Gold judges intermediary (Http://www.jpm.cn) editor's note: Have the kind that superintends through classifying development, classification only, ability avoids " one knife cuts pattern " superintend, ability guides Internet finance orgnaization effectively back small small company, abound and perfect mutiple level money market, avoid coessential spend competition, implementation serves the general benefit finance at hypostatic economy to develop a target.
From June since, inside the time of two short many months, p2P net borrows market risk incident to erupt ceaselessly, with Tang Xiaoseng " run road " incident is start, the home with casting is suspected of collecting money bilk is a climax, the risk that deduced a free and easy to rise and fall makes fun of greatly. Somebody is what net of this round of P2P borrows the crisis to say " Lei Chao " , have person for " thunderstorm is seasonal " , but anyhow, p2P net borrows an industry to experiencing an unprecedented test and challenge.
As the near future, of superintendency orgnaization, guild and mainstream media make known his position in succession, this round of agitation is met for certain slowly retire, p2P net borrows the market to also will tend stage by stage stable. Current, while all circles is reviewing the matter that causes this unrest, the enlightenment that we leave after we should face up to agitation to pass more in fact and P2P net borrow the way of market future. No less than, divine Ba Fei once had a famous remark especially, "After spring tide retire, just know who is naked swim " , this P2P net borrows spring tide retire, leave us to think to still have a lot of with the problem of straight face.
Thunder wet itself is the process of eliminate the false and retain the true round, after sea cleans out sand, combine the travel before compasses platform still needs encourage normally. The platform of about a hundred P2P of near future occurrence problem " explode thunder " particular form is diversiform, include tall valve or control a person actually to break couplet to run road, because platform is put in debt of many exceed the time limit and announce to close down, worsen because of market environment and announce actively clear dish exit, because investor is informed against,be closed down to wait by classics detect directly even. But no matter be why to be planted,behave a form, the platform of above great majority all exists such or in that way problem, basically center in partial platform to assure from be in harmony and correlation wait for hidden trouble to send risk accumulation; Partial platform wind controls capacity exceed the time limit of insufficient, borrower is serious; Partial platform still exists to violate compasses business in great quantities, create capital pool, deadline fault matchs serious; Financial standing of partial platform oneself is exasperate, capital catenary ruptures; Also exist to wrap around individually wear what P2P net borrows appearance to collect money bilk or suck Chu Ping stage illegally. In Internet banking venture the big setting of special punish falls, again the change of environment of together with market, above of these types violating compasses illegal platform is very difficult hide so that cross this " catastrophe " , pass a barrier of deceive of very difficult also pass away the sham as the genuine.
Visible, appear on the market at present " Lei Chao " without what baffling, it is normal market goes quiet in fact, accord with basic market economy rule already, also accord with law of superior bad discard. But undeniable is, the negative effect of this one agitation has spread to normal network to borrow platform stage by stage, cause investor to reduce the investment faith of pair of P2P industries, caused certain impact to the healthy progress of the industry.
To superintending an orgnaization character, besides be on guard financial venture, beyond normative industry development, how compose builds fair, benign market environment, how to build " help actor up to be restricted bad " zoology, this agitation should think most afterwards. To adding up to compasses platform character, how to forget general benefit finance " first heart " , stand fast the market position of hard-earned, had maintained the interest of each borrower and investor, become the first class major issue that is placed before platform.
