Research On The Relationship Between Internet Finance And Traditional Finance Based On Symbiosis Theory

First of all, from the points of supply and demand of the Internet finance markets, combined with the internet’s unique network effect and binding effect and its special mechanism in reducing information asymmetries, what’s more, taking the characteristic of our country’s financial environment in account, we establish some mathematic models and explain the necessity and logicality of the Internet finance market in china in an innovative way. Then using the financial symbiosis theory, based on the mathematic model of Logistic, We simulate and calculate the environmental capacity and population density between Internet Finance and traditional finance, and then respectively calculate the degree of symbiosis in the HP filtering conditions and general conditions, according to the degree of symbiosis,we prove that there exactly exists a dissymmetry mutualism model between the internet finance and the traditional finance.then by using MS-VAR, PVAR, VAR and additional dummy variables GARCH model respectively to the third party payment, Internet banking and P2P empirical analysis, obtained from the data, it turns out that China’s Internet finance and the traditional finance does exist a symbiotic relationship in the current stage firstly in the quantitative way, but the traditional finance has a greater impact on the Internet finance. Specifically, The third party payment, as a representative of Internet banking, definitely reduces the traditional financial systemic risk in a certain extent, and P2P business indeed has a negative impact on the bank deposit and loan business in the short to medium term, while the impact of banking business to P2P is positive in most time, the Internet banking and SHIBR interest rate influence each other in the same direction, what’s more, The SHIBR interest rate has a greater effect on the P2P than on the Internet banking, while the contribution of Internet banking interest rates on SHIBR changes is smaller than SHIBR’s on Internet banking interest rates, This influence is also asymmetric. The impact of Internet banking on the traditional finance is probably smaller than the population imagination. Finally, based on the symbiosis theory and empirical analysis, focusing on the necessity and particularity of Internet banking supervision, we discuss how to carry out Internet banking from the symbiosis unit and symbiotic environment, for the purpose of promoting the development of Internet banking.