中国互联网金融产品的法律问题
Legal Issues of China Internet Financial Instruments - with a focus on financial commodity “Yu Ebao” -
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초록
互联网技术的发展和普及对金融产品创新产生了深远的影响.特别是掌握互联网入口的第三方机构,利用大数据、云计算和移动支付等信息技术,不断推出创新的金融产品,给旧有的金融体系带来巨大的冲击并产生了促进作用. 2013年下半年以来,以“余额宝”为代表的金融创新产品给一部分大众投资者带来不小的收益,同时也给传统银行业务带来巨大的冲击.“余额宝”类金融产品作为互联网技术与金融产品全面结合的产物,不但面临传统金融活动中存在的信用风险、流动性风险和市场风险,还面临由互联网信息技术导致的资金安全风险、由虚拟金融服务引起的操作风险以及由法律法规滞后引起的法律风险.研究这一类金融产品结构和相关法律,存利除弊,有助于促进互联网金融产品的健康发展. 本文第Ⅱ部分首先叙述“余额宝”的发展概况,了解其概念,解剖其投资结构；然后分析其快速成功的理由；之后,概述各界对这一金融产品的评价和监管机构的态度转变.第Ⅲ部分首先分析基金公司的垫资和备付金、协议存款和同业存款、存款准备金等问题,然后讨论“余额宝”是否属于“同业存款”,最后探讨监管原则和监管机构等问题.笔者试图通过对以上“余额宝”类金融产品的发展过程、相关法规及存在的问题的论述,对该类金融产品的发展与监管提出建设性意见.
Abstract
Internet technology development and diffusion exercise a far-reaching influence on the innovation of financial instruments. Especially, the constant innovation of new financing instruments by the third party payment mechanism who control the gateway of internet and technology like big data, cloud computing and mobile payment impacts greatly on the old financing system and promote its development. From the latter half of 2013, new financing instruments represented by “Yu Ebao” bring considerable profit to some investors in the meantime it also impacts greatly on the old financing system. As an outcome of combination of internet technology and financial instruments, new financing instruments represented by “YUEBAO” are facing risks exist in traditional banking business like credit risks, liquidity risks and market risks, these new financing instruments are also facing new risks such as fund security risks caused by internet technology, operation risks caused by virtual financial service and legal risks caused by lag of legislation etc. To study the construction of these new financing instruments and related law, keep its advantage and avoid its disadvantage will contribute to the healthy development of internet financial instruments. This paper part II will introduce the definition and progress of “YUEBAO”, analyze its investment construction and the reason of its speed success, introduce the public opinion on these new financing instruments and the change of attitude of supervision department. Part III will discuss the definition of loaning and provision of fund, contractual deposit and due to banks, provision of bank, then make a judgment about the problem if “YUEBAO” is due to banks or not. Part III will also discuss the supervising principle and how should the supervision department perform its duty. At the end, this paper will introduce my proposal about how new financing instruments like “Yu Ebao” make progress in future, and my opinion about how the supervision department should make improvement on its performance.
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