| Internet finance,as a new financial business model,has experienced rapid development,which has brought huge development dividends to china's economy.While enjoying the development dividend of internet finance,it is inevitable to bear the risks,and a series of problems are constantly exposed at the regulatory level.The development of internet finance and risk supervision issues have been mentioned in the government work report for many times,which are two major issues.At present,china's regulatory authorities generally adopt the policy constraint behavior on internet finance,and there is a certain inefficiency in supervision.The supervision of internet finance needs the support of corresponding statistical information,which reflects that the statistical research of internet finance in china has not solved the data gap problem in the actual supervision work.Therefore,there is an urgent need for in-depth and systematic research on the internet financial statistical system,development status and risk issues.At present,although the academia has been involved in many fields of internet finance,the research on several key issues is still not deep enough.First,internet finance is a new thing.Whether it is theoretical research or empirical research,a series of basic theoretical discussions on what internet finance is is the premise and basis.At present,there are still some disputes about the basic concept of internet finance.The research on the theory and method of the total amount of internet finance accounting is not only helpful to promote the discussion of the basic theory of internet finance and other theoretical issues,but also can use the total amount of accounting results to reflect the overall development and structure of the internet finance industry.There are few literatures directly related to the total amount of internet finance accounting,and a complete internet financial accounting system has not been established from the perspective of currency statistics,and the systematic research on the preparation of balance sheet has not been carried out.Secondly,Secondly,china's performance evaluation theory and method for quantitative measurement and analysis of the internet finance development have not yet been formed,and the mature and perfect comprehensive index evaluation system is lacking.Moreover,the systematic cognition on the mechanism and law of internet financial risk contagion is still in the groping stage,and the research on the risk transmission mechanism of internet finance in the financial market is still not in-depth enough,and the statistical monitoring of its risks cannot meet the regulatory needs of the current internet finance risks.This paper attempts to conduct exploratory research from the aspects of total accounting of internet finance,measurement analysis of development performance evaluation and complex network analysis of risk contagion of internet finance.The contents and conclusions in this investigation contain the following four aspects:The first part,based on MFSMCG2016,the definition and connotation of china's internet finance,formation elements,accounting subject and object have been refined;the classification of assets and liabilities have been determined;the balance sheet of china's internet finance have been designed and the total accounting method has been determined.Based on the existing data,the virtual assets and liabilities of internet finance in china have been calculated.The virtual assets are used to reflect the core financial business scale of internet financial platform,and the total amount of virtual assets and liabilities of departments is used to reflect the overall development of internet finance.The conclusions are as follows:(1)The definition of internet financial monetary statistics has been described from three dimensions of core functions,core results and core subjects,and the scope of internet financial accounting has been determined,which only covers the fourth category,that is,the new internet financial model.The internet finance activities carried out by the third-party internet platform,which involves capital flow.(2)The classification of accounting entity in MFS system have been clarified.The third-party payment,third-party lending and third-party financing are all belong to the financial auxiliary institutions under other financial companies.The specific grass-roots classification of internet finance have been determined based on industry classification of national economy(GB /T 4754-2017).The specific business essence,business form and business process of each format are further analyzed,and the accounting object are discussed.(3)From the perspective of MFS,the accounting object and ownership of internet finance have been sorted out,and the balance sheet of china's internet financial sector has been presented.(4)The virtual assets of the third-party lending,third-party financing and third-party payment departments are measured separately.Finally,the quarterly data of the balance sheet structure of internet finance in 2019 have been calculated,the overall development level of internet finance have been reflected.The second part,the development performance of china's internet finance is measured based on the internet financial accounting theory.The theoretical connotation and boundary of internet financial development performance are studied.Based on general corporate performance,financial corporate performance,business performance indicators,and management performance indicators,the core issues of internet finance from the perspective of development were further analyzed,the performance evaluation index systems have been constructed from the two dimensions of operation and management to measure the performance of three kinds of important internet financial platforms.The purpose is to find out the development base of internet finance and summarize the characteristics in the development of internet finance.The conclusions are as follows:(1)There is still room for progress in the development of internet financial market.The development of different types of internet financial platforms is unbalanced,and the development of different financial enterprises within the same financial platform is also extremely unbalanced.(2)The influence of management performance on platform development performance is greater than operation performance.And the risk control ability of the standard layer has a great impact on the management performance,and the service quality has a greater impact on the business performance.