鉴梯诺尔新规制理论基础上,提出从监管机构角度实施穿透式监管,堵塞监管漏洞和监管套利,加强产品治理和产品干预,构建资金第三方存管和风险补偿机制等监管底线,同时,还需要从互联网金融机构角度重塑诚信为核心的企业文化,改革与消费者保护挂钩的薪酬激励制度以及建立常态化的风险培训机制。In recent years, the internet finance is booming in China and it＇s misconduct risk problem has caused widespread concern of the society, such as the false product publicity, illegal sales, reveal of customers＇ information, kidnapping bank reputation, difficulty in withdrawal, disappear with money, which bring harm to the financial market integrity, fair competition and internet financial consumer rights. This paper is the first one to discuss the misconduct risk of the internet finance and its regulatory issues. Misconduct risk arises from the information asymmetry and status inequality, herd behavior, moral hazard and improper incen- tives. It also causes huge social costs, shakes public confidence for internet financial services industry. Based on Tirole＇s new regulation theory, this paper put forward the implementation of penetrating supervision, plug regulatory loopholes and regulatory arbitrage, and strengthen product governance and product intervention from the perspective of regulatory agencies. At the same time, from the other perspective, the internet financial en- terprises need to reshape the corporate culture and take integrity as the core of business activities, reform the compensation incentive mechanism linked to the consumer protection as well as establish normal risk training mechanism.

关 键 词：互联网金融 不当行为风险 规制政策 市场诚信 消费者保护 

分 类 号：F830.9[经济管理—金融学]