Study On The Legal Issues Of Peer-to-peer Lending Financing Guarantee In China

It is an important content of deepening the financial reform,promoting the financial innovation,expanding the financial industry to internal and external opening,and building a multi-level financial system to promote the healthy development of the Peer to Peer Lending(P2P)industry and enhance the quality and efficiency of the Internet financial services.The outbreak of a series of problems has not only failed to make it work as Inclusive Finance,but also increased the risk of investing,and also prompted people to re-examine P2 P industry,especially the commitment of “Breakeven interest” made by P2 P platform becomes a major obstacle to the healthy development of P2 P.This paper is based on the important one of P2 P market turmoil problems – the P2 P financing guarantee problem,to explore the nature of P2 P financing guarantee,analyze the legal issues of it and find the causes,put forward appropriate solutions to ease the current problems,regularize the financing guarantee behavior of the market,and promote the development of P2 P toward a positive direction.In addition to the introduction and conclusion,this paper is divided into five parts:The first part is “the basic description of P2 P financing guarantee”.This part mainly introduces the basic situation of P2 P financing guarantee through summarizing the P2 P financing guarantee definition,characteristics and operation actuality,and it is mainly divided into three points: firstly,through referring to the traditional guarantee theory on the definition of the guarantee and according to the new features of P2 P financing guarantee,then it can make a simple definition of P2 P financing guarantee;secondly,through the combination of the operation actuality of P2 P financing guarantee,it can draw out its characteristics of inclusion,initiative and high uncertainty;Thirdly,it introduces the basic operating status of P2 P financing guarantee after removing the guarantee of P2 P platform.The second part is “the main legal issues of P2 P financing guarantee”.This part is mainly based on the existing legal norms of P2 P and financing guarantee,and it is concluded that there are different legal disputes in the two modes of P2 P financing guarantee in China.Among them,in the mode of risk reserve fund,there are the legal issues of guaranteeing in disguised form by P2 P platform and the amount of risk reserve fund violates the rules of prudent operation;In the mode of third-party guarantee,there are the legal issues of the guarantee institution's qualification of chaos and the relationship between the platform and the guarantee institution.The third part is “the analysis of the causes of legal issues of P2 P financing guarantee”.This part mainly analyzes the causes from different aspects.In terms of legal norms,the lack of legal norms of P2 P and the financing guarantee industry caused the industry development lacked correct guidance;Interms of regulatory,the confusion of supervision agency caused the poor supervision;In the socio-cultural terms,the drawback of public investment psychology caused the issues of “Rigid Redemption”.The fourth part is “the comparison of P2 P financing guarantee between China and foreign countries”.This part mainly compares the development of P2 P in China with Britain and the United States from the rationality of P2 P security system construction and the perfection of legal system and the credit market infrastructure.Among them,through the comparison between British “Safeguard Fund” and the risk reserve fund of China,we can see the importance of the funds' independence;The development experience of pure intermediary mode of P2 P in United States proved the importance of legal norms' perfection from the opposite side;The development experience of personal credit information collection system in the United States also provides an important reference for the settlement of the issues of P2 P financing guarantee.The fifth part is “the solution to the legal issues of P2 P financing guarantee in China”.This part is divided into five parts,and it proposes the solutions respectively by formulating and perfecting the legal norms,strengthening the supervision,and building the relevant system.First,through definitizing the legal form of the risk reserve fund and the legal qualification and limitation of the third-party guarantee,so that the two modes of P2 P financing guarantee can be more standardized;Second,the financing guarantee business can be more rationalized by establishing the guarantee sharing and compensation system;Third,through strengthening the supervision of information disclosure of the P2 P platform and the guarantee agencies,the illegal acts can be stopped effectively;Fourth,through advocating to establish a diverse security system,the risks of P2 P and the excessive reliance on guarantee can be mitigated reasonably;Fifth,through the joint efforts of the state and enterprises in the construction of personal credit information collection system,a healthy credit market can be formed,and a good credit environment can be provided for P2P.