P2P信贷是一种独立于正规机构金融体系之外的个体借贷行为。它所形成的市场化定价机制、信用数据以及运作模式都对金融体制改革有重要意义。同时，它也是普惠金融的重要方面。

P2P credit is a kind of independent of formal institutions outside the financial system of individual lending practices.It by the formation of the market pricing mechanism/Credit data and operation mode of the reform of the financial system has important significance.At the same time,It is also an important aspect of financial pratt &whitney.

　　P2P信贷并非只是一种技术形式，而是理念与方式的革新，展现了金融脱媒和互联网的结合在个人端的巨大能量。但另一方面，市场也普遍担忧其中蕴含的风险，尤其是对实践中衍生出一些P2P信贷新形式。

P2P credit is not only a form of technology,But the ideas and methods of innovation,Show the financial disintermediation and the combination of the Internet in the huge personal energy.But on the other hand,The market also are worried about the risk of which contain,Especially for practice derived some P2P credit new form.

　　P2P行业的争论颇多，涉及法律性质、商业风险与政策监管多个方面，过去一段时间业界与媒体的争论，主要集中于七个核心问题，本文尝试对这些问题进行解读。

P2P industry argument quite a lot,Involving legal nature/Business risk and policy regulation multiple aspects,In the past period of time the industry and the media of debate,The main focus on seven core problem,This paper attempts to interpret these problems.

　　一、模式之争没有必要 a/Model for not necessary

　　模式之争主要有两类：债权转让模式与传统P2P模式的争论、线上线下模式的争论。

Model for basically has two kinds:Creditor's rights transfer mode and traditional P2P mode of debate/Online offline mode of debate.

　　传统P2P模式中，借贷的双方提供信息流通交互、信息价值认定和其他促成交易完成的服务，不实质参与到借贷利益链条之中。借贷双方直接发生债权债务关系。在实践中，P2P信贷衍生出了“专业放贷人与债权转让结合”的新形式。该形式中的借贷双方不直接签订债权债务合同，而是专业放贷人先行放款给资金需求者，再由专业放贷人将债权转让给投资者（P2P平台为该交易过程提供服务，且与该专业放贷人高度关联）。

Traditional P2P mode,Lending on both sides of the circulation of information interaction/Information value to identify and other transaction service,No substance involved in the lending interest of chain.The lending occurred directly debtor-creditor relationship.In practice,P2P credit derivative out"Professional FangDaiRen and creditor's rights transfer combination"New form.This form of lending both sides signed the contract does not directly creditor's rights debt,But professional FangDaiRen first loan to capital demanders,Again by professional FangDaiRen claims will be transferred to investors(P2P platform for this transaction to provide services,And with the professional FangDaiRen high correlation).

　　债权转让模式能够更好地连接借款者的资金需求和投资者的理财需求，主动地批量化开展业务，而不是被动等待各自匹配,从而实现规模的快速扩展。它与国内的互联网发展尚未普及到小微金融的目标客户群体息息相关。

Creditor's rights transfer mode to better connect borrowers of money demand and financial needs of investors,PiLiangHua actively carry out business,Rather than passive waiting for their match,So as to realize the rapid expansion of scale.It and domestic development of Internet has not yet spread to small micro financial target customer groups is closely linked.

　　因为信用链条的拉长，以及机构与专业放贷人的高度关联性，债权转让的形式受到较多质疑，并被诸多传统P2P机构认为这“并不是P2P，出了风险会影响P2P行业”。其是否P2P并不重要，只要满足社会需求，合理合法、风险可控，即使是另一种模式又有何妨？关键是清晰地认识其中的风险并以此推进监管上的风险监控与管理。

Because credit chain spin,And institutions and professional FangDaiRen height relevance,The form of creditor's rights transfer by more questions,And many traditional P2P institutions think it"Not P2P,Out of the risk will affect P2P industry".Whether the P2P is not important,As long as meet the social needs,legitimate/Risks are controllable,Even if is another kind of mode and might as well?The key is clearly know the risks and to advance the regulatory risk monitoring and management.

