| Effective financing of funds is one of the necessary conditions for the development of market and economic,loan-based crowdfunding makes the use of information technology,it has greatly expanded the time and scope of capital circulation,it has covered the groups and areas that have not been effectively covered by traditional financial institutions and services.Loan-based crowdfunding has greatly improved the efficiency of capital circulation and brought huge changes to social and economic life.Similar to traditional financial services,the risks of loan-based crowdfunding are also increasingly exposed in the course of rapid development.With the centralized outbreak of the risk of loan-based crowdfunding,the regulation is increasingly deepened by regulators,and the supervision measures are gradually increasing.From the present regulation practice and international experience,the regulation of loan-based crowdfunding is mainly around its risks,various regulatory measures introduced have targeted the corresponding risk.The risk of loan-based crowdfunding is not only a major cause of regulatory intervention,but also the starting point and the foothold of effectively guard against the risk,so the system research on loan-based crowdfunding risk is a precondition for exploring of supervision.Loan-based crowdfunding risk research occupies an important position.Only by combining the risks and specific risk categories,we can ensure the effectiveness and pertinence of risks and ensure the healthy and steady development of loan-based crowdfunding.Whatever the research of the risk and the regulation of loan-based crowdfunding,the ultimate goal is to optimize the regulation,in order to ensure its financial innovation and reduce its risk.At the same time,it will protect the interests of borrowers and platform,it will improve the level and depth of the entity financial service,at last it will promote financial market,especially the lending market further optimization.Using the information asymmetry theory to analyze risk origin,we can find all parties involved in lending activity have asymmetric activity information and knowledge ability.Compared with the network platform,the borrowers have more comprehensive and authentic information about its status of credit,the lenders'information are the content that the platform discloses after filtering.As a result,information asymmetry bas been formed in loan-based crowdfunding.In the process of the whole network loan transaction,the information disadvantage of the participating parties gradually becomes the real risk.The asset end and the capital end make the loan transaction based on the loan-based crowdfunding platform.From these three aspects,the risk map of loan-based crowdfunding can be delineated.From the perspective of online lending funds,the risks are mainly credit risk,fraud risk,lack of transparency or information misleading,legal risk,liquidity risk and operational risk.From the perspective of the asset side,in addition to the similar credit risk,fraud risk,legal risk,operation risk and liquidity risk,asset side also faces the risk of lack of transparency or misleading information.From the point of the money end and the asset side,the regulators should relevance evaluation system,set up account classification system,set the account for debit and credit transactions "cooling-off period" rules and build crossplatform secondary market.It is worth noting that network lending platform plays the role of a bridge between the money end and the asset side,the regulation does not directly upon itself,but through the network platform lending to implement regulation.Although the regulatory authorities locate the network platform to information intermediary,but no matter from the point of view of the current practice and future market outlook,it is more worthwhile to define it as a credit intermediary.From the network platform's point of view,it faces the risk of fraud risk,operation risk and the risk of money laundering,but to develop and optimize the regulation strategy is not only to consider its risks,it also need to combine the risk of the money end and the asset side.Based on three sides risk to consider,nature of borrowing by network platform to distinguish,for network information intermediary lending to apply for the record registration system,the network system of credit intermediary is applicable license registration.Combined with network lending business process,highlight the behavior regulation of borrowing for network platform,establish the basic content of network borrowing contract,set up special combined with general information disclosure system,lending to refine the network information disclosure of the content and form requirements,in the central database construction as the breakthrough to speed up the network lending industry network infrastructure lending industry,identify the central database specific construction principle,use range,system function and safety requirements,combined with the industry standards,information disclosure system and data specification network lending platform data standards and interfaces.In addition,the content of loan-based crowdfunding regulation should also include online lending marketing and debt collection.To standardize network marketing,we should restrict network of lending credit advertising and adjust the incentive mechanism.To standardize the debt-collection need to stipulate the debt confirmation,information investigation,collection of claims and other non-litigation collection.It is also necessary to explicitly prohibit inappropriate collection methods such as harassment or abuse,false or misleading statements and other unfair debt collection practices.Behavior regulation is the key point of loan-based crowdfunding information intermediary supervision.In addition to the basic regulation,the supervision on the information intermediary should be stricter.These prudential supervision measures mainly include the dynamic capital requirements to deal with the credit risk,the liquidity index of liquidity risk and the fund isolation system to deal with operational risks.Dynamic capital requirements to