Study On The Internet Financing Mode Based On Financial Intermediation Theory

Internet Financial Mode is the integration of the Internet and finance, different from the financial markets and intermediaries’mode. The academy has been focusing on the problem about how this emerging model affects the functioning of traditional banks. This paper is attempting at how the Internet Finance is influencing the traditional banking function systematically, from the perspective of banking functions, based on the theory of financial intermediation.This paper innovatively introduces the financial intermediation theory into the study of dynamic relationship between the internet financial and traditional bank:based on the theory of financial intermediation and the evolution history of the traditional functions of banks, discovering dynamic function derivation and deconstruction. As the competition and cooperation product of the Internet and finance, Internet Finance deconstructs and derives the traditional banking functions. "Function deconstruction" does not mean that banks would give up certain functions, but mean changing the implementation and the way of the performance. According to the different emphasis on the deconstruction of the traditional functions, we divide the platforms into three categories:The third-part payment platform, the financial service platform (financial searching, Internet financial portal), and financing platform(crowdfunding, big data finance, peer-to-peer lending). The existing Internet financing platform-the third-party payment, financing platform, financial services deconstruct traditional banking functions from different emphasis. Based on our study, we point out that in Internet era the formations of deconstruction are outsourcing, wholesale butt and division generation with external professional organizations. And the performance of derivation is the expansion of the service object, financial innovation and reconstruction. In the future, the Internet finance will continue to focus on the banking function deconstruction, forming the equilibrium relationship with banks:complementary Cooperation-competition, becoming an integral part of the financial markets.This study is including the following parts:(1) Firstly, to make summaries of the correlative domestic and foreign financial intermediation theory.(2) Based on the theory of financial intermediation, from the transaction costs and asymmetric information, risk management, transaction costs and value added perspectives, this paper explores the Internet financing mode: deprivation, characteristics, influence on banks and correlative financial intermediation theories.(3) This paper exemplifies Dianmingshijian, Paipaidai, Ali for representatives, aiming at analyzing and comparing the three categories from the angle of transaction mechanism, credit mechanism, risk and other aspects. The findings show that the differences of these three types cause the different development direction of three types.(4) Analyzing the external environment and the internal mechanism difference between the Internet finance and traditional banking.(5) Based on the theoretical study of the financial intermediaries, this paper explores the different Internet financing patterns’influence on traditional banking functions and their dynamic future trend.(6)Taking big data finance for representative, we explore the financial intermediation theories’new comprehension in big data era.Finally, according to the research conclusion, this paper puts forward Macro-regulatory policies and microeconomic development suggestions for the Internet finance in China.