Font Size: a A A

Research On Development Of Internet Finance In China

Posted on:2017-04-29Degree:DoctorType:Dissertation
Country:ChinaCandidate:X LiuFull Text:PDF
GTID:1109330482494008Subject:Finance
Abstract/Summary:PDF Full Text Request
Internet finance is the integration of Internet and finance, the Internet has open sharing, the concept of everyone involved, and in the implementation has the congenital advantage on data acquisition and analysis, financial is to achieve the inter-temporal allocation of resources, reduce the degree of information asymmetry, both has the natural fusion. In recent years, the fast development of the Internet finance, on the one hand, the Internet companies tap into the financial sector, and on the other hand, the traditional financial institutions but also facilitate the integration of the Internet, which enables the reform of China’s financial industry, built a different kind of financial ecological environment. Internet financial essence is the financial, as "financial intermediary" again, the process of the intermediate state is more flat and transparent, and at the same time make more small micro institutions or individuals using the Internet to facilitate participation in financial activities, expand the long tail market, gradually realize the universality, solved the problem of "the last kilometer" financial "capillary" develops, injected into the real economy. Financial as a kind of financial innovation, in a word, the Internet has injected new vitality to the financial industry in our country, is the highlight of China’s economic development and growth, and conforms to the needs of China’s national conditions, but in the process of development, the risk gradually exposed, especially large-scale P2 P industry appeared the varying degree to honour the crisis, it is worth mentioning that the Internet financial "crossover" and "mixed" and "virtual" characteristics, both financial risk and risk of the Internet, very high risk of infectious and relevance, risk once the trigger point, easy to cause systemic risk, but the present stage our country adopts a system of "separate operation, separate supervision", have lagged behind the development of the Internet financial regulatory way. Therefore, to promote the financial innovation at the same time should also pay attention to the building of the regulatory system, and stable development of the economy.This paper is on the reseach of internet finance in China, to found the corresponding theoretical framework and methodology on the basis of the problems in the financial development of the Internet, and thus solve the problem, mainly involving the Internet financial concept, mode and the present situation, the Internet financial risk and the regulation of the Internet financial three issues to explore. About Internet financial concepts, patterns, and the present situation of research, the Internet and between financial and integration, the financial and financial series of concepts, such as the Internet, the Internet access to information is presented in this paper, on the basis of the Internet financial and general Internet financial concept as the starting point of the Internet to define the concept of financial, at this stage the Internet not only financial, the concept of fuzzy classification of the operating patterns also debated, this article emphatically to the third-party payment, the raise, the P2 P network, Internet loan insurance of six kinds of mode, business process and current situation of the development of the concept of the specific analysis, found the P2 P network credit is the largest Internet financial model at present, and transaction amount is larger, but compared with the traditional financial institutions share is still small; Study on the Internet financial risks, combined with qualitative and quantitative analysis, this paper from two aspects: source of risk and operational pattern classification of the qualitative analysis of the Internet financial risk, found that Internet financial risk with the Internet, and compared with the traditional financial credit risk, liquidity risk and operational risk ratio changed, gradually increase the proportion of operational risk, from the point of operation pattern classification, P2 P network face a greater risk of credit loan, Internet money funds face relatively large liquidity risk, the raise the operating risk is bigger. Qualitative analysis is based on the analysis of problems on the Internet have basic financial risk, the more comprehensive understanding, this article is to P2 P network and Internet monetary fund loan risk influence factors of two kinds of operation mode has carried on the quantitative analysis, using panel Probit model and a Logit model of binary choice model to our country the P2 P network platform platform to study the risk factors, which concluded that month turnover, lending, than the next 60 days also, media exposure, comprehensive information transparency, the types of shareholders, the types of funds managed types and safeguard the eight variables for the platform is a low risk probability values are affected, borrowing amount per capita, the top 10 borrowers stay also amount and nearly 30 days net amount for platform is a low risk probability value of negative influence, and borrowing the number and cumulative amount to stay still, registered capital, operating time, financial leverage, platform, the total industry risk value and risk value of solvency for platform does not significantly affect the conclusions. For Internet monetary fund risk analysis, then USES the improved PFM(Private Firm Model) method to calculate the market value of the assets twenty monetary fund in our country and volatility, and the corresponding default distance and expected default rate, results show that the judge monetary fund to consider fund size, every accrual, operating income, total profit and default distance and expected default rate; On the other hand, compared with the stock funds, currency funds are not necessarily risk-free. Finally, reference international regulatory experience, based on the status of the Internet in the development of the financial risk and regulatory, pointed out from three aspects: the law and principal part design and infrastructure to build the regulatory system, on the basis of the construction of laws and regulations, clear regulatory agencies, implementation platform self-control, self-discipline and different levels of supervision of the government, should make full use of big data technology were put forward to strengthen infrastructure construction, construction of credit reporting system and risk early warning mechanism, such as large data regulation. On the basis of the analysis of the above content, this paper for the future development direction of Internet financial assumptions and put forward corresponding Suggestions, in order to have a reference value.
Keywords/Search Tags:internet finance, operation pattern, financial risk, regulatory
PDF Full Text Request
Related items