Research On Effectiveness Of Information Disclosure Of Peer-to-Peer

Regulating the development of internet finance is an important measure for the country to accelerate the implementation of innovation-driven development strategies and promote the transformation and upgrading of economic structure in recent years.On August 24,2016,four ministries and commissions including the China Banking Regulatory Commission(CBRC)formally issued the Interim Measures for the Administration of Business Activities of Internet Lending Information Intermediary Agencies,which opened the door of the construction of China's P2 P regulatory system and eliminated the unmanageable and unsupervised plight of the P2 P industry in China.On November 30 th the same year,the CBRC four ministries and committees issued the Guidelines for the Administration of Registration of Internet Lending Information Intermediary Organizations.On February 22,2017,the CBRC issued a circular on the Guideline for the Storage of Network Lending Funds.On August 24 th,2017,the CBRC issued the Guidance on Information Disclosure of Internet Credit Information Intermediary Organizations' Business Activities.So far,the regulatory framework system of China's P2 P industry "1+3" has been formed,which ushered in a new phase of China's P2 P development.From the perspective of information disclosure effectiveness,this paper tries to study the present situation of China's P2 P information disclosure system,especially during the time of the new national policy.It also collects foreign documents to introduce the successful and typical examples of foreign P2 P information disclosure.Through theoretical research on the effectiveness of P2 P information disclosure and combination of China's current systems,this paper sums up the evaluation criteria of the effectiveness of P2 P information disclosure,and the definition of “effectiveness” is analyzed from the perspective of economics and jurisprudence.In view of the problem of poor validity in the development of China's current P2 P information disclosure system,it proposes a three-phase linkage protection mechanism for the construction of P2 P information disclosure in China,namely the “pre-always-afterwards” P2 P information disclosure three-phase linkage,and improve the corresponding legal supporting system.From the P2 P information disclosure legal responsibility system and the legal relief system,it provides a good legal atmosphere for the implementation of the P2 P information disclosure effectiveness protection mechanism.It is beneficial for solving the problem of P2 P market information asymmetry,improving the efficiency of P2 P information utilization,reducing transaction costs,and promoting the healthy development of the P2 P industry.