(3)The main determinants of the development performance of the three platforms,namely P2 P online lending platform,crowdfunding platform and third-party payment platform,are different.The main determinant of the performance of P2 P online lending platform is the risk control ability;the performance development of crowdfunding platform mainly depends on the platform profitability;the platform industry influence and profitability are the main determinants of the performance of the third-party payment platform.(4)From the dynamic dimension,the impact of resource integration ability on the performance of P2 P platform has great changes.The same is true of legal risk.The third part,based on the development measurement of china's internet finance,the influencing factors and differences of the development performance in subdivided internet financial platforms have been further investigated.This study describes the concept of "development degree of internet financial platform",finds out the main influencing factors of the development degree of internet financial platform in different subdivision formats,and clarifies the order of influence of each factor.The conclusions are as follows:(1)The factors that influence the development performance of P2 P lending platform are ranked from big to small as follows: platform type,loan period,operation time,financing record times,whether there is tender guarantee,and platform location.The main factors influencing the development of P2 P online lending platform are platform type and loan term.(2)The top three factors influencing the development of crowdfunding platform are company size,platform type and media exposure.The development degree of crowdfunding platform mainly depends on the company size and platform type,and the influence degree of the two is not much different.(3)The top three factors influencing the performance development of third-party payment platform are: innovation business ability,platform business scope and registered capital.(4)Registered capital,company size and platform operation standard have no influence on the development of P2 P online lending platform.Secondly,operation time has little effect on the development of crowdfunding platform.In addition,the operation time and the number of copyrights have no effect on the development of the third-party payment platform.The fourth part,the risk contagion in the development of internet finance have been studied by the complex network theory.Based on the consideration of "risk inducement","risk contagion path" and "risk regulation means",a multi-layer complex network including internet finance,traditional finance and regulatory subnet has been constructed.The contagion characteristics have been analyzed by multi-layer internet financial network from different angles and levels.The conclusions are as follows:(1)Internet financial risk contagion is a complex multi-attribute system.Internet financial market risk has the characteristics of internal circulation,transmission to traditional financial market,and regulatory policy risk regulation.If the interconnection of institutions are ignored,it is easy to fall into generality.If the important role of risk regulation measures in risk contagion are ignored,the risk transfer path between regulatory authorities and internet finance can't be analyzed.(2)The real internet financial risk subnet,traditional financial industry subnet and regulatory subnet have both small world characteristics and scale-free characteristics,but they are not in strict sense.(3)The risk of multi-layer internet financial complex system has obvious hierarchical aggregation.The network connectivity of internet financial sub network is obviously higher than the other two sub networks,and the small world effect of the whole internet financial network is weaker than sub network.(4)In the whole network,the nodes with higher activity in internet financial subnet are mainly distributed in the types of legal risk and operational risk;the nodes with higher activity of regulatory subnet are mainly distributed in the supervision intensity,central bank,business license,technology access and capital supervision;the traditional financial industry sub network is more active in the middle layer,the nodes are mainly distributed in profit,bank server,bank deposit,fund and bank debt.(5)Compared with the participation degree of each layer,the participation coefficient of illegal financing nodes in internet financial subnet is close to 1,but the participation coefficient of risk node layer of management strategic risk type is mostly close to 0,which is only active in the internet financial subnet layer;the participation degree of nodes in regulatory subnet and traditional financial industry subnet is higher;the node participation coefficient of three-tier internet financial system is higher than internet financial subnet.In the regulatory and traditional financial industry subnet,the participation of nodes in each layer is higher.The possible innovations of this investigation can be summarized as the following four points:First,some marginal improvement has been made in the study of internet financial accounting.Internet finance as a new financial format,existing research focuses on a specific form in the research and analysis of macro-financial statistics,and lacks a high-level position and abstract summary of practical problems.This article analyzed the characteristics and refined the definition of internet finance from the perspective of monetary statistics,observing its core functions,core results,and core subjects.After systematic classification and combing,it was classified into five major forms.Based on the existing blind spots of internet financial accounting,the fourth mode of internet financial accounting is determined as the scope.It was specified that the internet finance belongs to the three types of accounting entities under the MFS framework according to the latest research results of the MFS system MFS MCG2016.Based on the "Classification of National Economic Industries",three types of accounting entities were further classified at the basic level,and then the specific business forms,financial service models,and profit methods of each main form were analyzed.With the help of transaction diversion in SNA2008 and transaction virtualization,the virtual assets and liabilities and types of each main form were refined,and the object of internet financial accounting were clarified,which was a systematization of the micro-study of internet finance.Moreover,using financial accounting theory,the accounting objects and category attribution of internet finance from the perspective of MFS was further summarized,the balance sheet of the internet financial sector was designed.Then,the virtual assets of china's internet finance were calculated by looking for alternative indicators.To a certain