In recent years, with high Internet penetration concept, technology to the financial sector, balance of the treasure, m1y, Micro message ppdai, an online, Ali small credit as the representative of the rapid development of Internet banking, caused great concern in the market. Especially recently by whether it should be about the Internet financial development and regulatory debate banning balance treasure, became a hot topic in society, not just confined to the financial circle.
近兩年來，隨著互聯網理念、技術向金融領域的高度滲透，以余額寶、微信理財通、拍拍貸、眾安在線、阿里小貸等為代表的互聯網金融快速發展，引發市場高度關注。特別是近期由是否應該取締余額寶所引發的關于互聯網金融發展和監管的爭論，一度成為社會熱點話題，而非僅僅局限于金融圈內。

1,The connotation, and the main mode of Internet Financial
一、互聯網金融的內涵和主要模式

The so-called Internet financial, generally refers to the new financial business model based on the Internet, big data, cloud computing, social ne2rks and search engine as the representative of the Internet information technology and financial industry depth fusion forms, with financing, payment and transaction intermediary financial function. The Internet finance through the mobile payment, supply chain finance and large data service for the building of the Internet financial ecological cycle, reduce the information asymmetry between supply and demand of fund, to help direct transactions, improve the efficiency of resource allocation, reduce transaction costs, thereby creatively to solve the financing problem, and promote financial industry to speed up the reform.
所謂互聯網金融，一般指以互聯網、大數據、云計算、社交網絡和搜索引擎為代表的互聯網信息技術與金融行業深度融合所形成的金融新業態新模式，具有融資、支付和交易中介等金融功能。互聯網金融通過移動支付、供應鏈金融和大數據服務營造互聯網金融生態圈，降低市場信息不對稱，幫助資金供需雙方直接交易，提高資源配置效率，大幅減少交易成本，從而創新性地破解融資難題，并推動金融行業加快變革。

In recent years, the Internet finance mainly derived and developed the following six modes:
近年來，互聯網金融主要衍生和發展出以下六大模式：

1,  P2P (Peer-to-Peer) model. The P2P model is that the organizations or individuals have the funds and financial investment, through the ne2rk platform, will be idle funds to lend to the demand for funds to credit loans. Compared with the traditional channels of financing, P2P mode with high profit, low risk, low capital threshold, time-saving and many other features. P2P platform as a simple ne2rk intermediary, responsible for the development of trading rules and provide transaction platform, do not assume the borrower default loss, and the entire business is online finish. As in 2006 the establishment of the American Prosper company has 1250000 members, has contributed to the $307000000 membership loans. P2P mode into the Chinese, gradually evolved out of the credit intermediary, information service, guarantee payment 3 mode [1].#p#分頁標題#e#
2 ,the Internet payment mode (including mobile payment). Internet payment mode refers to the customer for the purchase of specific goods or services, relying on the Internet to launch payment instructions, achieving the m1tary funds transfer act. The rapid development of Internet payment mode provides a more convenient, low-cost payment services for social public, fundamentally changed the payment mode, and even change people's consumption habits and ways of life. Internet payment mode mainly merchants who have direct online banking, payment gateway and virtual account. Among them, the virtual account payment mode is divided into straight pay virtual account and third party payment 2 modes. The third party payment and payment from single to mixed payment mode development of Internet payment gateway and virtual account payment, gradually developed into a comprehensive payment service provider.
3 ,crowdfunding model. The chip (Crowd Funding) model that public financing, refers to the group purchase + pre order form, to raise funds to the project. The characteristics of the Internet and the spread of SNS chips, for small businesses or individuals to the public, artists show their creativity, for your attention and support, and then obtain the required funds. Compared with the traditional financing way, the financing is more open, the availability of capital is no longer by the commercial value of the project as the only standard. If the netizen love project, can be obtained through crowdfunding first funds project started, provides the opportunity for more business with a small capital or the creation of man. Crowdfunding model since 2009 appeared in foreign countries, has been developed over the past 4 years. In 2012 April, American by bill JOBS (Jumpstart Our Business Startups Act), to allow small businesses through the access to equity capital financing. Crowdfunding model has emerged in the country, such as the 2011 July on-line roll call time, has become the largest China crowdfunding website. Consider the legal risks, at present domestic several crowdfunding platforms are not related to equity financing.
