互联网金融规制与市场有效性改善*——来自中国网络借贷行业的证据

经济理论与经济管理

互联网金融规制与市场有效性改善*——来自中国网络借贷行业的证据

程华,鞠彬

中国人民大学经济学院

出版日期:2018-02-16 发布日期:2018-02-06
基金资助:
本文得到中国人民大学“亚洲研究中心”的资助。

FINANCIAL SUPERVISION TO FINTECH AND MARKET EFFICIENCY——The Evidence from P2P Industry in China

CHENG Hua,JV Bin

School of Economics, Renmin University of China

Online:2018-02-16 Published:2018-02-06

摘要/Abstract

摘要： 中国的互联网金融经历了一个先创新发展后监管规制的过程，本文通过对网络借贷行业的实证研究，分析监管规则的出台实施对新型互联网融资市场有效性的影响。实证结果表明，网络借贷平台资金的银行存管、持有ICP证等强制性规定缓解了投资者、平台企业与借款人之间的信息不对称，对克服早期平台间通过竞相承诺高回报率来吸引投资者导致的“柠檬市场”问题、对解决网贷市场上缺乏平台风险性高低有效信号的问题都起到了正向作用，有助于互联网融资市场的有效性提高。

关键词: 互联网金融 , 网络借贷平台 , 网贷监管新规

Abstract: The fintech in China experienced a process from a period of rapid innovation and development to a period of strict regulation. Through an empirical study of P2P industry in China, this paper analyzed the influence of financial supervision to online lending industry on market efficiency. Our study showed that some compulsory measures were specified by regulatory authority. For example P2P platform must deposit the fund in bank and apply ICP license, and ease the information asymmetry among investors, platform and lenders, which were helpful to overcome the lemon market problem and to supply the effective signals. Therefore, it improved the market efficiency in online lending industry.

Key words: fintech , P2P platform , financial supervision to P2P

程华,鞠彬. 互联网金融规制与市场有效性改善*——来自中国网络借贷行业的证据[J]. 经济理论与经济管理.

CHENG Hua,JV Bin. FINANCIAL SUPERVISION TO FINTECH AND MARKET EFFICIENCY——The Evidence from P2P Industry in China[J]. Economic Theory and Business Management.

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