A Legal Economic Analysis Of China's P2P Network Lending Supervision

In August 2016,the China Banking Regulatory Commission jointly with industry and information technology and other four departments issued the "network credit information intermediary business activity management Interim Measures",establish the basic logic and system regulation of P2 P network lending industry,has the innovation significance and practical value.As the representative of the Internet banking industry,P2 P network lending regulation on the supervision of China’s Internet banking has a very important demonstration effect.Therefore,this article from the concept,the P2 P network lending development situation and risk and other aspects,and using the method of law and economics to analyze the necessity of supervision,based on foreign experience,put forward some measures for the healthy development of China’s P2 P lending network.The specific contents of this paper are as follows:The first part introduces the concept,development status and development trend of P2 P network lending,and a basic summary and summary of P2 P network lending.In this paper,we first define the concept of P2 P network lending and its basic operation mode,and make a brief introduction to the development process.In the development of the status quo at home and abroad,mainly from the two aspects,the abroad,mainly in Britain and the United States on behalf of the excellent platform,such as the United States,Lenging Club and Prosper and Zopa in Britain and Funding Circle,and for the domestic development condition,is mainly to the operation mode of the platform from the angle of credit card mode class,secured mode and asset securitization mode three aspects summary introduction.In terms of the development trend,China’s P2 P network lending mainly showed increased supervision,slowing the growth of the number of platforms,industry concentration and investment trends and other trends.The second part mainly analyzes the risk of P2 P network lending platform.From the current development of China’s P2 P network lending,there are a variety of risks,the risk of different platforms are not the same.This paper mainly discusses the three aspects of operation risk,credit risk and liquidity risk.In terms of operational risk,this paper mainly focuses on the risk of P2 P network lending platform of trading capital operation and management;in terms of credit risk,mainly from the two aspects of P2 P network lending platform and the borrower,discusses the investors may face in the process of trade credit risk;in terms of liquidity risk,this paper mainly focuses on the the P2 P network lending platform in the process of operation because of the maturity mismatch,the Yin and yang contract and fully guarantee the existence of the problem,the liquidity risk caused by the.The third part from the perspective of law and economics of P2 P network lending regulation analysis,this part is also the focus of this article.This paper first analyzes the supply and demand of China’s P2 P network lending regulation in the formal system and informal system imbalance from the perspective of the relationship between supply and demand,and then use the information asymmetry theory to analyze the information asymmetry in China’s P2 P network lending parties may face problems,and caused moral hazard,adverse selection and herd behavior etc.at last,this paper makes an analysis on the P2 P network lending regulation from the perspective of cost-benefit,tries to find out the implementation of regulatory measures of social benefit maximization.The fourth part puts forward some suggestions on the regulation of P2 P network lending in china.On the basis of the analysis of the regulatory system of the developed countries,this part gives some suggestions on the supervision and management of P2 P network in china.For the foreign regulatory system,including a clear legal status,perfect credit system and strict risk supervision in three aspects,the author based on the analysis of the regulatory status of network lending industry in China and the lack of P2 P,mainly from the perfect legal supervision system,establish and perfect supervision mechanism of Internet credit system and other aspects of building I in the P2 P network lending regulation system.