普惠金融、风险准备金与投资者保护--以平台承诺担保为例  

Financial Inclusion,Risk Reserve and Investor Protection:A Case Study of P2P Loan Mode

作　　者：龚强 王璐颖[3] Qiang Gong;Luying Wang(Zhongnan University of Economics and Law)

机构地区：[1]中南财经政法大学文澜学院,金融学院 [2]北京大学数字金融研究中心 [3]中南财经政法大学金融学院

出　　处：《经济学（季刊）》2018年第3期1581-1598,共18页China Economic Quarterly

基　　金：国家自然科学基金面上项目(71773143);北京大学数字金融研究中心课题的资助.

摘　　要：金融创新的快速发展,极大提高了金融包容性,促进了普惠金融的发展。然而,其风险性逐渐与普惠性相背离。通过构建信息不对称下平台投资理论模型,探讨不同项目风险特性下的承诺可置信性,我们发现,在风控不足风险较大的网络平台,风险准备金成为庞氏骗局的手段;在风控较好风险较小的机构如银行,风险准备金是防止挤兑、保障投资者利益的有效手段。本文为规范金融市场提供了重要理论支撑,确认机构风险是设立风险准备金的关键。With the development of financial innovation, internet finance has enhanced financial inclusion and promoted inclusive finance. However, its risk is rising. By constructing a model of investing on online lending platform with asymmetric information and investigating the commitment credibility with different risk characteristics,we find that risk reserve is a means of Ponzi schemes in risk-prone online platforms where risk control is deficient, while an effective means of preventing run-off and protecting investors in risk-free institutions, such as banks. This paper provides theoretical support for regulating financial markets and confirms that institutional risks is the key to legitimating risk reserve.

关 键 词：风险准备金 庞氏骗局 普惠金融 

分 类 号：F832.39[经济管理—金融学]