　　对于监管政策上“一刀切”的担忧是传统P2P机构划清与债权转让形式界线的主要原因。但这又是谁能预料的呢？因为没有监管上的特别分类和法规，真要“一刀切”的话，估计也与是否传统P2P没有关系了。这个行业只有共同规范、合作共赢的可行性，而不存在不同模式的敌我之分，行业共同的敌人是金融诈骗现象。

For regulatory policy"One size fits all"Worry is a traditional P2P institutions and creditor's rights transfer form the main reason for the line.But this is who can expect it?Because there is no supervision on special classification and regulations,Really want to"One size fits all"words,Also estimated and whether the traditional P2P was not a concern.The industry only common norms/The feasibility of win-win cooperation,But does not exist different patterns of divided into friend and foe,Industry is the common enemy of financial fraud phenomenon.

　　关于线上线下模式的讨论，没有什么明确法理或实践的边界。两者的区别主要在以下方面：销售方式和风控方式是否在线下完成，以及一些法务手续及借贷业务信息是否在网络上完全公开透明。就线下业务而言，销售和风控大量都在线下完成，完整的借贷信息不公开发布。而大量的线下业务出现，也与国内的诚信体系、借贷者信息表达形式以及互联网使用习惯相关。

About online offline model discussion,No clear legal theory or practice of the border.The difference between the two is mainly in the following aspects:Sales mode and wind control mode is in complete line,And some of the legal procedures and lending business in the network information is completely transparent.Just below the line in terms of business,A large number of sales and wind control in complete line,Complete lending information is released.And a lot of offline business appear,And with the domestic credit system/Borrowers information expression and Internet usage related.

　　销售与风控只是技术手段，谈不上是本质性模式之别。线下模式的信息公开程度较低，引发了公众对其法律和商业风险的担忧，才是对其质疑和分类的来源。促进线下模式信贷数据的公开透明机制极有必要，尤其是那些非机构商业机密且涉及公众利益的数据。除此以外，争论线上线下模式区别并无意义，只是机构选择不同而已。

Sales and wind control just technology,No essential model don't.Offline model of information disclosure level is relatively low,Cause the public to its legal and business risk concerns,Is the question and the source of the classification.Promote offline mode credit data transparency of mechanism is very necessary,Especially those of the agency business secrets and involves the interests of the public data.In addition,Debate online offline mode difference and meaningless,Just institutions a mere matter of choice.

　　二、中间账户缺乏监管 two/Intermediate account lack of supervision

　　是首要风险 Is the primary risk

　　P2P平台出现跑路和诈骗事件的主要原因是：中间资金账户缺乏监管，P2P平台拥有中间账户资金的调配权。

P2P platform appear to run road and fraud is the main reason of the event:Intermediate capital account lack of supervision,P2P platform have intermediate account capital allocation right.

　　中间资金账户的开设是为了交易核实与过账，是P2P平台的必要组成部分。但是目前中间资金账户普遍处于监管真空状态，资金的调配权仍然在P2P平台手里。若是对时间差和条款没有严格控制，“卷款跑路，挪作他用”等中间账户资金沉淀引起的道德风险是存在的。近期的P2P平台跑路事实也证明了这一点。

Among the opening of capital account is to deal with verification Posting,P2P is a necessary part of the platform.But at present middle capital account generally are in regulatory vacuum state,Capital allocation right hand still in P2P platform.If to time difference and terms not strictly control,"Roll) run road,For any other purposes"Among such as account fund precipitation caused by moral hazard exists.Recent P2P platform to run road facts have proved it.

　　中间资金账户的监管是极有必要的。通过监管资金流的来源、托管、结算、归属，详细分析信贷活动实际参与各方的作用，以及对中间资金账户进行“专户专款专用”监控，可以避免P2P平台介入非法集资或者商业诈骗的可能性，也利于相关部门进行社会融资统计和监测分析。

Among the supervision of the capital account is very necessary.Through the regulatory capital source/managed/settlement/belonging,Detailed analysis of the actual credit activities involved in the role of the parties,And the intermediate capital account for"Only door special fund is special"monitoring,To avoid P2P platform involved in illegal funds or the possibility of commercial fraud,Also for the related departments to carry out social financing statistics and monitoring analysis.

