主持人：

The host:

　　第一财经研究院新金融研究中心主任 柏亮

The first financial institute new financial research center director BaiLiang

　　嘉宾：

guests:

　　中央财经大学教授、金融法研究所所长 黄震

The central university of finance and economics professor/Finance law institute director danseur

　　人人贷创始合伙人 杨一夫

All credit YangYiFu founding partner

　　中国投资担保有限公司

The China investment company limited by guarantee

　　信息技术与电子商务中心负责人 吴志刚

Information technology and e-commerce WuZhiGang center director

　　贷帮创始人、CEO 尹飞

Credit help founder/CEO YinFei

　　“对于P2P行业而言，创新的前提是不触及红线，即不吸储、不放贷、不虚构交易，同业机构都应该去严格遵守这条底线。”

"For P2P businesses,Innovation is the premise of not touch the red line,I.e. not XiChu/Don't lend/No fictitious trading,Trade institutions should go to strictly abide by the bottom line."

　　主持人：近一两年来，P2P这个行业如雨后春笋一样涌现出来很多公司，但与此同时，行业受到的争议也相当大。任何一个行业，仅仅有梦想是不够的，从梦想开始到梦想实现，其间会经历很多坎坷、烦恼。从实践的角度，P2P这个行业目前面临哪些困惑，应该怎样去解决？

The host:Nearly two years,P2P this industry have mushroomed emerged as many companies,But at the same time,Industry is also considerable controversy.Any industry,Just have a dream is not enough,From start to dream dreams come true,It will go through a lot of difficulties/trouble.From the point of view of practice,P2P this industry is faced with what confused,How to solve?

　　杨一夫：在过去的两年时间，P2P这个行业经历了一个非常快速的发展。这过程中，帮助了非常多高成长人群获得了发展中的资金，也帮助了很多中等富裕家庭，为他们提供了一条可获得稳定回报的投资渠道。

YangYiFu:In the past two years,P2P the industry experienced a very rapid development.The process,Help the sycamore grow very crowd won in the development of the capital,Also helped a lot of medium rich family,For they provides a stable return for the investment channels.

　　取得这些成绩的同时，伴随着快速的发展，越来越多的机构进入了P2P行业，这其中多多少少就有一点泥沙滞留的意思。所以在这个时间点，行业的自律、规范、监管变得前所未有的重要。

These achievements obtained at the same time,With the rapid development,More and more institutions into the P2P industry,Which more or less have a little sediment retention mean.So at this point in time,Industry self-discipline/standard/Supervision becomes more important.

　　任何一个行业从无到有，从小到大的发展，都不可避免地在某一个时间段缺少监管，或者说是缺少规则的。这是一个非常正常的现象，不能因为监管的缺失，去否定这种创新，否定整个行业。

Any industry from scratch,Since the childhood development,All inevitable in a certain time period the lack of supervision,Or rather the lack of rules.This is a very normal phenomenon,Not because of the lack of supervision,To deny this innovation,Negative the industry.

　　举例来说，当年的支付宝，或者说第三方支付公司也出现过类似的问题，但目前第三方支付发展成为了一个非常大的行业，推动了很多基于互联网去提供服务的行业；再比如电子商务等这样的行业，相当程度上也改变了生活的状态。推动了社会的进步。我们不能因为现在这个行业缺失监管，就停止创新。

For example,The pay treasure,Or the third party payment company also has had the similar problem,But the third party payment development has become a very big industry,Promote a lot of based on the Internet to provide service industry;To such as electronic business such as industry,To a considerable degree, also changed the state of life.Promote the progress of the society.We can't because of the lack of supervision industry,Stop innovation.

　　大胆创新的同时，我认为缺少监管并不意味着对这个行业就可以放任不管。随着这个行业的快速发展，越来越多的资金已经进入到这个行业，如何保障这些资金的安全性，应该是每一个从业机构以及政府共同努力去做的一件事。

Bold innovation at the same time,I think the lack of supervision of the industry does not mean that you can do it.With the rapid development of the industry,More and more money has come to this industry,How to guarantee the safety of these funds,Should be each from institutions and government to work hard to do one thing.

