The Research On The Legal Regulation Of Internet Consumer Finance

Internet consumer finance has obtained innovative development due to technological breakthroughs,economic deepening,social development and legal support.However,this kind of small,decentralized and unsecured Internet credit loan mainly faces the "long tail" users with low and medium net worth,similar to the Chinese version of "subprime".If there is no effective legal regulation and risk prevention of Internet consumer finance,it may induce China's version of "subprime risk".At present,the legal regulation of Internet consumer finance has aroused widespread concern and discussion in the academic and practical circles.However,due to the fact that the issue spans the three disciplines of law,finance and Internet,there are many discussants,but few in-depth researchers.The logical starting point of the legal regulation of Internet consumer finance lies in the connotation and legal structure of Internet consumer finance.Through the analysis of keyword co-occurrence network of "consumer finance",the concept and main mode of consumer finance are effectively clarified.Then through the analysis of the quality and efficiency of consumer financial services,the connotation of Internet consumer finance is determined.This paper further makes a comparative study of Internet consumer finance,Internet finance,consumer finance and internet lending to clarify the legal boundary of Internet consumer finance.Compared with the traditional financial theory,Internet consumer finance,as a new type of financial technology business,although originated in foreign countries,has developed rapidly in China,which has its development dueness as well as its necessity.This paper uses Cite Space to analyze the keyword co-occurrence network of Internet consumer finance,and uses more than 1000 questionnaires on the development and risk of Internet Consumer Finance(2019),based on the traditional financial basic theoretical framework,this paper holds the opinion that the theoretical pillar of Internet consumer finance mainly includes development motivation,development mode,risk regulation and legal regulation,and they have a logical relationship.With regard to the development motivation and mode of Internet consumer finance,referring to the maturity curve of Internet technology,this paper divides the development of Internet consumer finance into embryonic development,emerging growth,rapid growth and mainstream market stage.Based on the data analysis,this paper estimates that the current scale of China's Internet consumer finance market is about 2306.21 billion yuan.And then,this paper further analyzes the development characteristics of Internet consumer finance,as well as the development motivation from the perspective of law,economy,society,and technology.Behind these rapid development,compared with the development mode of common law system and civil law system,Internet consumer finance in China has formed a dichotomy development mode: the Internet of consumer financial institutions and the consumption finance of Internet institutions.Then this paper analyzes its operation mechanism and legal relationship.Behind the rapid development of Internet consumer finance,there are also some problems and risks in the legal regulation of Internet consumer finance in China.Based on the analysis of the legal regulation and judicial adjudication of Internet consumer finance in China,this paper chooses three typical cases of Internet-based consumer finance institutions(Home credit consumer finance company case)and Internet-based consumer finance institutions(Fenqile company case and Tencent company case)under the development mode of dichotomy,and makes in-depth case analysis and legal issues exploration.And based on these micro legal phenomena,this paper raises them to the level of macro legal risk.However,the traditional non legal classification method of Internet consumer financial risk is more built on the internal characteristics of the industry than on the perspective of law.Based on the analysis method of subject and object relationship,this paper deconstructs the risk of Internet consumer finance into subject risk(operator subject risk and consumer subject risk)and behavior risk(operator behavior risk and consumer behavior risk).After reconstructing the risk of Internet consumer finance from the perspective of law,this paper further investigates the legal risk and overseas experience of Internet consumer finance.Through the comparative study of the operator's and consumer's suitability risks of Internet consumer finance at home and abroad,this paper deeply analyzes the subject risks of Internet consumer finance;In the aspect of Internet consumer financial behavior risk,this paper makes a comparative study on the comprehensive interest rate ceiling risk,the unfair competition risk of operators,the information asymmetry risk of operators,the default credit risk of consumers,and the risk of infringement of consumers' rights and interests,and fully draws on the experience of foreign risk regulation.Through the study of the development motivation,mode and risk of Internet consumer finance in China,it is of great significance to construct and perfect the legal regulation of Internet consumer finance in China.Firstly,it is necessary to clarify the logic and objectives of the legal regulation of Internet consumer finance.Its main objectives are to promote the healthy development of Internet consumer finance,avoid the outbreak of systemic financial risks and protect the legitimate rights and interests of financial consumers.Secondly,by analyzing the current legal regulation system of Internet consumer finance in China,it is suggested to build a comprehensive legal regulation system.Thirdly,we should strengthen the legal regulation from the two aspects of Internet consumer financial subject risk and behavior risk.The former includes strengthening the appropriate regulation of Internet consumer financial operators and consumers;the latter includes actively promoting the construction of Internet consumer financial legal regulation system,introducing "regulatory sandbox" to strengthen the dynamic balance of financial innovation and risk,accelerating the construction of Internet consumer finance infrastructure such as credit system,strengthening market regulation to build a fair and legal market competition environment,and constructing financial technology supervision to safeguard the legitimate rights and interests of financial consumers.