Research On The Construction Of China 's Internet Financial Credit System

In recent years, with the rapid development of Internet finance, the innovations of Internet financial model are emerging. The emergence of new financial model,represented by third-party payment, crowdfunding model, P2 P lending model, Big Data, has a huge impact on our national traditional finance, but with the innovative development of Internet finance, there are a plenty of Internet financial debt defaults.The credit deficiency problem becomes increasingly prominent and severely restrict the development of Internet finance. Moral hazard and Adverse selection caused byinformation asymmetry are important reasons of the credit deficiency problem. And theconstruction of credit reporting system can avoid information asymmetry, solve the credit deficiency problem effectively and reduce transaction costs. At present, Internet financial credit reporting system of China is not perfect and there are many defects such as the disunity standard of data, poor information sharing, lack of risk prevention capacity. So the study of Internet financial credit reporting system of China has important practical and theoretical significance.Adopting documentary research method, qualitative and quantitative methods,method of comparative analysis, this dissertation defines the relevant concepts of Internet financial credit reporting system, summarizes the content and features of Internet financial credit reporting system by comparing it with the traditional one,researches the development history of Internet financial credit reporting system of China, analyzes the major flaws of the current Internet financial credit reporting system of China and its influences. According to the information economics theory,transaction cost theory and game theory, this dissertation discusses that how to build and realize the Internet financial credit reporting system at theoretical level. At the same time, through summarizing the advantages and disadvantages of the main models of foreign financial credit reporting system, this dissertation proposes the conception of Internet financial credit reporting system of China and some practical advices.This dissertation argues that China should establish an Internet financial credit reporting system led by government, promoted by businesses and managed by industry and proposes that a model based on the combination between Internet financial credit reporting system and traditional financial credit reporting system should be taken as example for future development. The government is advised to pay more attention tomonitor and regulate Internet financial industry,play a leading role with central bank in the establishment of credit reporting system,identify and encourage businesses to participate into financial credit reporting system and take advantage of Internet financial industry to form Internet financial industry credit reporting standard.Legislation on internet financial credit reporting system should be emphasized and information collection permission be clarified to generate a comprehensive credit appraisal without invasion of credit object’s privacy. The application scope of credit information should be regulated and responsibility system be maintained to trace the accountability of privacy invasion. At last,credit knowledge should be popularized to improve the consciousness of protecting credit rights,defend privacy of credit object and property of Internet financial businesses and establish a scientific Internet financial credit reporting system in China.