4  the financial product sales over the internet. Refers to the fund, the bank financial products, insurance products and other financial products through the Internet channel and electric business platform to achieve rapid and large-scale sales model, in order to balance the treasure, Micro message through an online financial representative, and founder securities offered in Tmall mall senyuukai official flagship store etc.. As the day Hong fund and Ali's first payment platform of 3 party payment balance treasure treasure collaboration to roll out from last year to now on-line has attracted 81000000 users and to absorb nearly 500000000000 Yuan of funds, resulting in RMB bank deposit is greatly reduced, is threatening the traditional monopoly banking industry. Celestica fund with balance treasure this 1 product management of the fund size has exceeded the Huaxia Fund has become the industry first. An online is not simply [first paper nets to provide professional translation and essay writing services, welcome you the presence lunwen.1kejiAN.com] "through the Internet to sell insurance", but from the Internet Party needs, provide a series of total solutions for Internet operators, participants and users, and on this basis, developed a virtual m1y stolen insurance, online payment security liability insurance and speech technology insurance services based on virtual insurance business, resolve and manage virtual financial business risks.#p#分頁標題#e#
5,is the Internet currency. Internet currency refers to the use of a series of encrypted digital, can be separated from the bank entity digital transactions media transmission in the global ne2rk, performance for the digital currency, online currency, electronic wallet, electronic credit card and other forms, to the currency, Q coins, currency as the outstanding representative of [2] amazon. Internet currency issuer does not need government's special authorization or regulatory agencies issued the license and qualification, legal position on the Internet in different countries have different cognizance of currency. In the currency as an example, Germany is the world's first admit the currency legal countries, but was identified as the "unit of account", China, South Korea and other countries do not recognize the legal status of bitcoin, and American this ambiguity. Recently, the hackers stole $467000000 worth of coins, leading to the world's largest bitcoin exchange Mt.Gox recently filed for bankruptcy protection.
6, other models. The Internet Financial created financial search, online OTC service, based on the new online loan transaction history credit records. For example, financial search is a large data, the Internet search engine technology and financial consulting, loan examination and other financial expertise for new model, "financial 360" is our country financing loan search platform of [3]. OTC online business is through the Internet platform for institutional investors such as Wind OTC business, it launched the "million in the market". The financial health of Ali small loans to members of the Alibaba platform on ne2rk activity, trading volume, online credit evaluation and enterprise management as the basis of the ne2rk of microfinance.
Logic 2, the Internet Financial
The rapid development of Internet Finance in recent years is not accidental, behind which is the continuous development of Internet technology, social ne2rking applications, the credit environment and legal environment and perfect for the support of.
3, the Internet plays an important role of finance to economic and financial activities
The Internet financial innovation to make an inventory of social funds, accelerate financial innovation and financial institutions reform, alleviate Small and micro businesses financing difficult to provide a favorable opportunity.