　　目前，P2P平台普遍在银行和第三方支付平台开设中间资金账户，实现中间的转账结算。而资金托管方的普遍态度是允许开户，但不承诺监管，因为涉及监管就意味着“钱少、活多、责任大”。监管部门或许可以考虑指定托管机构对中间资金账户进行专营专管，使平台本身只能查看账户明细，而不能随意调用资金。此外，成立专业的认证机构对独立于P2P平台的资金安全进行认证也可以尝试。

At present,P2P platform common in Banks and the third party payment platform among open capital account,To realize the middle of the transfer settlement.And fund custody party's general attitude is allowed to open an account,But not undertake supervision,Because involves regulatory means"Less money/Live more/Responsibility big".Regulators may consider appointing trust mechanism of intermediate capital account to specialize in exclusive,The platform itself can only check account details,But don't feel free to call capital.In addition,Professional certification institution was established to independent of P2P platform capital security authentication can also try.

　　其他的风险还包括信贷风险。较多的P2P网络贷款是信用型的小额贷款。其必须依靠合适的信贷技术，诸如交叉校检和严格指标体系，来弥补财务数据和担保抵押的缺失，从而降低风险。另一方面，国内社会信用环境不成熟，征信体系不完善、不开放，单纯依靠网络来做信用评估难度较大，而线下尽职调查的成本又过高。虽然P2P平台普遍建议客户采用小额分散投资的风险控制方法，但是其风险相较于传统银行模式仍然是不低的（反过来讲，也是其高利率的原因之一）。投资者也应该充分考虑自身的风险识别能力和风险承受能力。

Other risks include credit risk.More P2P network loan is credit type of small loans.It must depend on appropriate credit technology,Such as cross check and strict index system,To make up for the financial data and guarantee the lack of the mortgage,So as to reduce the risk.On the other hand,Domestic social credit environment not mature,Credit system is not perfect/Don't open,Pure depending on the network to do credit evaluation difficult,And below the line of the due diligence investigation of cost and too high.Although P2P platform generally recommends that customers use small disperse investment risk control method,But the risk compared with the traditional bank model is still not low(conversely,It is also one of the reasons for the higher interest rates).Investors should also give full consideration to their own risk identification ability and risk to bear ability.

　　其次是关联风险。对于专业放贷人与债权转让结合的模式来说，其内部业务和机构的关联性复杂，形成了内部循环。从逻辑上讲，若是客户挑选、信用审核、资金结算、债权转让、逾期追偿等行为都是由关联性很强的机构完成，即使在基础债权信息是真实的情况下，关联性引发的譬如虚假增信的道德风险也是存在的。当然，我们也应该注意到，国内缺乏完善的征信体系及其他第三方专业机构，平台需要承担大量的信用风险评估和管理的职能，如果平台完全独立于交易之外，反而有可能更不利于投资人的保护。关联性的合理边界还要在实践中探索。

The second is associated risk.For professional FangDaiRen and creditor's rights transfer mode of combining it,The internal business and institutions of the complex relationship,Form the internal circulation.Logically speaking,,If the customer choose/Credit audit/Fund settlement/Creditor's rights transfer/Overdue recovery, etc are made by relevance strong institutions finish,Even in the basic claim information is the real situation,Relevance triggered such as false credit moral risk also exist.Of course,We should also pay attention to,Domestic lack of perfect credit system and other third party professional institutions,Platform needs to pay for the large amounts of credit risk assessment and management functions,If the platform is totally independent of outside trading,It may be more likely to investor protection.The relationship among reasonable boundary and explore in practice.

　　三、非法集资的边界在哪 three/The boundary of the illegal funds

　　若是投资人与借款人实际上并没有直接接触，平台跨越中介的定位，先以平台名义从投资人处获得资金（即使只是存放在中间账户），再直接决定投资行为和进行资金支配，甚至挪作他用和非法占有，则有非法集资的嫌疑。资金转移是否先于投资行为的发生是其中判定关键。

If investors and borrowers in fact there is no direct contact,Platform across intermediary location,In the name of the first platform from investors funds obtained(Even if it's just in the middle account),To directly determine investment behavior and capital control,Even for any other purposes and illegal possession,Are suspected of illegal funds.Money transfer is prior to the occurrence of investment behavior is one of the key decision.

