중국의 앤트모델은 국가통제모델로 전환하는가?－앤트그룹 사례연구－

Abstract

In China, Ant Group, a subsidiary of Alibaba, was a company with very high profits from microloan businesses. For this reason, it became the subject of benchmarking to the extent that it was named the Ant model. With the start of high-intensity regulations on Big Tech at the end of 2020, the term Ant model almost disappeared. Instead, Ant Group was a company that causes financial risks through microloan businesses and was subject to high-intensity regulations. The microloan business was separated from Ant Group and the newly established Ant Consumer Finance Company was in charge. The purpose of this study is to investigate what the Ant model is, how the microloan business was separated from Ant Group by the state, and how Ant Consumer Finance Corporation was in charge of it, and what type of the state control model Ant Consumer Finance Company is. The main characteristic of the Ant model is to secure high growth and high profit by expanding business to microloan businesses based on accumulated big data. Jack Ma’s financial criticism in October 2020 caused high-intensity regulations on Ant Group. Taking this incident as an opportunity, the state further regarded Ant Group as a company that posed financial risks and threatened the country’s data power due to its micro-loan business. The state induced Ant Group to split its micro-loan business and established Ant Consumer Finance Corporation. In addition, through two capital increases, the state expanded its influence on Ant Consumer Finance Corporation through state-owned capital. During the period of high-intensity regulation, the state showed various legal regulations, suspension of listing, and imposition of fines as regulatory measures for Big Tech, and Ant Consumer Finance Corporation exemplifies the state control model through state-owned enterprises.