| Internet finance in China has developed in high speed and large scale in recent years.Internet users grows fast,producing vast amount of activity data,which forms the data base for Internet enterprises to analyze consuming needs and preferences.These data have also helped Internet enterprises to expand financial services,from simple payment to other financial services provided by traditional financial organizations such as credit,asset management,transfer remittance products and so on.In the process of division and specialization,Internet enterprises have focused on professionalized financial services to provide customers with full-scale investment and financing services.Internet financial services have brought about positive transformation.On one hand,it expands new channels in the traditional settlement areas,increasing the efficiency of financial transactions and consumer base of financial services;on the other hand,with the continuous innovation in electronic commerce,B2B and B2C and other payment service models,more innovations are seen in the settlement,guarantee,financing and so on.Expanding Internet technology to the financial industry has greatly reduced the time and cost of financial transactions,expanded the boundaries of financial services.However,at the meantime,virtualization,high-tech,transnational business and the absence of regulatory rules have become the major barriers for the development of Internet finance.These characteristics are also the determinate factors making its risk management more complex than the traditional finance.Internet finance is innovating with unprecedented speed.There's no ready-made rules to follow.The industry is often free from the CBRC and the central bank's supervision.Currently,the Internet financial laws and regulations is still in the drafting process.Supervision of Internet finance are in great difficulty based on the existing legal framework,the terms of reference and technical conditions.In addition,the openness of network makes the potential risks of Internet finance too critical to be ignored.The dual natures determine the risks of Internet finance more complicated and harder to control than that of traditional finance.Therefore,it has great theoretical value and practical sense to analyze and judge the current risk of Internet finance,classify risk types of Internet finance,summarize reasons and impact of its formation,and evaluate and measure the degree of the risk,as well as put forward the initiatives to deal with the risk.The paper gives a comprehensive and systematic study on the risk management of Internet finance from quantitative and qualitative respects.The first chapter-Introduction,explains the background and significance of this study.As a new industry,Internet finance has accrued great risks with the rapid growth since 2013.This has made risk management of Internet finance more imminent and crucial.The major points of risk management of Internet finance include identification of the risk types and impact,coordination of Internet financial and traditional financial risk,and scientific methods to identify and evaluate the risk.This paper analyzes the risk management of Internet financial development overall.Its research is of great value in a sustainable development of the industry.The second chapter-Theoretical Basis and Literature Review,introduces the relevant theory of Internet finance and literature review.Internet finance related theories are mainly financial innovation theory,inclusive financial theory,the long tail theory.This paper analyzes the characteristics and types of financial risk and the related theories of financial risk.And from basic connotation,mode and characteristics of the Internet finance,connotation?types?causes and mechanism?measurement and evaluation?supervision and other aspects of Internet financial risk,reviews the related literature summary.The third chapter-Development and Model of Internet Finance.This chapter first analyzes Internet Finance's development background and process,and then studies the six major models and characteristics.Internet finance has experienced four major development phase since its advent almost 10 years ago.2013 is called Year One of Internet Finance,while 2015 is called Year One of Internet finance supervision.Internet finance has been pushing the trend of media-detach of modern finance,and promoting the combination of traditional finance industry with Internet.It has also forced the pace of transforming the financial market and the finance supervision.The chapter also discusses the six major models including the third party payment,P2P net loan,big data finance,public chips,informational financial institutions and Internet financial portals.The fourth chapter-Main Forms of Internet Financial Risk and its Impact.Internet finance is one of the major manifestation of information economics.The risk of traditional finance has displayed multiple new forms in information conditions.Internet financial risks mainly include the general risk and special risk.The general risk is similar to the traditional financial risk,and the special risk include technical risk and policy risk.Analyzes the characteristics of Internet financial risk and its formation mechanism,and analyzes the main impact of Internet financial risk on the macro economic activities and micro economic entities.The fifth chapter-Comprehensive Assessment of Internet Financial Risk.This paper builds a comprehensive assessment index system of Internet financial risk,using the Fuzzy Analytic Hierarchy Process,which is a comprehensive assessment method for the Internet financial risk.FAHP has good applicability for the Internet financial risk assessment.The results show that the comprehensive risk of Internet finance is at a high level.The sixth chapter measures the size of the Intrnet financial risks.Taking P2P net loan platform as an example,this chapter constructs the P2P risk evaluation index system,and measures the P2P platform risk by the logistic model.The result shows that the asset quality,liquidity,IT technology level have a significant impact on the risk size.The model prediction accuracy rate of more than 90%.The seventh chapter-Corporate internal control of Internet financial risk.We constructs the internal risk control model based on the comprehensive risk management from the theoretical level,and discuss the mechanism of internal control.We also discussed the technology risk control,and brought forward a new risk management ideology of controlling the internal-company risks using Big Data.The eighth chapter-Internet Financial Risk Supervision.Firstly,the paper shows the necessity to regulate the Internet financial risk,then uses evolutionary game to get evolutionary stable strategy of Internet financial risk supervision of both sides,finally puts forward the basic framework of risk management,including four aspects of supervision principles,supervision level,supervision paths and supervision contents.The ninth chapter-Summarizes the main conclusions and puts forward the policy recommendations to strengthen the financial risk management of the Internet.First it summarized the main conclusions of previous study of Internet financial risk,then based on the awareness and understanding discussed in previous chapters,policy proposals for resolving the internet financial risks according to the specific circumstances of the present are brought forward. |
PDF Full Text Request