Research On Digital Credit System

With the of the continuous development of digital information technology represented by big data,cloud computing,Internet and artificial intelligence,the credit system has also undergone digital and electronic changes.We call this digital credit system,which is formed with the help of digital technology,with the owner of digital knowledge as the main participant,and uses digital tools to act on digital economic elements,With the influence of digital technology,the digital credit system has changed in three aspects:the scale of credit activities,the design of credit system and the role of credit system.First,the specific form of the digital credit system and the surge of capital volume.At the end of 2019,the typical representative of China's Internet finance is P2P online loan industry,with a total turnover of 8.99 trillion yuan,and a monthly turnover of 42.889 billion yuan;the second is the digital expansion of the digital credit system.The United States has established a digital trading model represented by the Intercontinental Exchange and Ameritrade online trading system.The world financial trading centers such as London Stock Exchange,New York Stock Exchange and Chicago Stock Exchange have also adopted electronic trading systems.Third,the digital credit system has brought innovative financial platforms and new credit products.A variety of network innovative financial models,such as crowdfunding platform,P2P online loan platform,e-money fund platform,etc.,continue to emerge.Digital currency exchanges,such as coinbase,Robin Hood,Sofi and ant financial services,and Internet financing platforms also continue to develop,gradually becoming a new trend leading the development of digital credit system.The huge potential of digital credit system has attracted the attention of governments and scholars all over the world.The people's Bank of China has promulgated the development plan of fintech(2019-2021).The Federal Reserve investigates and researches the development of digital currency.Governments of all countries have made digital credit system an important field for future development.At present,the digital credit system is expanding in the global scope,but also presents some problems.On the one hand,different countries and regions show obvious differences in the development speed,innovation form,promotion scope and other contents in this development process;on the other hand,there are some traditional financial supervision loopholes and credit risk problems in the innovation form of digital credit system,among which the explosion of P2P online loan platform reveals the supervision loopholes of digital credit system,and Subprime crisis,Greek crisis and other events show the huge credit risk that may exist in the development of digital credit.Theoretical circles have also conducted a series of research on the connotation,development motivation and risk prevention and control of digital credit system.Many scholars at home and abroad have conducted rich research on the development of digital credit system in the context of Internet from the perspectives of digital financial development,institutional innovation,and digital credit development.Among them,some scholars have studied what is the motive force of the development of institutional form credit,what is its changing logic and path,and whether its evolving characteristics have rules to follow.From the perspective of the motive force of financial innovation and the evolution of the role of credit system,some scholars have studied the intermediary role of financial sector and monetary development from the perspective of industrial economics,institutional economics and finance The level of connection,technological progress and so on are explained.Some scholars have also studied the potential risks of digital credit system and its supervision.Starting from the basic research on the connotation and characteristics of digital credit system,this paper studies the potential risk management and control under the Internet technology and the credit risk brought by the uncertainty of financial technology.The rapid development of digital credit system still has great research value in theoretical analysis.Generally speaking,the existing research has analyzed the macro evolution trend of credit system and the latest development of digital credit system,but on the one hand,these research contents are relatively scattered,lack of integrity and systematic thinking;on the other hand,for the new characteristics of digital credit system in the Internet era,no matter the classical Marxist credit theory or the latest development of digital credit system Institutional economics,industrial economics and other contents can not be fully explained.There is still a large research space in analyzing the general characteristics and power mechanism of digital credit system.Therefore,from the perspective of political economy,this paper attempts to study the connotation,characteristics and development motive force of digital credit system.Through the construction of measurement model and the analysis of practical cases,the theoretical logic is verified and expanded.Combined with the development reality of China's digital credit system,the analysis is carried out in order to form a stable structure,complete function and coordinated operation The digital credit system provides valuable reference.The specific arrangement is as follows:Chapter one is the introduction.This part first describes the purpose and significance of this paper,then combs the research ideas and methods of this paper,and then summarizes the innovation,shortcomings and the direction of improvement of this paper.Chapter two is the theory of credit system,combing the classical Marx credit theory,credit system evolution theory and digital credit system related research in three aspects.First of all,it combs the classic credit theory of Marx,summarizes the basic connotation,function and evolution logic of credit system;second,it combs the research literature of credit system evolution,and systematically sorts out the relevant research on the development power and innovation drive of credit system in the economic circle;in addition,it also analyzes the current situation of digital technology