　　专业放贷人与债权转让结合的模式被质疑为变相吸收公众存款。在这个模糊地带，核心问题在于：这些资金流转的行为是否基于已经形成的债权债务关系，是否为一种信息对称的双方认可的价值交换；从相反的角度看，转让双方是否形成新的存款、债务或者股权关系，专业放贷人是否有先获取资金用于放贷再转让债权的行为。这些问题的答案，是判定“合法债权转让”和“非法吸收资金”的法理边界的重要依据。而对于该行为的核查，进行专业放贷人账户的放贷总额、债权转让总额和流入资金总额的对比，是一种可粗略估计的办法。

Professional FangDaiRen and creditor's rights transfer mode of combination has been questioned for disguised absorbing public deposits.In the fuzzy zone,Core problem is:These funds flow behavior is based on the relationship of creditor's rights debt has been formed,Whether it is a kind of symmetry of information by both parties of the value of the exchange;From the opposite point of view,Transfer whether both sides to form a new deposit/Debt or equity relationship,Professional FangDaiRen have to obtain funds for lending to transfer the behavior of the creditor's rights.The answers to these questions,Is decision"Legitimate creditor's rights transfer"and"Illegal absorption funds"Legal boundary the important basis.For the behavior of the verification,For professional FangDaiRen account total lending/Creditor's rights transfer amount and the total amount of funds into contrast,Is a way to a rough estimate.

　　若是基于已形成债权债务关系的双方认可的价值交换，则判定其为非法吸收公众存款未免过于简单粗暴。何况，非法集资的概念往往和“不明确资金用途”以及“非法占有为目的”相关。而在目前对少数相关机构的质疑中，尚未能证明与此两点有关。

If it is based on the relationship of creditor's rights debt has formed by both parties of the value of the exchange,The decision for the illegal absorbing public deposits is too simple and crude.How much more,The concept of illegal funds and often"Not clear capital USES"and"For the purpose of illegal possession"related.Currently, for a small group of related institutions in question,We have not been able to prove the two relevant.

　　在债权转让过程中，P2P机构要极其注意债务人的知情权和协议规范，避免触碰非法集资的红线。P2P机构不应该签订笼统的三方服务合同来使得过程简便和获得更大操作空间，忽略债务人的权利，或者干脆使投资人和借款人处于信息隔离的状态。

In the creditor's rights transfer process,P2P institutions should pay attention to the debtor is the right to know and protocol specification,Avoid touching the illegal funds of the red line.P2P institutions should not be a general three party service contract to make the process is simple and gain greater operating space,Ignore the rights of the debtor,Or simply make investors and borrowers in information isolation state.

　　四、小贷担保应纳入规范监管 four/Small credit guarantee should be integrated with the standardization of the supervision

　　有些P2P平台承诺以自有资金为投资人提供本金（及利息）保障，平台实质参与到了借贷经济利益链条之中。这样的P2P平台已经具有融资性担保公司的实质，开展的是小贷担保业务，涉嫌特殊超范围经营。其杠杆比率往往超过担保公司担保额不超过净资本10倍的法定要求，也不接受地方政府指定部门的金融监管。该担保风险仍然在机构内部，没有实现分散和转移。尤其是担保实质和杠杆率不匹配可能引发杠杆风险。高杠杆使其本金保障的可行度存疑，平台承担的风险过大。

Some P2P platform commitments to their own funds for investors to provide the principal(And interest)security,Platform in essence to lending economic interests of the chain.Such a P2P platform has financing guarantee the essence of the company,Carry out is small credit guarantee business,Special overspray in business.Its leverage ratio are often more than guarantee company cover not more than net capital ten times the legal requirements,Don't accept the local government designated department of financial supervision.The security risk is still within organizations,Didn't realize dispersion and transfer.Especially guarantee essence and leverage ratio does not match could cause leverage risk.Highly leveraged its principal security feasible degree dubious,The risk of platform for too much.

