本报记者 陈莹莹

Our reporter ChenYingYing

　　“人人贷”，即P2P（所谓的端对端）。简单理解，即有资金并且有理财投资想法的个人，通过某些中介机构和平台，使用信用贷款的方式将资金贷给其他有借款需求的人。人人贷日益成为关注的焦点，而其所曝露出来的问题也值得警惕。

"Everyone credit",Namely P2P(The so-called end to end).Simple to understand,There is a capital and financial investment idea of personal,Through some intermediary institutions and platform,Use credit loan way will fund loans to other borrowing needs of people.Everyone credit is increasingly becoming the focus of attention,And the exposed problems should be on guard against.

　　人人贷最早出现在英国。2005年3月，全球第一家网上互助借贷平台“Zopa”在英国伦敦诞生。之后很快被拷贝到美国、欧洲大陆和日本。网络借贷在国外经过多年发展，早已屡见不鲜。Zopa的英国网站拥有40万会员，已经撮合了8500万英镑的借贷。人人贷在国外主要有Prosper、Zopa、Lending Club、Kiva四种运营模式。

Everyone credit first appeared in the UK.In march of 2005,The global first a online mutual borrowing platform"Zopa"Born in London, England.Soon after be copied to the United States/Continental Europe and Japan.Network lending abroad after years of development,Already common occurance.Zopa English website has 400000 members,Have bring together £ 85 million lending.Everyone credit in foreign countries mainly Prosper/Zopa/Lending Club/Kiva four operation mode.

　　2006年，我国首家P2P小额信用贷款服务机构——宜信在北京揭牌。随后，国内兴起一系列P2P平台，如51GIVE、贷帮、拍拍贷等。这种无抵押无担保、最高额度几十万元的个人对个人的服务模式，满足了银行、信托、小额贷款公司业务以外群体的贷款需求。包括大学生、微企业、农民等，都成为这类人人贷的服务对象。

In 2006,,Our country the first P2P small credit loan service institution, the appropriate letter approved in Beijing.then,Domestic arise a series of P2P platform,As 51 give/Credit help/Clap credit, etc.This kind of unsecured unsecured/The highest limit hundreds of thousands of yuan of individual to individual service mode,Meet the bank/trust/Small loan companies other than business group of loan demand.Including college students/Micro enterprise/Farmers, etc,Have all become this kind of everyone credit service object.

　　由此，不难理解人人贷为何逐渐受人追捧。一方面，长期以来，由于缺乏相应担保物和信用凭证，大多数微小企业和农牧民等弱势群体的金融需求，难以从正规的金融渠道获得满足。实际上，人人贷最早出现时，很大程度上带有慈善、公益的成分。例如，印度的格莱珉银行模式就是典型的“福利主义小额信贷”，即以扶贫和社会发展为最终目的，兼顾机构自身的可持续发展。这种模式使数以百万计的贫困人口摆脱了贫困，并使人们对给穷人和小企业贷款的观念上发生了根本改变。

this,It is not hard to understand why everyone credit by gradually chase after hold in both hands.On the one hand,For a long time,Due to the lack of corresponding guaranty and credit vouchers,Most of the small enterprises and farmers, such as financial needs of the vulnerable groups,From the normal to the financial channel of satisfied.In fact,Everyone credit when first appeared,To a large extent with charity/Public composition.For example,India's grameen bank model is a typical"Welfarism microfinance",Namely to poverty relief and social development as the ultimate goal,The sustainable development of give attention to two or morethings institution itself.This model makes millions of poor population out of poverty,And make people to give the poor and small business loans on the idea of undergone a fundamental change.

　　另一方面，当前居民投资渠道的狭窄，也是人人贷迅速滋长的土壤。在房地产调控和资本市场持续低迷的背景下，某些人人贷平台号称年收益率在10%以上，正好满足了追求投资高收益人群的需求。

On the other hand,The current residents narrow investment channels,Is everyone credit grow rapidly soil.In the real estate regulation and capital markets continue to the background of the downturn,Some everyone credit platform so-called annual return of over 10%,Just to satisfy the pursuit of high investment income people demand.