(a) to help revitalize the social funds
Help to expand the social financing scale development of Internet finance, increase the proportion of direct financing, utilizing social capital, service entity economy development. 1 is the Internet Financial greatly reduces the ordinary people to enter the field of investment threshold, the formation of scale effect by Many a little make a mickle., move more social capital. As most bank financial products starting capital is in 10 thousand yuan of above, and the "balance of treasure" a yuan can buy, help attract to 100 yuan and thousands of dollars of social idle funds into large. 2 is the Internet finance can rely on asset securitization and other means to make an inventory of assets, funds to achieve rapid cycling on the. As Ali financial and Orient Securities to launch "Topix mis - Alibaba special asset management plan", the Ali small loans to the rapid withdrawal from circulation of funds, invigorated the petty loan assets, improve efficiency in the use of funds.#p#分頁標題#e#
(2) contribute to the acceleration of financial innovation
The Internet finance through the aisle of the parties involved in the transaction, provides a unified platform for different types of financial industry integration and development, help to speed up financial innovation, financial innovation and financial product innovation. 1 is the combination of the Internet and the financial development will reconstruct the financial ecological system at present, the rise of new financial institutions, financial institutions and other non traditional financial institutions, financial institutions, pan, integrated innovation, creativity and innovative financial form cross [the first paper nets to provide professional generation write papers and thesis writing services, welcome your presence lunwen.1kejiAN.com] will continue to emerge. In recent years the payment treasure, peer-to-peer lending, Ali small credit, the ANN online and development for example. The 2 is in the rapid impact of Internet finance, financial institutions existing profit model, sales model, the service model and management model has been difficult to continue, forced the promote the financial model transformation and innovation. The 3 is with the constant breakthroughs in information technology, ne2rking technology, financial technology, a large number of consumers and Small and micro businesses of personalized, differentiated, fragmentation demand for financial products by the theory based on the reality, will greatly enrich financial products series and types available.
(3) help to speed up the transformation of traditional financial institutions
The Internet has changed the traditional financial institutions, financial resource allocation, pricing, leading a strong position and physical channel advantage, Daobi of traditional financial institutions to speed up the reform idea of value, business model, organizational structure, business process. 1 is to promote the change of value concept of traditional financial institutions, abandon the past, too much emphasis on the value proposition of security, stability, risk, cost, pay more attention to seamless, fast, interactive, participate in the customer experience and customer relationship management, truly take the customer as the center, take the market as the guidance. The 2 is to promote the traditional financial institutions business model change, change the traditional profit model spreads as the main source of income, through the construction of a new profit model of product innovation and provide comprehensive value-added services. The 3 is to promote the traditional financial institutions, organization structure and business process reengineering, accelerate the tissue flat, ne2rk and process simple, to the examination, so as to improve organizational efficiency, rapid response to customer needs.
(4) helps to ease the Small and micro businesses financing
The Internet Financial largely solved the problem of adverse selection and moral risk caused by asymmetric information, is advantageous to the enhancement of financial services Small and micro businesses of endogenous power, effectively alleviate the Small and micro businesses financing, financing, financing without your gate. 1 is the Internet Financial rely on search technology, advanced data mining technology and risk management technology, greatly reduced the parties involved in information collection, credit evaluation, consultation, inquiry signing policy implementation of transaction costs, lower overall Small and micro businesses access cost and financing cost. 2 is the Internet financial operation characteristics and Small and micro businesses financing needs with the matching degree is very strong. Such as the P2P ne2rk service platform loan loan threshold low, wide coverage, trading, convenient operation, flexible loan amount is small, short duration, can be Small and micro businesses to provide "tailored" financial services. The 3 is the fierce market competition caused by the Internet finance will promote the traditional financial institutions such as banks re allocation of financial resources, a lot of Small and micro businesses will get more credit support.#p#分頁標題#e#
3, the Internet financial challenge to the traditional financial development
The Internet financial with "open, equality, cooperation, share" spirit, the traditional financial theory, financial model, financial business and financial supervision system has formed the subversive impact and challenge.
(a) the impact on financial idea
Modern information technology, search engine, big data, cloud computing, social ne2rks and the law of large numbers, probability and statistics, data mining technology based on behavior analysis, Internet banking has greatly changed the traditional financial concept and mode of thinking. 1 is the marginal transaction costs and market participation threshold greatly reduced, information security protection and wind control system design and sound, the financial demand and supply side end between the "point to point" and "many to many" direct transactions become reality, realize the closed type to open financial financial. The 2 is the development of third party payment of Internet financial institutions and virtual currency, change the bank as the traditional positioning capital transaction and payment intermediaries, accelerate the financial disintermediation and "decentralized" process. The 3 is the development of social ne2rk makes the platform application into the public to enjoy the many business crowdfunding model, mobile micro-blog way makes the speed of information transmission is growing exp1ntially, "since the media" has become a trend and the "financial" era. 4 is the combination of the Internet and the finance led to massive demand driven innovation in financial products, financial consumers personalized, diversified, fragmentation and financial needs are great satisfaction and risk pricing accurately, the personal financial service rapid development, the traditional finance to inclusive financial change trend is increasingly clear.
