摘要
本文从网络经济学角度来分析互联网金融。互联网金融是互联网企业依托其电子商务或社交媒体网络,为其客户提供的附加服务。由于'网络效应'产生的巨大威力,那些积聚了海量客户的互联网平台往往可以轻松进入金融服务领域并迅速扩张金融业务。然而,由于网络效应常常导致'赢者通吃'的现象,估计未来仅有少数的互联网金融平台可以生存,而绝大多数规模较小的平台都只会是昙花一现。鉴于互联网金融并未改变金融业务的本质,对它的监管也应该秉承与传统金融监管一致的原则与框架。监管部门应该借助互联网金融的创新与发展,积极放松金融管制,给传统金融机构松绑,而不是把互联网金融的创新扼杀于襁褓之中。
From the perspective of network economics, internet finance is a natural extension of value-added services by internet companies to the participants of their existing e-commerce or social media networks. Due to network effects, internet companies with a large customer base could enter financial service industry fairly easily and grow their business fairly quickly. However,as network effects often lead to a winner-takes-all scenario, only a few internet finance platforms are likely to survive in the future. Financial regulators should treat internet finance companies with same principles and frameworks that they apply to traditional financial institutions, as we see no essential differences between the financial products and services provided by these two types of institutions. However, this does not mean that regulators should stop internet companies from providing new forms of financial products and services, but to allow traditional financial institutions to provide similar products and services, as long as systemic risks are in control.
作者
孙明春
SUN Mingchun(China Broad Capital)
出处
《新金融评论》
2014年第3期140-158,共19页
New Finance Review
关键词
互联网金融
网络效应
信息不对称
两边市场
Internet Finance
Network Effects
Asymmetric Information
Two-sided Markets
