Internet lending uses the Internet financial model to achieve point-to-point direct lending.Internet lending companies provide a connecting platform for both borrowers and lenders to achieve credit matching and conduct credit review,thereby collecting service fees,which has the legal status of "intermediary".Internet lending has a living space because of the asymmetric information between borrowers and lenders.It is essentially a non-governmental lending based on the network,but it has its own particularity.Internet lending breaks the information barrier under the monopoly of traditional financial institutions,greatly reduces transaction costs,improves the efficiency of capital accommodation,and achieves a higher deposit-loan spreads at a smaller cost,which is in line with the development of inclusive finance.Idea.While improving the allocation efficiency of idle funds in society,the online lending platform also faces the risks brought by "short-term borrowing","long-term borrowing","self-financing and self-use" and even fictitious creditor's rights and debts.The online lending platform transforms from the most primitive lending information platform to the credit platform and alienates it into a "rigid payment" type of storage institution.The difference in the way of dealing with regulatory system stems from the inherent incompleteness of the system.The regulatory system can not define the economic essence of transactions accurately enough.The impetus for the savage growth of online lending comes from regulatory arbitrage by means of irregular guarantees and transfer of irregular creditor's rights.The reasonable existence of regulatory arbitrage determines that market participants prefer to minimize the cost and avoid supervision.Management,reasonable positioning of network lending and online lending platform is a prerequisite for scientific supervision.The supervision of online lending platform should be a dynamic game between supervision and market regulation under the concept of modest intervention,a continuous coordination between supervision and financial democracy,a dynamic promotion of supervision and financial innovation,and a process of continuous transformation from external supervision to industry self-discipline.With the rapid development of online lending platform,the traditional supervision mode is out of touch with the reality.It is obviously inadaptable to incorporate online lending into the traditional supervision system.It is necessary to clarify the scope of civil liability of online lending platform,clarify the review obligations of online lending platform,and define the nature and scope of compensation for intermediary damages.Internet lending platform supervision is facing the difficult problem of hard dismantling Internet finance due to path dependence,the choice of separate supervision and mixed supervision mode,and the value consideration of legitimacy and compliance.Internet lending platform supervision should pay attention to the grasp of "degree",not simply contrasting with compliance requirements,and should allow Internet lending platform to increase credit appropriately.To achieve innovative supervision of online lending platforms,we should first construct a "government-platform" dual regulatory paradigm,including the implementation of registration system,strict information disclosure and fund trusteeship,clear withdrawal mechanism of online lending platforms,rational allocation of central and local financial supervision powers,and clear responsibility of online lending platforms;second,we should learn from British sandbox regulatory theory to achieve flexible supervision;Construction of credit information system and credit rating system related to online lending platform. |