Research On Characteristics,Risks And Regulation Of Fintech Platforms

Fintech platform refers to the financial system platform formed with the support of network information technology,big data,block chain,cloud computing,artificial intelligence and other technologies,which connects financiers and investors,and forms new financial products and new financial models on its basis.The fintech platform combines cutting-edge disruptive technologies with traditional financial businesses and scenarios,and is characterized by rapid update and iteration,crossover and mixed industries.It has produced surprising economic efficiency and social impact,but also inevitably brought risks and regulatory issues.China’s industry attaches great importance to the research of fintech platform,because it is not only related to the livelihood of the financial industry and the "curve overtaking",but also closely related to effective supervision and social stability.It should be pointed out that most of the current research on fintech platform is based on financial attributes and attaches importance to its leverage effect on economic development.However,there are few studies from the perspective of information technology or industrial organization,which is very urgent for macro-regulation with increasing voices.This study tries to instead,try to use with the combination of financial technology platform information space theory and the theory of bilateral market analysis for the financial characteristics and law of science and technology platform,and integrate the characteristics and regularity of financial early warning of risk assessment technology platform,then the game regulation,expect for the financial technology platform for the effective regulation to provide a theoretical support.Fintech platforms mainly rely on information technology,Internet technology,artificial intelligence,big data,cloud computing,blockchain and other technologies.Information technology is an important symbol from industrial economy to information economy,so the theoretical analysis framework of information space is adopted which is different from the traditional Newtonian physical system.As the underlying technology also includes Internet technology,big data,artificial intelligence,cloud computing,block chain,etc.,the two-side market theory or platform theory established by Jean Tirole et al.,which was the earliest research on industrial organization,is used to analyze the fintech platform.Therefore,fintech platform is very compatible with information space theory and fintech platform.In this way,information space theory and bilateral market theory are used to analyze the specific technical characteristics of fintech platform,that is,the characteristics of fintech platform.Fintech platforms also have financial attributes,which are financial in nature.Finance is the integration of capital and a highly leveraged industry operating credit,which is bound to have high risks and cannot be avoided by supervision.Although the fintech platform has not changed in essence and risk logic compared with traditional finance,it still has quantitative and micro-qualitative changes,with different risks from traditional finance.In this way,the previous information space theory and two-sided market theory are applied to the construction of risk evaluation indicators of the fintech platform,and the traditional financial risk indicators are used for reference.Then,from the perspective of supervision,the risk evaluation index system of the fintech platform is constructed to identify,evaluate and warn the risks of the fintech platform.In the following part,the game of fintech platform under supervision is considered dynamically,and the tripartite evolutionary game model of investor-fintech platform-regulator on fintech platform is constructed,and some regulatory suggestions are put forward according to the equilibrium results of evolutionary game.Finally,according to the characteristics of fintech platform,risk warning and regulatory game conclusions,combined with foreign regulatory measures and existing domestic regulatory measures,supplementary and feasible regulatory suggestions are put forward.Due to the large number of businesses on fintech platforms,online lending accounts for the highest proportion,has the greatest impact,and is the easiest to collect data.Therefore,the following research and analysis on fintech platforms basically adopt online lending as case study.The article mainly includes the following research contents and results:First,the information space theory is introduced into the study of fintech platforms,and the Hotelling model and regression are used to empirically study fintech platforms.Then,global factor analysis and cluster analysis are used to carry out risk assessment and early warning of financial technology platforms from the perspective of supervision.Collect data,use information space theory and bilateral market research conclusions to set up a risk indicator system from a regulatory perspective,and conduct risk assessment and early warning for financial technology platforms.Finally,the evolutionary game between regulators,fintech platforms and investors is deduced,and the regulatory practices of various countries and domestic practices are compared and analyzed,and then supplementary and perfect regulatory suggestions are put forward.Major innovations:1.Found the data characteristics of fintech platform from the perspective of information space.The application of information space theory and bilateral market theory to study fintech platform adds a new perspective for research,which accurately conforms to the characteristics of fintech platform,and is conducive to exploring the operation rules of information space of fintech platform,so as to find effective regulatory measures.On this basis,the fintech platform is coded,abstracted and diffusion analysis,and the evolution of the fintech platform production function is formed.Through these studies,it is concluded that as the data of the fintech platform is continuously abstracted,the amount of data to be processed will be less and less,which will replace the reduction of material elements and make the invisible hand of the market play a greater role.Regulation should be adapted to the change of this situation.It also reveals the importance of fintech platform data.2.Make use of Hotelling model to break through the research and analysis of network effect of fintech platform.Through Hotelling model analysis and data regression empirical analysis,the intensity of cross-network effect of fintech platform is positive for both methods.Hotelling model analysis of the fintech platform self-network effect is uncertain,while regression analysis of the platform self-network effect is positive.The conclusion of this study is that when the number of fintech platform investors increases,the number of fintech platform investors will not only increase,but also attract the number of competitors,and the intensity of cross-network effect will increase.In this way,the decrease of the number of financing platforms will reduce the number of investment,which will inevitably lead to the decline of platforms,and the final result is winner take all.In the same way,rates also affect their own platforms and competing platforms.This one competition law,need to cause regulator to take seriously highly.Therefore,regulators should not easily restrict the establishment of fintech platforms,which will quickly inhibit their development.But at the same time,they should not be allowed to develop in disorder,because they have the endogenous power of winner-takes-all,and their wild growth will inevitably affect the harmonious coexistence of the financial sector.Regulation should balance development and risk.3.Construct the risk index system and risk assessment and early warning method of fintech platform from the perspective of supervision.Using the theory of information space and bilateral market to study the conclusion of fintech platform,combining the characteristics of data and platform to design the platform effect risk index,and build the fintech platform risk index system from the perspective of supervision,forming the fintech platform risk assessment and early warning method from the perspective of supervision.4.The tripartite evolutionary game model of regulator,investor and fintech platform is constructed,and the regulatory design is carried out according to the equilibrium results of evolutionary game.Through evolution game equilibrium analysis found that tripartite game equilibrium strategy can influence each other as a result,especially for a important mission of regulators,it should be on the premise of respecting the rule of market,rational use of administrative power,changing the parameters of exogenous,affect earnings matrix,let the game equilibrium results as much as possible to reach own purpose.In this way,the result of game equilibrium can be changed through the design of regulatory system,and the desired equilibrium can be achieved automatically and the worst equilibrium can be avoided.