Lei Chao can not obliterate the general benefit value of Internet finance, advantage drops financing channel quickly is the biggest money that each other gold brings. At the beginning of Internet finance is born, the concept of its core is orgnaization of fill tradition finance cannot, the target that not be willing or does not miss a service or domain, although its serve an object to may have taller risk feature, but the asset that undeniable is Internet finance is carried more press close to is small small company and individual. There are a few nets this to borrow platform to appear in Lei Chao many exceed the time limit, this and current macroscopical economic situation and wind accuse ability to have very big concern, but also explain from another flank, the net borrows platform to be in enterprise of service Yu Xiaowei really, with hypostatic economy be as close as lips and teeth. Show according to tripartite data, p2P net borrowed accumulative total to satisfy requirement of 25 million or so borrower, amount of accumulative total loan is controlled in 7.2 trillion yuan, if deduct those false or from circumstance of be in harmony, also have 5 trillion at least - 6 trillion capital backed real capital requirement, also be at the same time on the profit that the investor of ten million created many yuan 4000. What someone says a smartphone is fast gain ground to upgrade for Chinese economy transition brought opportunity, the occurrence of same Internet finance more made Chinese society progressively form a batch to be willing, the client group that likes to carry financing, investment and conduct financial transactions through shift, this is the serious money that further innovation develops Chinese money market.
The essence of Internet finance still is finance, need holds a card to manage, need to raise admittance threshold more. The business essence of Internet finance is finance, this gain each consensus basically already. Put forward according to current superintendency orgnaization " always manage financial business to need license plate " administrative concept, internet finance needs to hold a card to manage as much. From Internet banking venture the incorporate since special punish and current network borrow the Lei Chao that the industry appears, already all made clear put on record make and can't delay commentate and reduce a risk. In view of the fixed position that shifts message medium to P2P net currently, the proposal is established " the network is leasehold message medium license plate " , the platform that lets accord with superintendency requirement is obtained as soon as possible put on record, hold a card to manage. Here license plate management falls, aptitude of the real pay capital that borrows platform to the net, partner, wind accuses ability and tall canal qualifications and record of service to wait undertake materiality examine and verify, raise industry threshold with this. In the meantime, to unavailable aptitude, the company that runs without the card undertakes be investigatinged severely, true accomplish the law is depended on surely.
Internet finance needs more complete finance infrastructure, the system that sign a letter, creditor's rights is registered reaching data count is crucial. Will look at present, lack support of necessary the data that sign a letter, make one of main reasons that restrict P2P net to borrow industry health to develop. As a result of current Internet finance platform cannot believe data butt joint with Central Bank ask forring, put an end to bull very hard from fountainhead leasehold, combination is cheated borrow, aid borrow black produce and the existence of abb party. In the meantime, the ill will of a few borrower that go out is exposed to default in second Lei Chao from now on wait for behavior, because cannot receive the Central Bank to impose letter system,also make clear, borrow to the net break one's promise the chasten pressure with person necessary lack and significant step, break the law violate plan cost too low. Around financial infrastructure, the 100 travel ask forring that the proposal is built as soon as possible and move to be dominant with association of Chinese Internet banking believe a system, form industry of each other gold to ask for letter database, believe data butt joint with Central Bank ask forring to rely on with this. The proposal consults illicit collect fund runs a way, the creditor's rights liability that establishs a net to borrow an industry to unite registers a system, let investor, borrower reach superintendency orgnaization to have according to but abide. Below the guidance that suggests in financial industry integrated statistic works, the information count that establishs industry of each other gold to unite and report platform, facilitate already the formation of occupation standard, the execution that also facilitates the industry is superintended. In the meantime, borrow capital to put in the light of current P2P net be in charge of and pay channel not the problem such as free, can try sexual ground to build policy sex capital to put tubal channel and liquidation platform, reduce the operation cost of platform of each other gold, more letting benefit gives small small company.
Supportive finance science and technology develops, play finance science and technology is endowed with can ability and international competition ability. Be in reasonable guiding while P2P net lends group of the service individual with more strong industry, small small company, ought to encourage company of each other gold to enhance digital general benefit to serve ability, stress innovation of technology of science and technology, and rather than superintends the innovation that cover interest. On this foundation, should encourage company of each other gold to strengthen the cooperation with the outside further, reach the collaboration of traditional banking orgnaization with traditional industry especially. Endow with directly when financial science and technology can at traditional industry chain, supply catenary finance to be able to accuse mode to develop the ability that serves small small company with its particular wind. Endow with directly when financial science and technology can at in small bank, can produce catfish effect, in activation small bank vigor, promote its transition to upgrade, build mutiple level bank system.
