中国互联网金融的发展易程、发展模式与未来挑战  

The Development History,Model and Future Challenges of China s Internet Finance

作　　者：陈荣达 余乐安[3] 金骋路[1] Chen Rongda;Yu Lean;Jin Chenglu(School of Finance,Zhejiang University of Finance and Economics;Collaborative Innovation Center for Wealth Management and Quantitative Investment,Zhejiang University of Finance and Economics;School of Economics and Management,Beijing University of Chemical Technology)

机构地区：[1]浙江财经大学金融学院 [2]浙江财经大学财富管理与量化投资协同创新中心 [3]北京化工大学经济管理学院

出　　处：《数量经济技术经济研究》2020年第1期3-22,共20页Journal of Quantitative & Technological Economics

基　　金：国家自然科学基金重点项目“基于互联网金融模式的结构性理财产品风险度量及应用研究”(71631005);国家自然科学基金重点项目“社会信用制度建设的管理理论与实现机制研究”(71433001);国家自然科学基金面上项目“基于稀有事件模拟技术的金融衍生品组合风险度量及应用研究”(71471161)的资助。

摘　　要：研究目标:研究中国互联网金融的发展历程、发展模式与未来挑战。研究方法:利用1997?2019年间实践发展数据与学术研究成果,讨论中国互联网金融的四个发展阶段(硬件革新、技术革新、模式革新、监管革新)与四大发展模式(互联网传统金融延伸、互联网移动支付与数字货币、互联网金融理财与融资、互联网金融科技)。研究发现:中国互联网金融主要侧重金融模式革新,具有明显的跨越式特征,这与其在西方成熟市场演进式发展不同。中国互联网金融将面临系统性风险的防范、政府监管与行业自律、估测参与者行为演变规律三大挑战。研究创新:本文对互联网金融实践与理论融合梳理,兼顾现实意义与理论深度。研究价值:本文有利于促进中国互联网金融高质量发展。Research Objectives:This paper aims to study the development history,development model and future challenges of China's internet finance.Research Methods:Using the development data and academic research results from 1997 to 2019,this paper discusses the four development stages of China's internet finance(hardware innovation,technological innovation,model innovation,regulatory innovation)and the four development models(internet traditional financial extension,internet mobile payment and digital currency,internet finance and financing,internet finance technology).Research Findings:China's internet finance mainly focuses on financial model innovation and has obvious leapfrog characteristics,which is different from its evolutionary development in mature markets in the West.China's internet finance will face three major challenges,such as prevention of systemic risks,government regulation and industry self-discipline,and estimation of the evolution of participants behavior.Research Innovations:This paper combines the practical development of internet finance with theoretical research,taking into account the practical significance and theoretical depth.Research Value:This paper has significance impact on promoting the high-quality development of China's internet finance.

关 键 词：中国互联网金融 发展历程 发展模式 未来挑战 

分 类 号：F830.5[经济管理—金融学]