development from the perspective of digital credit This paper summarizes the research of digital credit system from three aspects:the connotation of system,risk management and technical characteristics.These contents lay a solid theoretical foundation for the study of digital credit system in this paper.Chapter three is the history of the evolution of credit system.First of all,this chapter combs the periodic changes in the development of traditional technology revolution and credit system,and points out the role of technology development in the evolution of credit system;secondly,in view of the development of digital credit system brought by information technology revolution,it focuses on the new features of credit system brought by emerging digital technologies such as Internet technology,and promotes the evolution of production relations and system from productivity This paper analyzes the role of technology in the development of production relations from the perspective of power.The sorting of the existing historical data and practical materials provides the factual basis for the following research on the digital credit system.Chapter four is the theoretical analysis of digital credit system.First of all,research the connotation of digital technology and explore its role in the generation of digital credit system.Secondly,it focuses on the theoretical research of digital credit system,and analyzes its connotation and characteristics.In essence,digital credit system is the adaptation of production relations to the development of digital technology productivity and the product of digital technology revolution.The digital credit system shows the characteristics of double virtuality,technical intelligence and derivative,which together constitute the "digital" connotation of the new credit system.In addition,the role of digital credit system in economic production also shows the duality of promotion and hindrance.While promoting social production,it also implies the outbreak of crisis.Chapter five is the empirical research on the relationship between digital credit system and digital technology.Referring to the existing research results,this paper selects the digital financial inclusive index as the proxy variable of the development of digital credit system,selects the existing Internet technology achievements as the independent variable to represent the development level of digital technology,constructs the regression model of the interaction between digital credit system and digital technology,and estimates the model by using the System GMM method.Then it analyzes the effect of digital technology on digital credit system.Chapter six is a case study of the integration of digital technology and digital credit system.This chapter analyzes the institutional development trend that blockchain technology brings a kind of integration of technology and institution,and the mutual adaptation of productivity and production relations.Firstly,it analyzes the technical characteristics and institutional characteristics of blockchain,and studies the symbiosis of technology and institution contained in blockchain technology itself.Secondly,the application of blockchain technology in the digital credit system is analyzed,including its advantages and possible analysis.Chapter seven is the reality analysis of the digital credit system in our country.Through the research of the development status of the digital credit system in our country,we can see that the current digital credit market in our country is getting fast,it goes deep into all fields of economic society,and gradually forms a set of digital economic credit environment.However,as a new social production relationship,there are still some problems in the development of digital credit system.This paper provides policy suggestions for the development of China's credit system by combining the theoretical analysis and empirical results.This dissertation studies the digital credit system with the methods of combination of literal logic and real data,combination of concrete and abstract,system analysis,and combination of theory and demonstration.In terms of the whole research process,there are mainly three innovations:First,the concept of "digital credit system" provides a theoretical perspective of Marxist political economy for the analysis of credit problems.The existing theoretical research has not reached a consensus on the connotation of credit system under the digital background,and the existing research content is relatively scattered,with a large research space.From the perspective of Marx's political economy,through the research method from concrete to abstract,this paper makes a clear definition of the concept of"digital credit system" and explores the economic credit relationship behind the Internet Finance in the era of digital economy.Second,"technology derived system" and "technology symbiotic system" provide a new theoretical framework for the analysis of the evolution of credit system.Based on the correlation between technology and institution,this paper constructs a systematic theoretical analysis framework with the mechanism of the two as the core driving force of change,tries to find the universal connection between technological revolution and the development of credit system,and analyzes the integration of technology and institution in digital credit system,so as to provide new ideas for solving the problems existing in current credit system.Thirdly,the combination of reality analysis and econometric analysis provides methodological innovation for the theoretical research of digital credit system.On the one hand,this paper brings the credit theory analysis into the reality of China's economic development,and integrates the theory research with the reality analysis from the two aspects of the block chain technology application of the digital credit system and the reality of China's development;on the other hand,this paper uses the measurement methods of System GMM and differential GMM to make an empirical analysis of the role of digital technology in the development of the digital credit system,so as to make use of the reality number According to a more convincing analysis of the interaction between digital technology and digital credit system.