摘要：近年来，互联网金融在我国呈爆发式发展，在给公众带来普惠金融的同时也引起了一系列问题，现有监管体系无法适应互联网金融的创新发展。其主要原因在于，互联网金融的虚拟性和创新性增加了互联网金融机构和监管当局之间的信息不对称，造成了现有监管体系的低效和不足。而声誉机制的作用是为关心长期利益的参与人提供一种隐性激励以保证其短期选择承诺行为，它是解决信息不对称问题的有效手段之一。文章构建基于KMRW声誉模型的互联网金融监管动态博弈模型以揭示声誉的激励与约束作用，并基于声誉视角提出具体的监管措施，从而为实现对互联网金融的有效监管提供政策建议。

关键词：互联网金融；KMRW声誉模型；监管机制

Research on the Construction of Internet Financial Supervision Mechanism Based on KMRW Reputation Model Abstract

In recent years, internet finance developed rapidly in China and brought inclusive financial system and a series of problems to the public. The existing internet financial regulatory system can not adapt to the development of internal financial innovation. The main reason is that the virtuality and innovation of internet finance increases the information asymmetry between internet financial institutions and internet financial regulatory authorities; and this causes the inefficiency and inadequacy of the existing regulatory system. The role of the reputation mechanism is to provide a recessive incentive for long-term interests to ensure its short-term commitment and it is one of the effective means to solve the information asymmetry problem. This paper builds the dynamic model of internet financial supervision based on KMRW reputation model and reveals the incentive and restraint of reputation; and puts forward the specific suggestions on internet financial supervision from the perspective of reputation, so as to provide policy suggestions on the effective supervision of internet finance.

Keywords: internet financial; KMRW reputation model; regulatory mechanism

目 录

0引言 1

1文献综述 1

1.1KMRW声誉模型 1

1.2互联网金融风险及监管 2

2互联网金融监管博弈主体分析 3

2.1互联网金融监管当局 3

2.2互联网金融机构 5

3基于KMRW声誉模型的互联网金融监管动态博弈模型构建 7

3.1模型假设 7

3.2模型分析 8

3.3模型结论 11

4完善我国互联网金融监管的对策建议 11

4.1规范互联网金融机构的内部治理结构 11

4.2建立声誉测量机制并加大声誉缺失代价 11

4.3设立互联网金融市场的准入和退出机制 12

4.4积极发挥行业自律的监管作用 12

结 论 13

致 谢 14

参考文献 15

基于KMRW声誉模型的互联网金融监管机制构建研究

0引言

近年来，互联网金融凭借其大数据、低交易成本、方便快捷这三大核心特点在我国呈爆发式发展。据相关权威平台发布的数据显示[1][2][3]：2016年全年，我国第三方支付交易总额为57.9万亿元，是2015年全年交易总额的1.85倍；网贷行业成交量为2.1万亿元，是2015年全年成交量的2.10倍；众筹行业成功筹资224.78亿元，是2015年全年成功筹资额的1.97倍。随着当前互联网金融呈现出跨界化、去中介等特征后，现有互联网金融监管体系无法适应互联网金融的创新发展，P2P平台卷款跑路、第三方支付盗刷、众筹平台自融等恶性事件的发生更凸显了完善互联网金融监管机制的必要性和紧迫性。