platform of minimum capital requirements as the core,according to factors such as the business scale of net credit platform on a regular basis for dynamic adjustment,in addition also supplemented the qualifications of executives and the hardware and software infrastructure,formulate corresponding entry requirements.Liquidity index requirements depends on the platform of network loans to implement the on-site inspection system,regulatory authorities according to the previous question platform of data and the operation of the existing platform information,combining with the characteristics of network lending industry,set slightly below the liquidity coverage ratio of commercial Banks and net stable funding ratio requirements,request submitted necessary real-time trading information network platform loan and summary data,the network platform of business judgment and evaluation on the scale and level of liquidity risk,on the possible existence of liquidity risk set up the risk early warning mechanism.Capital segregation in client funds depository financial institutions in the banking industry as the core requirements,highlight the continuous supervision of capital depository,including but not limited to lending to network platform to release to the customer the customer processing flow of funds,banking financial institutions to deposit validation,regulatory or industry selfdiscipline organization the verification results of network platform for lending funds depository,etc.Regulations require regulators to implement and carry out,the subject in the field of borrowing from scratch until the overmuch,from central to local levels lack of regulation and coordination among many of the regulatory body,power and responsibility of unknown problems stand out.In order to ensure the supervision effect,we should clear the China banking regulatory commission is the main body of loanbased crowdfunding and its behavior.From played to the advantages of both the central and local levels,the central level,led by the China banking regulatory commission the central level regulator with departments in the form of the joint chiefs of staff supervision coordination,place is led by local financial offices(bureau)of local network lending supervision coordination mechanism model to strengthen supervision coordination of the central level and local level.To the central and local interaction in the field of loan-based crowdfunding regulation,we still need to refine the dispatched office of CBRC cooperate and assist the duty of local financial regulators,which increase in regulatory rules the dispatched office of CBRC in borrowing regulation network in the field of legal responsibility.Loan-based crowdfunding industry self-discipline is the intermediate zone between government regulation and micro market,it can involve areas that regulators cannot cover,it is a complement to the spontaneous financial regulation and market regulation,it becomes the bridge and the link connection regulation and market.It plays role in introducing a series of industry self-regulatory norms and business standards.By strengthening information disclosure and public opinion supervision,it will highlight market constraints and stimulate the free choice between social supervision and the parties of lending and borrowing.In establishing the perfect network system on the basis of the lending industry self-discipline rules,we also need to supervise the industry through certain technical means.For members who violate the rules of selfdiscipline,they should apply effective and practical material punishment,increase the cost of violation,and improve the implementation effect of self-discipline rules.Out of need to improve the effect of self-discipline management,self-discipline organization also need to strengthen the interaction with the regulatory authorities,actively strive for the authorization of regulatory authorities within a certain range,such as data statistics,network to network lending industry credit information basic database and network lenders deal registration clearing services industries docking and infrastructure construction.The birth of loan-based crowdfunding is closely related to the technology,especially the improvement of internet.With the development of Internet technology,all kinds of unprecedented technological breakthroughs have created new opportunities for the future development of loan-based crowdfunding.Through the use of big data technology,net platform can handle more amount of data than traditional risk control.It can analysis the information of borrowers and lenders from multiple dimensions,iterative and dynamic adjustment analysis methods and strategies in the process of processing to form data information analysis results that meet the needs of loan-based crowdfunding.Block chain technology can effectively enhance the network platform lending information matching efficiency,effectively reduce the risk premium cost and recessive guarantee cost of funds,it can also prompt the focus to improve information interaction efficiency,improve success rate of dealmaking,depth excavation valueadded services.Otherwise,block chain technology also helps to improve the regulation efficiency of online lending platforms.Regulators also make use of block chain technology as a participating node,it will make trading information transparent integrity,achieve higher efficiency and lower cost of supervision.The future development of loan-based crowdfunding is inseparable from continuous business innovation and model innovation,and the "supervision sandbox" system can effectively balance the relationship between innovation and risk.The system mainly focuses on the application subject,operation and maintenance main body,operation process and consumer protection measures.Under the premise of complying with the existing supervision system in China,it is important to realize the connection between business innovation and existing regulatory rules and introduce various forces.As a result,our country's loan-based crowdfunding industry will continue to innovate and develop healthily. |
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