| The deep integration of the finance with information technology and internet development has spawned the internet finance.What is the essence of internet finance?What are the main processes,operation models and the fianancial risks?How to supervise it?These are urgent questions to answer.This paper breaks out the traditional practice of focusing mainly on the microcosmic level,combines the internet finance with the financial deepening of developing countries and the overall improvement of financial,puts forward to promote the development and perfection of China’s financial market,design and build an internet finance supervision system.While effectively preventing internet finance risks,we must ensure that we play a positive and positive role through moderately rational and effective financial supervision.The main research contents are as follows:First,To summarize China’s internet finance existing six main forms,in-depth analysis of the traditional finance dotcommed,third party payment,P2P lending,crowd funding,big data finance,digital currency each form of the development process.On this basis,to summarize the business process,operation mode and main financial risk factors of each kind of Internet finance,and then summarize the three major financial characteristics of Internet finance promoting financial deepening at the macro level,laying a solid foundation for the scientific construction of the regulatory system.Second,starting from the core of financial deepening theory and based on the three main financial characteristics of Internet Finance in promoting the process of financial deepening in China,this paper demonstrates the important role of Internet Finance in improving our financial system from three aspects:information asymmetry,transaction cost and financial market governance.Combining with the main measurement indicators of financial deepening,this paper first verifies that there has been substantial progress in the process of financial deepening in China in recent years,by improving the financial time series through two interpolation methods,the paper concludes that the development of Internet finance has had an important impact on the process of financial deepening in China in recent years through empirical tests.Third,through a systematic review of the development of Internet financial supervision in China,this paper summarizes the challenges,difficulties and prominent problems faced by the current Internet financial supervision in China.From the perspective of promoting financial deepening,standing at the height of perfecting the national financial system and improving the overall financial efficiency,this paper makes a comparative study of the beneficial experience of Internet financial supervision in the United States,Europe,Japan,India and other countries.Fourth,on the premise of promoting financial deepening,on the basis of the above research,this paper systematically puts forward the basic principles that need to be adhered to in Internet financial supervision in China.On the premise of the above regulatory principles,16 regulatory indicators are selected and optimized repeatedly.With the help of ISM-AHP model idea and financial supervision indicators instead of risk factors,a systematic Internet financial supervision model is calculated.By comparing the scores of experts on different regulatory indicators,the overall weights of the current regulatory indicators are calculated,and the current situation of Internet financial supervision in China is evaluated quantitatively based on the actual situation.Based on this,some policy suggestions are put forward to promote the healthy development of Internet finance in China.The main conclusions of this paper are summarized as followings:First,based on the theory of financial deepening,through the systematic analysis of the basic forms of Internet finance,it is found that each form has made up for the shortcomings and deficiencies of the existing financial system in some aspects,and has promoted the level of specialization and refinement of our financial industry,accompanied by the substantial improvement of the efficiency of the financial system and the continuous advancement of financial deepening.On the other hand,due to the combination of Internet technology and thinking mode,each form not only has the traditional financial risk,but also magnificates some aspects of financial risk,which needs special attention in financial supervision.More importantly,Internet finance also has the characteristics of financial deepening,such as alleviating information asymmetry,reducing transaction costs and improving the structure of financial markets.Second,Starting from the core of the theory of financial deepening,this paper proves that Internet finance mainly achieves financial deepening by improving the efficiency of information transmission in financial markets,expanding the trading boundary of financial markets and optimizing financial market institutions through the construction of mathematical models.Empirical test proves that China’s financial deepening process has been substantially promoted in recent years.Through the breakpoint test,it proves that Internet finance has a significant impact on the whole process of financial deepening.Third,from the perspective of promoting the deepening process of national finance,after a systematic review of the development process of China’s Internet financial supervision,it is concluded that China’s Internet financial supervision is facing 6 challenges:the initial scale of the model system,the influx of participants,the overall enthusiasm for investment,the prominent role of technology leadership,the acceleration of product and service iteration,the rapid rise of the status of small and medium-sized investors,and the trend of integration of industry and finance.Additionally,there are 4 aspects problems,such as relatively lagging supervision,insufficient risk identification,insufficient regulatory appropriateness and insufficient regulatory coordination.It is urgent to solve the special tasks of regulatory innovation adaptability,overall coordination and balance and consistency.Guided by these issues,there are a lot of useful experiences to learn from the United States,Europe,Japan,India and other countries to solve these challenges.Fourth,base on above research,in order to give full play to the role of Internet Finance in promoting the process of financial deepening,this paper summarizes and puts forward the principles of Internet financial supervision in China:focus on short-term appropriateness and long-term prudence,technical flexibility and standard consistency,regulatory adaptability and overall coordination,global pattern and national interests.By using ISM-AHP model,a new financial supervision model is calculated to evaluate the current Internet financial supervision.It is urgent to correctly understand and evaluate the positive role of Internet finance in promoting financial deepening.Through scientific and reasonable regulatory policies and means,we can guide Internet finance to play an active role in promoting financial deepening in our country and constantly improve our financial market’s efficiency of allocating financial resources.The innovation of this paper mainly has the followings:First,based on the theory of financial deepening,this paper systematically combs the development and current situation of six main forms of Internet finance in China,extracts and summarizes the business processes,operation modes and risk characteristics of each form,and farther systematizes the research on product formats at the micro-level of Internet finance.This paper abstractly summarizes the three characteristics of financial deepening of Internet finance,and puts forward that the research of Internet financial supervision must be raised to the height of financial deepening and financial system development,which has changed the disadvantages of neglecting macro-research of Internet financial supervision in traditional research,and greatly expanded the breadth and depth of Internet financial supervision research.Second,according to the core of the theory of financial deepening,this paper proves through mathematical research that Internet finance can improve the efficiency of financial system,continuously develop and perfect financial market,and realize the three specific paths of financial deepening.It also verifies the positive impact of Internet Finance on financial deepening in China.It provides a strong basis for reversing the excessive emphasis on risk prevention in Internet financial supervision and neglecting its positive role in promoting financial deepening.It provides a new policy choice for establishing a positive,moderate and effective principle of Internet financial supervision,standardizing and encouraging the development of Internet finance,promoting the financial deepening of developing countries and improving the overall efficiency of financial markets.Third,based on the theory of financial deepening and the results of the above-mentioned analysis,taking full account of the development process of Internet financial supervision in China and the current problems,challenges and tasks,drawing on the useful experience of Internet financial supervision in the United States,Europe,Japan and India,and from the perspective of safeguarding the security of the financial industry and promoting the process of national financial deepening,new principles of Internet financial supervision are put forward.Combining the above principles with practice,a new and more scientific and reasonable index system of Internet financial supervision is put forward.With the help of ISM-AHP model,a systematic framework of Internet financial supervision is obtained through calculation.By using the new regulatory framework and index system,this paper analyzes the current situation of Internet finance in China,and puts forward 16 new policy suggestions in five aspects,which provides a useful reference for improving and perfecting the supervision of Internet finance in China.All in all,based on the theory of financial deepening,we can understand internet finance from a macro perspective,and further connect the development of internet finance with the promotion of the efficiency of the financial system and the promotion of national economic and social development.This connection can not only further understand the nature of internet finance,but also help regulators to think about the internet finance supervision effectively at the strategic level.This provides a practical policy basis for promoting the healthy development of the internet finance industry,guiding the internet finance to play a positive role,promoting the improvement of China’s financial system,improving the efficiency of financial services,and ensuring China’s financial safety. |