　　保障（赔付）资金的来源是进行担保性质判断的主要根据。目前，P2P平台普遍划拨部分收入到风险储备池用于投资者保护。若其约定赔付金额完全限定于风险储备池的范围内，则并不能认为是担保。但在此情况下，投资者保护机制对风险的承担能力是有限的，责任承担主体不涉及P2P平台本身。机构应当避免含糊其辞的“本金保障”的不当宣传。同时，这笔风险储备金也应该进行账户隔离和对投资人公布。

security(settlement)The source of funds is the main according to estimation of the nature of the guarantee.At present,P2P platform general transfer part of income to risk reserve pool for investor protection.If the agreed settlement amount completely limited to risk reserve pool range,Is not considered to be guaranteed.But in this case,Investor protection mechanism on the assumption of risks ability is limited,Main responsibility does not involve P2P platform itself.Institution shall avoid ambiguous"Principal guarantee"Inappropriate propaganda.At the same time,The risk reserve should also be on account of investors isolation and released.

　　另一种情况是：P2P平台引入了其他担保机构，但是两者是高关联性的公司。对此不宜进行“一刀切”的法律性质认定和监管举措，应当关注背后的风险实质再进行分类分级处理。

Another kind of circumstance is:P2P platform introduced other guarantee agencies,But they are high relevance company.This is unfavorable for"One size fits all"The legal nature of acknowledgment and regulatory measures,Shall pay attention to the essence behind the risk classification and grading.

　　五、债券转让和旁氏骗局没有必然联系 five/Bonds transfer and pond's scam no necessary connection

　　有些人担忧债权转让的模式容易导致庞氏骗局，同时把其与P2P平台的坏账率捆绑在一起。但是三者并无必然联系。

Some people worry creditor's rights transfer model easy to cause the ponzi scheme,But at the same time, the P2P platform of bad loans rate bound together.But there is no necessary relation between the three.

　　单纯以平台坏账率来判断是否庞氏骗局，是粗糙的和不准确的。若是将专业放贷人（债权出让人）和与其关联的P2P平台作为一个整体来看，当收益率和风险储备金之和小于其机构运营成本和坏账率时，专业放贷人的经营和机构运营是不具备持续性的，但不能认定为庞氏骗局。当明确投资人的回报并非来自于还款人的还款收益，而来自于虚假债权和债权重复转让形成的现金流时，才能明确其为庞氏骗局。庞氏骗局的核心问题是，不存在真实资产或交易，或者刻意隐瞒债权的风险信息循环转让，而不是出现坏账。

Simple to platform bad debt rate to judge whether ponzi scheme,Is rough and inaccurate.If FangDaiRen will be professional(Claims vendor)And its associated P2P platform as a whole,When the rate of return and risk reserve of less than its organization operation cost and bad debt rate,Professional FangDaiRen business and institutions operation is not have persistent,But can not be regarded as ponzi scheme.When clear investor returns is not from the reimbursement of reimbursement income,And from false claims and claims repeated transfer form when the cash flow,To clear the ponzi scheme.Ponzi scheme is the core of the problem,Does not exist real assets or transaction,Or misrepresentation of creditor's rights to the risk of information transfer cycle,Not appear bad debt.

　　也就是说，只要债权信息并非虚假，同时并未重复转让，即使其多次转让、平台的坏账率偏高，也不会形成庞氏骗局。庞氏骗局是基于流动性形成的风险，与坏账率指标并无直接关系，除非是其刻意向投资者隐瞒债权相关的基础信息。何况，债权已经实质形成（即价值是存在的），并且每个债权的期限和转让次数是有限的，击鼓传花的可能性几乎不存在。除非是大量地、持续性地在原始债权信息上造假，而后者在技术上实现的可能性微乎其微。

that,As long as the creditor's rights is not a false information,At the same time did not repeat transfer,Even if the transfer of many times/Platform of bad loans rate on the high side,Also won't form a ponzi scheme.Ponzi scheme is based on the formation of liquidity risk,And bad debt rate indicators and no direct relation,Unless it is deliberately hide to investors claims related to the basic information.How much more,Creditor's rights have substantial form(The value is there),And each claim period and transfer number is limited,The possibility of playing music ball almost does not exist.Unless it is in large quantities/Persistent in the original creditor's rights information fraud,While the latter in technology implementation possibility very little.

