摘要
中国对金融创新的监管宽容给互联网金融行业带来了快速增长和前所未有的发展机遇,也引发了难以预见的金融风险和法律责任。第一次着手监管互联网金融,中国政府摸着石头过河,逐步走向干预。以往的文献在关于互联网金融企业如何应对日益严格的监管方面讨论得还不够充分。文章主要以2012—2018年互联网金融上市公司的执法和创新的数据为实证证据,对我国互联网金融实验式监管模式进行有效性评价。双重差分的实证结果表明,当监管收紧时,诉讼数量和专利申请数量有显著增加。由此可见,互联网金融监管的实验式治理模式逐渐被市场所接受和消化。这些监管规则在司法实践中得以实施,并激发了专利申请中的良性竞争。
China’s regulatory tolerance of financial innovations brought not only rapid growth and unprecedented development opportunities to the internet finance sector but also triggered unexpected financial risks and legal liabilities.In its first attempt to regulate internet finance,the Chinese government "crossed the river by feeling stones," moving gradually toward intervention.However,the existing literature has not adequately investigated how internet finance enterprises have responded to tightening regulation.This paper evaluates the effectiveness of China’s experimental regulatory approach to internet finance,drawing empirical evidence from the law enforcement and corporate innovation data of listed internet finance companies from 2012-2018.The difference-in-differences results indicate that the number of lawsuits and patent applications significantly increased with tightening regulations,indicating that the experimental legislative governance of internet finance has gradually been accepted and digested by the market.These regulations are enforced in judicial practice and stimulate healthy competition in patent applications.
作者
肖善允
Xiao Shanyun(School of Law,City University of Hong Kong,Hong Kong 999077,China)
出处
《科技与法律（中英文）》
CSSCI
2022年第1期127-139,148,共14页
Science Technology and Law（Chinese-English Version）
关键词
互联网金融
有效监管模式
加紧监管
法学实证研究
双重差分
internet finance
effective regulatory pattern
tightening regulation
empirical legal study
difference-in-differences
