互联网时代民间融资法律规制的新问题

互联网在改变我们生活方式的同时,也改变着经济活动的方式.民间资金与互联网结合形成一个既不同于正规金融市场,也不同于民间融资市场的新型金融市场,生成一个配置民间金融资源的新型市场体系,改变了传统民间融资市场的信息约束条件,克服了传统民间融资法律监管中的信息不对称困境,使民间融资法律监管成为可能.同时,互联网金融实现了销售渠道和方式的创新,改变了金融市场的主体、价格、交易工具等要素.面对互联网时代民间融资市场的新发展,既不能简单地强调严厉监管,完全适用正规金融监管制度,也不能完全适用规制传统民间融资的法律制度,应当在现行民间融资法律制度基础上,构建适用于传统民间融资和互联网民间融资的二元民间融资法律制度,采用非审慎的重点监管原则,纳入宏观监管的框架,以消费者保护、合规监管、竞争监管为重点,建立适合互联网时代民间融资特点的法律制度,促进互联网金融的健康发展.

New Problems of Legal Regulations of Folk Financing in the Internet Age

While the Internet changes the way we live, it also changes the way of economic activity. The combination of folk capital and the Internet shape a new financial market which is different from both the formal financial market and the folk financial market. This new financial market generates a new market system that allocates folk financial resources, and it changes the information constraints of traditional folk financial market and overcomes the dilemma of information asymmetry in the legal regulation of traditional folk financing, which makes legal supervision of folk financing become possible. Facing the new development of folk financing market in the Internet age, we can neither simply apply the formal financial regulatory system nor completely adopt the legal system that regulates the traditional folk financing. Based on the existing legal system of folk financing, we should construct a binary legal system of folk financing that can be applied to both the traditional folk financing and the folk financing of the Internet age. In this new legal system, the principle of non-prudential key supervision will be adopted. Incorporated into the framework of macro regulation, the new legal system will focus on consumer protection, compliance regulation and competition regulation, and it will establish the legal system that befits the characteristics of folk financing in the Internet age. It can promote the healthy development of network financing.