(2) influence the financial mode [from: lunwen.1kejian.com]
The rapid development of Internet finance, will bring great impact on the current profit model, marketing model, wind control mode and organization pattern of traditional financial institutions. 1 is with the marketization of interest rates steadily and the deposit and loan interest rates lower gradually liberalized, appropriate letter, rapid development of P2P, peer-to-peer lending and loan service platform of P2P ne2rk, the bank will rely on deposit lending spreads mainly earn profit pattern caused significant impact, forcing banks to speed up transformation.
(3) the impact on financial services
The Internet Finance on traditional financial institutions business and function has a substitution effect greatly. 1 is the third party payment habits from the entrance to change user, remittance transfer business impact of traditional banks and value-added services. Such as Alipay, YeePay, lakala can provide payment, transfer m1y, ticket purchasing, electricity and insurance payment settlement and payment service for customers. With the development of technology of identity authentication and digital signature technology, mobile payment will be more used to solve the problem of the existing large payment, payment means instead of cash, checks, credit cards, bank. 2 is the Internet Finance provides direct channel flat for all kinds of financial products, the weakening of the traditional channel business function of bank, securities, insurance company. Such as balance treasure in pay treasure account embedded fund payment system, users can buy m1tary fund products enjoy the financial benefits, but also can redeem at any time used for consumption and payment, has great impact on traditional bank consigned fund business. As an online without branches, completely insurance product sales and settlement business through the internet. The 3 is with the rapid development of Internet banking, fund, stock, bonds, bills, property, insurance, commodity trading more through the online release information, negotiation, to complete the transaction, which caused great impact to the bank, securities companies, fund companies, insurance companies, property rights trading center of deposit and loan, brokerage, investment management, investment banks. Such as Wind information customers can rely on "million in the market" publish project information and look for trading opportunities, at present "million in the market" has been covered in fixed income, equity, investment bank, financial products sales, property ownership and other five categories and fifteen subcategories.#p#分頁標題#e#
(4) to the financial regulatory challenges
Internet banking as a new thing, business innovation, product integration, development of the grassroots, service of the Pratt & Whitney, spread the risk of the financial regulatory system and legal system brings great challenge. 1 is the first Internet finance has the professional cross market cross business obvious / provide the and essay writing services, welcome your lunwen.1kejiAN.com] features, the mixed management and comprehensive management mode and the current separate supervision system which leads to lack of supervision, supervision, unclear interface, regulatory standards is not 1, even escape supervision present financial system, easily lead to regulatory arbitrage. The 2 is in the fierce market competition, the Internet financial products and service innovation emerge in an endless stream, while the corresponding threshold, the scope of business license, financial risk control, information disclosure, supervision and punishment mechanism, management tools lag. In addition, on the Internet Finance often focus on ex post regulation, the daily supervision and lack of supervision, pr1 to risk exposure. 3 is the lagging construction of long-term healthy development of the Internet financial system and laws and regulations. Personal information protection system, credit system, electronic signature, digital certificate can not keep up, standards related to the legal system, the Internet financial department rules and regulations and the state is not perfect.
(Editor: Yu Ming)
Reference.
[1] Feng Junzheng, Chen Yingying.P2P credit platform: the new financial model for new financial implications of [J]. commercial bank, 2013 (5). This article from: lunwen.1kejian.com]
This article from the "financial" in Hainan in 2014 fifth, belongs to original author and journal all.