Of course, to superintending an orgnaization character, should provide more cooperative mechanisms and system framework, put jointly for example borrow, aid the bag outside borrowing collaboration and wind to accuse to reach the service after borrowing to wait, guide each square orgnaization is adding up to the implementation below the premise of compasses mutually beneficial mutual benefit and help each other.
The rapid development of company of large Internet banking, the actual strength of financial science and technology that also lets China had international level. Below effort of a few years, internet finance of China all goes in the world in the respect such as dimensions, technology and mode front row or in be in the first echelon formation, represented the trend that global finance science and technology develops. Accordingly, should publish supportive measure, encourage company of each other gold to extend overseas business, output ability of financial science and technology, realize bigger platform structural frame.
Compose builds the lasting effect of Internet finance to superintend a mechanism, before forming in hind superintendency system, come true superintend with drive and be in harmony. Current Internet finance risk is special repair work is a superintendency move that has level sex feature, its core major idea is to dissolve gentle commentate the risk that put an amount, but to long-term development character, compose builds the lasting effect mechanism that Internet finance superintends to have value more.
The superintendency frame that at present P2P net borrows the market is preliminary already form, but from the point of practical effect, still be deficient in somewhat. Register put on record, the bank puts canal and information to announce more reflecting to be in beforehand management, the risk early-warning that should strengthen pair of platform program operation further is monitored, the crisis that enhances platform deals with and exit how-to the guiding that waits for a respect and management. In the meantime, develop to supporting general benefit finance, the add up toing that aids financing of Li Xiaowei industry compasses message medium still should give allowance of taxation privilege, accrual urge measure, reduce cost of financing of small small company with bona fide, produce the general benefit effect of Internet finance.
Build mutiple level money market, encourage transition of Internet banking company to upgrade, bigger play finance serves hypostatic economy capacity. P2P net borrows the fixed position of platform message medium to accord with the attribute of financial science and technology, also facilitate risk management and industry are superintended, conduce to current condition next preventing accuse and dissolve the venture that put an amount. But undeniable is, the fixed position of message medium can not remove the risk feature of industry itself, cannot solve information asymmetry problem completely, become free more impossibly at superintending the excuse besides. More important is, the fixed position of message medium stressed the feature of the characteristic of platform mode and dimensions economy, see the ceiling of amount of inevitable existence orgnaization from gross, this also is this Lei Chao erupts, a large number of small orgnaizations exit a of the market essential logic.
Borrow the transition of platform in the light of P2P net, england and United States also are in exploration. For example, british Zopa been applyinging for bank license plate, and the United States is intermediary of coadjutant sex finance formally also to extend small bank or community bank license plate. Accordingly, when Internet banking venture special punish comes to an end, close plan is legal platform is passed put on record, whether can consider to borrow platform to offer for P2P net the following 3 kinds of optional method:
The first, to having advantage of intermediary platform mode, have massive financing end and the platform that asset carries butt joint ability, extend the network is leasehold message medium license plate, the fixed position that matchs service company according to message medium or finance undertakes superintendency to its.
The 2nd, stronger to having capital actual strength, risk manages the orgnaization of ability, allow its to apply for a network small borrow even kind financial license plate, undertake superintendency to its according to the requirement of credit intermediary.
The 3rd, to having capacity of innovation of science and technology, have the company of Internet operation gene, allow its and financial orgnaization or other orgnaization collaboration, the demand that serves a company according to company of science and technology or finance undertakes superintendency to its.
Have the kind that superintends through classifying development, classification only, ability avoids " one knife cuts pattern " superintend, ability guides Internet finance orgnaization effectively back small small company, abound and perfect mutiple level money market, avoid coessential spend competition, implementation serves the general benefit finance at hypostatic economy to develop a target.
The author is law of place of finance of courtyard of Chinese company division and financial room vice director, national finance and law of development lab banking and secretary of superintendency research base