　　另一方面，债权转让可能导致庞氏骗局的担忧来自于专业放贷人账户的流动性压力。对于债权转让模式中的专业放贷人账户来说，由于期限错配和金额错配的存在，专业放贷人账户的流动性压力是很大的。在债权尚未到期的基础上，若是该债权不能被及时转让给下一家，极有可能引发现金流断裂的危险。这要求专业放贷人要有一定的“被强制”在账户里的资金来提供流动性。同时，《合同法》上规定，债权转让过程中不得牟利，也就是说，专业放贷人账户是没有收益来补充资本金的。专业放贷人提供的原始流动性（自有资金）和债权转让（资金流动）速度也就成为了其中的关键。这是值得大家关注的一点。

On the other hand,Creditor's rights transfer can lead to ponzi scheme concerns from professional FangDaiRen account liquidity pressure.For the creditor's rights transfer mode for professional FangDaiRen account,Due to the maturity mismatch and amount mismatch existence,Professional FangDaiRen account liquidity pressure is big.On the basis of claims have not been due,If the creditor's rights can not be timely transferred to a,Most likely cause cash flow fracture risk.This requires professional FangDaiRen should have certain"Be forced to"In the account funds to provide liquidity.At the same time,[Contract law]Provisions on,In the process of transfer of creditor's rights shall not profit,that,Professional FangDaiRen account is not income to supplement the capital.Provide professional FangDaiRen original liquidity(Self-capital is)And creditor's rights transfer(Cash flow)Speed also became the key.This is worth a little attention.

　　六、行业如何做到自律透明 six/How do the industry self-discipline transparent

　　新兴行业的成熟和健康发展，极大地依赖于行业的透明性、自律性和声誉。P2P信贷行业的自律透明要求主要包括以下五个方面：

Emerging industry mature and healthy development,Greatly depends on the industry's transparency/Self-discipline and reputation.P2P credit industry self-discipline transparent requirements mainly includes the following five aspects:

　　其一，必要财务数据的透明。行业部分从业者强调其自身平台安全性的同时，却对核心数据尤其是流动性指标和坏账率指标讳莫如深。在不涉及商业机密，但与投资者资金安全相关的数据上，P2P平台及专业放贷人应该及时做出说明。

one,The necessary financial data transparent.Part of the industry practitioners emphasize its own platform security at the same time,But the core data especially liquidity index and bad debt rate index to keep secret.In does not involve commercial secrets,But investors fund safety related data,P2P platform and professional FangDaiRen should be able to explain.

　　其二，运营关联性的合理切割。该合理切割包括小贷担保模式中的信贷平台业务和担保业务的切割；债权转让模式中的资产评级业务最好由独立机构来操作等。当然，关联性切割不是理想化、全面化的，要考虑实际操作性。

The second,The reasonable cutting operation relevance.The reasonable cutting including small credit guarantee system of credit guarantee business platform business and the cutting;Creditor's rights transfer mode of assets in rating business best by independent agencies to operation, etc.Of course,Relevance cutting is not ideal/Generalization of,To consider the actual operation.

　　其三，投资者风险说明工作。对于小额贷款这种金融形式，尤其是在信息不充分对称的情况下，其原本就是相对较高风险的。行业部分从业者为了吸引更多的投资者，片面地夸大了其安全性是不合适的。P2P平台应该做好投资者风险说明工作，并努力挑选和培养具备风险识别和风险承担能力的合格投资者。

thirdly,The risk of investors that work.For small loans this financial form,Especially in the information not fully symmetrical cases,The original is relatively high risk.Part of the industry practitioners in order to attract more investors,One-sided exaggerated its safety is not appropriate.P2P platform should be prepared to risk investors that work,And try to select and train have risk identification and risk bearing ability qualified investors.