extent,the breadth and depth of research on internet financial aggregate accounting was expanded,macroeconomic and financial statistics were supplemented and improved,as well as it was helpful to solve the urgent needs of china's internet financial statistics practice.Second,it has a certain contribution to deepening the development theory of internet finance.Since the theory of internet finance development was put forward,it has been focusing on case analysis around the development of a certain internet finance form or product.In this paper,the development status of the internet finance industry was systematically analyzed.At present,internet finance still has the contradiction between the people's growing need for a better life and the unbalanced and inadequate development.,The management performance of the internet financial platform has more impact than the operating performance from a development perspective.The theoretical logic was demonstrated from both normative and empirical aspects.Based on development motivation and risk control,an evaluation index system for the development performance of internet financial platforms was designed,which considered general corporate performance.The data was crawled through web crawler technology,and the entropy TOPSIS method was used for empirical research.The evaluations of the internet finance development by authoritative third-party websites were used as a reference to verify the rationality of the results,and the TOPSIS model was weighted by the coefficient of variation method for comparative analysis,which verified the robustness of the model.Comparative analysis of the development of internet finance and improvement of its performance have strong practical guiding significance,which is conducive to objectively and accurately grasping the development of internet finance,further enriching the theoretical framework of financial development,and further enriching the theory of china's current corporate performance evaluation index system.This provides a new policy path for the stability of china's internet financial market.Third,it has a certain gains in deepening the understanding of the micro influencing factors of internet finance.For internet financial platforms,it was more conducive to the adjustment of their own operations under the same macro background,which was analyzed from the perspective of their own operations.This article analyzed the influencing factors of internet finance development from a micro perspective.Based on the existing literatures,an indicator system of micro-influencing factors in the development of internet finance under different subdivisions had been constructed.Through the comparative analysis of the linear regression model,the improved optimal scale regression model was adopted to find out the main micro-influencing factors of the platform's development,and clarify the order of the influence of each factor.The results shown that there are obvious differences in the micro-influencing factors of the development performance of different types of internet financial platforms in the segmented business.Several "unusual" results were found in the micro-influencing factors of the main morphological platforms.From the perspective of internet financial platform operators,policy suggestions on self-regulation had been put forward.Under the background of increasingly strict external regulatory policies,it is particularly important for platforms that can improve their own business conditions and continue to develop by complying with regulatory rules.Fourth,the complex network analysis method is introduced into the field of internet financial risk.Internet finance,traditional financial industry,and regulatory policies were put into the same complex network framework for research,which could describe the mechanism of risk contagion from inducement to traditional financial diffusion to risk regulation from different levels and angles.Based on financial risk theories such as financial intermediary theory,the basic characteristics of risk contagion in internet finance was analyzed.Starting with "risk incentives","risk regulation means" and "risk contagion paths",the topological nature of network was integrated into the heterogeneous correlation of risk contagion.A three-layer internet financial complex network had been construct,which could show multi-attribute connections.The internal circulation of internet financial risk and the logic chain of risk contagion including internal circulation,spreading to traditional financial industry,and being regulated by regulatory policies were explained by multi-layer complex network theory,which improved the application ability of internet financial network in complex scenarios.In the complex theory of multi-layer internet finance,the topological properties of multi-layer internet financial networks had been studied to expand the measurement index theory of nodes,edges,and layers.The related theory of multi-layer internet financial network structure measurement index would been proposed to extend 1 layer network to 3 layer network.The topological properties could analyze the heterogeneous correlation patterns of internet financial risk contagion,and the theory could be effectively migrated and applied to other multi-layer network topology features as an independent module.In addition,due to the lack of in-depth understanding of the relevant theoretical fields,the construction of the overall theoretical framework needs to be improved,and further research is needed in the following three aspects.First,in terms of total amount accounting of internet finance,the total amount of the fourth type of internet finance was accounted from a narrow sense,that is the new internet financial innovation mod.A broad scope of accounting may also be considered,and further consideration may be given to accounting in terms of value added.Secondly,in the research of Internet financial risk contagion mechanism,if micro-entities can be included in the Internet financial network,the dynamic evolution process of each node in the Internet financial network can be analyzed.The system dynamics of complex networks will further considered,and various settings for multi-layer internet financial network are made to simulate the process of multi-layer internet financial risk contagion under different conditions and assumptions.Third,in terms of Internet financial supervision,the "four in one" internet financial governance system,which is dominated by government,supplemented by industry operators,industry associations and social supervision,can be further explored to realize collaborative supervision. |
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