中國P2P網貸的發展與監管制度構建

P2P DEVELOPMENT AND REGULATORY SCHEME IN CHINA

近年來P2P網貸爆發式增長，呈現出平台數量多、成交量高、貸款餘額大、參與人數增長快等明顯特點。P2P網貸在傳統信息中介的基礎上衍生出各種業務模式，如自動投標、拆標、淨值再融資、債權轉讓等，由此產生了相應的特殊風險。我國P2P網貸的監管 經歷了無監管、模糊監管和明確監管三階段，但監管現狀仍不盡人意，應當在明確按中介監管的基礎上適度監管，強化政府監管與行業自律的結合，構建和完善包括市場准入制度、營運資本維持制度、第三方資金託管制度、信息披露制度、消費者保護制度、市場退出機制在內的監管制度體系。

Chinese P2P lending industry is soaring in recent three years, which is characterized as numerous platforms, high trading volume, large loan balance, and increasingly grown participants. New P2P lending models, such as automatic bid, split- bid, refinancing with net value, and credit assigning, evolve from traditional information intermediation, accompanying with particular risks. China's oversight on P2P lending has gone three stages as none, obscure and explicit. However the current situation is still unsatisfying. The industry's oversight shall be in reference to that of intermediaries and implemented in a moderate degree. It shall be stressed as the harmony of government oversight and industry self- discipline, whereby the whole oversight system will be built and bettered including market access, maintenance of operation funds, funding escrow by a third party, information disclosure, protection of consumers, market exit, etc.