　　其四，独立意见机构的监督管理。P2P机构应该加强与独立意见机构的合作，包括：1. 中间资金账户监督机构。资金交易结算都通过第三方机构实现，不能使用平台自身账户进行托管结算，平台也不享有中间账户资金的调配权。2. 独立审计机构。定期审计，尤其是对坏账率和流动性指标进行审计，保持信息公开透明。3. 独立律师事务所。定期审计公司法人的状况，检查债权债务关系，抽查留底文件尤其是流转文件，核实相关数目、事项。

its,Independent advice mechanism of supervision and management.P2P institutions should strengthen independent advice agencies,including:1. Intermediate capital account supervision mechanism.Capital transaction settlement are through the third party organisation,Can't use their own account platform for hosting settlement,Platform also don't have intermediate account funds allocation right.2. Independent audit institutions.Regular audit,Especially for bad debt rate and liquidity index audit,Keep information transparency.3. Independent law firm.Regular audit the company legal person status,Check the debtor-creditor relationship,Purpose of spot check file especially circulation file,Verify related number/matters.

　　其五，行业自律组织与行业标准。首先是业内建立信息共享平台，尤其是征信信息共享和黑名单公示机制，最好和行业平台形成共享的常态备案机制。其次，应当考虑对授信共享机制形成共识和初步行业标准。再次，成立必要的自律性组织，承担道义监督和警示责任。

five,Self-discipline organization and industry standard.The first is the industry to establish information sharing platform,Especially the reference information sharing and blacklist public mechanism,The best and industry platform forms sharing the normal record mechanism.secondly,Should be considered for credit sharing mechanism formed consensus and primary industry standard.again,Established the necessary self-disciplinary organization,Bear moral supervision and warning responsibility.

　　七、行业需要怎样的 seven/Industry need what kind of

　　政策和监管 Policy and regulation

　　对于涉及公众利益的金融行为，仅有行业自律是不够的，必须有严格的他律。相关部门也应该研究讨论，确定P2P平台机构性质，确定监管主体、监管内容和监管形式。从监管内容上看，以下方面应该严格审慎。

In the interests of the public for financial behavior,Only self-discipline is not enough,There must be strict heteronomy.Related departments should also be discussed,Determine the P2P platform mechanism properties,Determine regulatory body/The content and form of regulatory supervision.From the supervision on the content,The following aspects should be strictly prudent.

　　首先，资金流动性监管，尤其是中间资金账户的监管。其次，建立机构风险评级机制和控制措施。监管部门应该考虑对P2P平台进行机构风险评级，对社会和投资者公布，发布风险警示；同时通过财税政策、资本金要求、风险警示窗口指导和投资者保护政策引导机构进行风险控制。再次，建立行业准入门槛和淘汰制度。目前P2P平台行业的混乱现象主要就是因为其准入门槛和监管制度较为宽松。

First of all,Liquidity supervision,Especially among the supervision of the capital account.secondly,Set up institutions risk rating mechanism and control measures.Regulators should consider to P2P platform mechanism risk rating,To the society and investors published,Risk warning issued by;At the same time through the fiscal policy/Capital requirements/Risk warning window guidance and investor protection policy guidance mechanism to control risk.again,Establish industry admittance threshold and elimination system.At present P2P platform industry chaos phenomenon is mainly because the admittance threshold and regulatory system is more comfortable.

　　另一方面，P2P信贷满足了市场需求，产生了客观的社会效益，是对国内现有金融体制的有效补充，并且有着市场化改革的重要意义。相关部门在总体政策思路上仍然应该保持容忍度。当然，这种容忍度的对象和范围是有要求和原则的，不宜一概而论予以整体拒绝或者同样的积极政策。针对高社会效益、低社会风险的P2P平台，政策容忍度或许可以包括如下方面：

On the other hand,P2P credit to meet the market demand,Produce the objective social benefits,Is the current domestic financial system effectively complement,And has the important significance of marketization reform.The relevant departments in the overall policy idea should still maintain tolerance.Of course,The tolerance of the object and scope is a requirement and principle,Should not be treat as the same to the overall refused to or the same positive policy.According to the high social benefits/Low social risks of P2P platform,Policy tolerance may include the following aspects:

　　其一，谨慎对其进行法律性质判断。尽管部分P2P平台有超范围经营和变相吸收公众存款的嫌疑，但政策部门应该更加关注其风险和实际效果，而不是在现有框架内拒绝新形式。同时，可以考虑进行机构性质的合理转化，使各类型的P2P平台成为一种新机构形式或者纳入现有的监管体系，并在监管指标和监管技术上进行革新。

one,Careful the legal nature of judgment.Although part of the P2P platform have overspray operation and disguised absorbing public deposits of suspicion,But policy department should pay more attention to the risk and actual effect,Not in the current framework refused to new form.At the same time,Can consider the reasonable transformation mechanism properties,Make each type of P2P platform become a new mechanism form or into the current supervision system,And in the regulatory indicators and supervision on technology innovation.

