| The innovation of traditional financial industry and the application of Internet technology contribute to the emergence and rapid development of Internet finance. As the branch of Internet finance, P2 P lending has been booming in many countries and regions in the world since it occurred in the United Kingdom in 2005.Appearing early in our country, P2 P Lending has been growing rapidly since the appearance of the fist P2 P Company in 2007. It plays an important role in the improvement of many fields, such as meeting financing needs of small and micro enterprises and individual consumers, reducing transaction costs and achieving financial democratization and inclusive. However, many compelling problems have appeared in the process. The lack of regulation and the alienation of P2 P lending platform model lead to issues, such as self-finance, illegal fund-raising, suspension and escape, happening frequently, which not only greatly damages the legitimate rights and interests of financial consumers but also undermines the financial market order.Therefore, improving the legal regulation P2 P lending industry has become an urgent problem. This paper consists of four parts:In the first part: the paper defines the concept of P2 P lending. P2 P lending, which is a kind of direct financing channels in essence, is defined as the individual completing direct lending form other individual through the network. Then, the paper analyzes the characteristics and the positive significance of P2 P lending in financial innovation. Finally, the paper briefly describes P2 P lending's current status of developing and supervision and existing problems at home and abroad.In the second part: the paper describes the alienation of P2 P lending mode in its development process in China. The traditional mode of information intermediary experiences difficulties because of the faultiness of domestic legal system, social credit system and so on. Thus, involving in debit and credit relationship actively, P2 P lending platform gradually develops into the second phase- "credit intermediary" mode, in which it takes responsibility for lending behavior. Driven by reducing cost and enhancing performance, P2 P lending develops from the micro-lending model of "person to person" to the wholesale funding mode of "person to enterprise". This is the third alienation of the P2 P lending in China. Under the background of the rapid development of P2 P lending and facing difficulties both in direct financing and indirect financing, various types of financial institutions, such as small loan companies, security companies, financial leading companies, pawn shops, begin to cooperate with P2 P lending platform, jointly develop credit transfer, asset securitization and other products. This is the forth alienation of the P2 P lending in China. Since the absence of law and regulation, the traditional folk debit and credit institutions raise funds online in the name of internet finance to achieve the aim of arbitrage. This is the fifth alienation of the P2 P lending. At last, the article analyzes and summarizes the risk of law in all stages of the alienation of p2 p lending platform.In the third part, the paper summarizes the operating mode and regulatory measures of P2 P lending platform in developed countries in order to provide a useful reference for solving problems in our country.In the fourth part, based on the analysis of the necessity to regulate P2 P lending, we rise the problem of build the regulatory system in P2 P lending industry. The article first analyzes the necessity of regulation, refutes the view that P2 P lending only be included in the field of private law; then analyzes the foreign regulatory system and some scholar's views, put forward the idea of constructing the regulatory system; and finally, the author make suggestions for P2 P lending in China. |
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