關鍵詞:互聯網金融 信息經濟學 信息偏(pian)在 信息披露(lu) 投資(zi)者(zhe)保護
摘要:由(you)于(yu)不同投(tou)(tou)資者在(zai)(zai)(zai)(zai)信息(xi)(xi)(xi)成本(ben)投(tou)(tou)入方面有(you)著顯著差異(yi),互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)市場(chang)存在(zai)(zai)(zai)(zai)信息(xi)(xi)(xi)偏(pian)(pian)在(zai)(zai)(zai)(zai)現(xian)象,即交易(yi)(yi)雙(shuang)方掌握的(de)信息(xi)(xi)(xi)呈不對(dui)稱狀(zhuang)態。互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)交易(yi)(yi)本(ben)質上是信用風險(xian)的(de)交易(yi)(yi)。由(you)于(yu)互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)的(de)時空(kong)間離和“去中(zhong)介化(hua)”特征,加之交易(yi)(yi)主體的(de)有(you)限理性,互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)的(de)信用風險(xian)在(zai)(zai)(zai)(zai)逐(zhu)步累積。為了防范互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)信息(xi)(xi)(xi)偏(pian)(pian)在(zai)(zai)(zai)(zai)可能引發(fa)的(de)金融(rong)(rong)(rong)(rong)脆弱(ruo)、市場(chang)失靈、金融(rong)(rong)(rong)(rong)不公平等(deng)問題,有(you)必要(yao)運用法(fa)律手段(duan)對(dui)信息(xi)(xi)(xi)偏(pian)(pian)在(zai)(zai)(zai)(zai)進行規制(zhi)(zhi)。為此,要(yao)遵循信息(xi)(xi)(xi)偏(pian)(pian)在(zai)(zai)(zai)(zai)內生信用風險(xian)的(de)邏(luo)輯屬性,以構建信息(xi)(xi)(xi)偏(pian)(pian)在(zai)(zai)(zai)(zai)規制(zhi)(zhi)制(zhi)(zhi)度(du)(du)與方法(fa)體系作為完(wan)善互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)市場(chang)環境的(de)重點,并(bing)使信息(xi)(xi)(xi)工具的(de)功能得以實現(xian)。基于(yu)目前互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)信息(xi)(xi)(xi)偏(pian)(pian)在(zai)(zai)(zai)(zai)規制(zhi)(zhi)理念與方式較(jiao)為落后的(de)實然狀(zhuang)況,應當嵌(qian)入信用風險(xian)防控機制(zhi)(zhi),完(wan)善互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)的(de)市場(chang)準入與退出、投(tou)(tou)資者分類保(bao)(bao)護(hu)、信息(xi)(xi)(xi)披露以及“穿(chuan)透式”監管等(deng)制(zhi)(zhi)度(du)(du)安(an)排,以此保(bao)(bao)障和促(cu)進互(hu)聯(lian)網(wang)金融(rong)(rong)(rong)(rong)市場(chang)的(de)長(chang)期健康發(fa)展。
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