　　其二，允许有条件使用征信系统。某商业银行向某P2P平台提供客户征信信息被央行上海分行通报批评，责令整改。诚然，征信信息涉及个人隐私，不应当用于商业目的的公开和转卖。但对于P2P信贷来说，其业务主要是涉及信用的，重新对客户进行全面尽职调查成本高，也不尽然准确。而征信准入的风险在于，P2P平台并不受到严格监管，可能会导致客户信用信息非法公开或者用其进行其他非法牟利行为。建议相关部门慎重考虑，建立机构评级机制，允许有条件使用征信信息；放低事前准入限制，严格事后行为监管。

The second,Allow conditional use reference system.A commercial bank to a P2P platform provide reference information is the central bank Shanghai branch criticized,Rectification shall be ordered to.admittedly,Reference information privacy,Should not be used for commercial purpose of the public and resell.But for P2P for credit,Its business mainly credit,Back to the customer to conduct a comprehensive due diligence high cost,Also not exactly accurate.And access to credit risk lies in,P2P platform is not strictly supervision,May lead to the customer credit information with the illegal public or other illegal profit behavior.Suggestions related departments careful consideration,Set up agencies rating system,Allow conditional use reference information;Lower prior access restrictions,After strict supervision behavior.

　　在P2P信贷模式中，其公众化的点对点的信息交互和资金流动，使信息与资金呈现交叉多线条性的特点。广泛的参与者和微小密集的借贷关系构成了另一种形式的“长尾”，能量巨大。在这种信息与资金的广泛散点和网格状互联中，产生了金融监管最需严格审慎的公众化利益问题和资金流监测、宏观调控效果等诸多技术问题，这是未来互联网金融监管面临的巨大挑战。

In the P2P credit mode,The public point to point information interaction and cash flow,Make information and capital present cross more characteristic of line.A wide range of participants and tiny intensive debtor-creditor relationship constitutes one of the other forms of"Long tail",Energy giant.In this kind of information and capital widely scattered point and the grid shape in the Internet,Produced the financial supervision should be strictly prudent public interests and cash flow monitoring/The macroeconomic regulation and control effect and so on many technical problems,This is the future of the Internet financial supervision is facing the huge challenge.

　　在P2P平台性质的判定和监管确定上的诸多讨论和挣扎，是《放贷人条例》的挣扎，也是未来互联网金融监管的焦点。比如，对于专业放贷人和债权转让结合模式的监管，是否需在《放贷人条例》中确定对其金额、期限、次数的要求？比如“信贷影子银行”的形式，如何进行流量监测和监管？核心的原则是既要保持民间金融在阳光化下的活力，又要有充分的监测手段和监管能力。对P2P信贷行业的性质判定和监管是一个技术化工作的开始，也是适应未来互联网金融监管的积极尝试。

In the P2P platform nature of the decision and determining the supervision of the many discussions and struggle,is[FangDaiRen regulations]struggle,The Internet is the focus of future financial supervision.Such as,For professional FangDaiRen and creditor's rights transfer with the supervision of the model,In whether you will need the[FangDaiRen regulations]The determination of the amount/period/The requirements of The Times?Such as"Credit shadow Banks"form,How to carry on the flow monitoring and supervision?The core principle is not only to keep the folk finance in the sun under the change of energy,And to have full monitoring means and regulatory capacity.The nature of the industry to P2P credit decision and supervision is a technology work began,Also adapt to the future of the Internet financial supervision actively trying to.

　　（作者系第一财经研究院研究员）

(The author is the first financial institute researchers)