　　值得注意的是，人人贷的初衷是帮助最需要的借款人，同时追求利润，然而现实的发展往往不尽如人意。国外实践表明，人人贷这一模式信用风险较高，贷款质量远劣于普通银行业金融机构。这个问题在金融危机期间更为凸显，Prosper在2007年放出的贷款综合回报率为6.44%，2008年放出的贷款回报率则为2.44%。

It is important to note that,The purpose is to help everyone loan borrowers need the most,At the same time, the pursuit of profit,However the development of reality often not satisfactory.Foreign practice shows that,Everyone credit this mode credit risk is higher,Loan quality far be inferior to ordinary banking financial institutions.The problem in the financial crisis period more highlights,Prosper in 2007 release loan comprehensive rate of return is 6.44%,2008 release loan rate of return is 2.44%.

　　在中国，由于人人贷处于监管体系的“灰色地带”，人人贷中介机构有可能突破资金不进账户的底线，演变为吸收存款、发放贷款的非法金融机构，甚至变成非法集资。也有一些非法理财、非法集资行为打着“人人贷”的旗号生存。银监会曾指出，人人贷平台主要存在七大风险和隐患：影响宏观调控效果；容易演变为非法金融机构；业务风险难以控制；不实宣传影响银行体系整体声誉；监管职责不清；贷款质量低于普通银行类金融机构；开展房地产二次抵押业务存风险隐患。

In China,Because everyone credit in the supervision system"Gray area",Everyone credit intermediary institutions may break through capital not into account the bottom line,The evolution of absorption deposit/Lending of illegal financial institutions,Even become illegal financing.There are also some illegal financing/Illegal behavior under the capital"Everyone credit"Banner survival.The CBRC, has pointed out that,Everyone credit platform mainly exist seven big risks and hidden trouble:Influence macroeconomic regulation and control effect;Easy to evolution for illegal financial institutions;Business risk is difficult to control;False publicity influence bank system overall reputation;The responsibility of supervision and regulation is not clear;Loan quality is lower than ordinary bank kind financial institutions;To carry out real estate secondary mortgage business save risks.

　　随着人人贷规模的剧增,准入门槛极低、几乎没有任何监管的人人贷公司，难以合理运营、控制风险并维护金融投资者的权益。如果任其野蛮生长，很可能会危害金融安全和社会稳定。因此，即使在监管环境更为宽松、信息技术更为发达的美国也对这个行业进行了限制。而由于美国的征信体系已经发展完善，大大降低了人人贷的信贷风险。而在中国，由于个人消费和金融信用数据尚不完善，且目前大多人人贷网站难以共享其数据库，导致其信贷风险大大提高。

As everyone credit scale excursion,Admittance threshold is extremely low/There is almost no supervision everyone credit company,Difficult to reasonable operation/Control risks and safeguard the rights and interests of the financial investors.If let the savage growth,Is likely to harm financial security and social stability.therefore,Even in the regulatory environment more comfortable/Information technology is more developed the United States also to the limits on the industry.And because of the U.S. credit system has been developed,Greatly reduces the everyone credit credit risk.In China,Due to personal consumption and financial credit data is not perfect,And now the most everyone credit website difficult to share its database,Lead to its credit risk greatly improve.

　　诚然，人人贷这样一种源于草根金融的活力与关怀有其生存的土壤，但不能放任其风险不断增大。在推广人人贷这种小额信贷模式的过程中，人人贷平台公司要根据自身所处的经济环境等制定适合自身状况的发展道路，尤其要将可持续发展放在首位，突出对风险的控制。更为重要的是，人人贷逐渐成为民间金融市场中的重要环节，相关监管机制和法律法规亟待完善。

admittedly,Everyone credit such a from grassroots financial vitality and care has its survival soil,But can't let the risk increases continuously.Everyone in the promotion of the microfinance loans in the process of model,Everyone credit platform company according to their own place economic environment are suitable for their own status of development path,Especially to sustainable development in the first place,Focus on the risk control.More important is,Everyone credit gradually become an important link of folk financial markets,The relevant supervisory mechanism and laws and regulations should be improved.