　　我个人认为，现在这个阶段，切实可行的做法就是政府派驻一些研究人员到行业协会里来，时刻保持与行业的沟通，了解行业动态。这样形式的行业协会，是非常了解行业的，也能够时刻与政府互通，把问题及时反馈给政府；具有官方背景的行业协会，也会更有利于获得从业机构的支持，吸引更多机构加入。

Personally, I think,Now the stage,Feasible way is government in some researchers to the industry association,Keep communication with industry,Understand the industry dynamic.Such forms of industry association,Is very understanding of the industry,Can the time and the government communication,The problem timely feedback to the government;An official background industry association,Also will be more conducive to obtain from institutional support,Attract more institutions to join.

　　在监管行使之前，整个行业应该有多样的创新，而这种创新前提是不触及红线。对于P2P行业而言，这条红线就是不吸储、不放贷、不虚构交易，同业机构都应该去严格遵守这条底线。

In the supervision before exercise,The industry should have a variety of innovation,And this kind of innovation under the condition that it is not touch the red line.For P2P businesses,This is not XiChu red lines/Don't lend/No fictitious trading,Trade institutions should go to strictly abide by the bottom line.

　　尹飞：我们小时候跑步有这样一种经验：枪声一响，你要是还没准备好，起初的几步确实是快，但是容易摔倒。所以我一直在行业里讲，鞋带绑好了再跑。P2P这个行业现在是有点热，初期太热，不一定是好事。在我看来，还有很多同行没有彻底准备好，我们贷帮也在一个准备的过程中。过早追求增长和盈利，还是属于抢跑，不利于长期健康的发展。

YinFei:When we were children we used to run such a experience:Gunfire rang,If you are not ready,The first steps is really fast,But easy to fall.So I have been in the industry speak,Lace tie up the run again.P2P this industry is now a little hot,Initial too hot,Is not necessarily good.In my opinion,There are many peers not completely ready,We credit help is in a preparation process.Premature pursuit of growth and profitability,Still belongs to jump start,Go against the development of long-term health.

　　现在我们这个新的行业有很多名字，比方说P2P，也有人叫互联网金融等，我个人认为其是小微金融的组成部分。从小微金融和互联网的结合来说，小微金融特别适合于用互联网来提高效率和降低成本。

Now we this new industry has many names,For instance P2P,Also some people called the Internet financial, etc,Personally, I think it is a small part of the micro finance.From the micro finance and the Internet for the combination of,Small micro financial particularly suitable for use the Internet to improve efficiency and reduce cost.

　　小微金融不仅仅指P2P这个行业，小微金融从业者会是非常庞大的。一旦生态链形式，若让政府来监管小微金融，理论上即不必要，时间上也不可行。监管机构没有这么多人力来监管庞大的小微金融机构。现在小贷公司有约6000家，民间中介机构或个人有上百万，政府拿什么来监管它，这个不太可行。

Small micro finance not only refers to P2P this industry,Small micro financial practitioners will be very big.Once the iec form,If let government supervision small micro finance,In theory that is unnecessary,Time is not feasible.Regulators did not so much human to supervision huge small micro financial institutions.Now the little credit company about 6000,Folk intermediary institutions or individuals to millions,The government take what to regulate it,This was not the way forward.

　　我的观点是，政府在金融的监管上应该抓大放小，目前全社会整个贷款金额约80万亿元，除银行之外的贷款也就10多万亿元，这部分对整个金融行业能有多大的影响？

My point is,The government in the financial supervision should keep the tail from wagging the dog,At present the whole society the loan amount of about 80 trillion yuan,In addition to outside the bank loans and more than one trillion yuan,This part to the whole financial industry can have how old influence?

　　事实上，P2P行业一直在有效地“被监管”。是什么监管？法律。政府和司法体系是两个概念，P2P行业一直都在依法行事，这是“被监管”。对于整个体系的发展来说，最重要是在司法监管之下，能够有效地减少体系中的虚假信息。

In fact,P2P industry has been effectively"supervision".Is what regulation?law.The government and the judicial system are two concepts,P2P industry has always been to act in accordance with law,This is"supervision".For the whole system for development,The heaviest if in judicial custody,Can effectively reduce the false information system.

　　社会、政府和媒体担心这个行业的从业机构骗社会的钱，而我们这些从业机构是怕借款人骗我们。借款人做了一个假信息，然后公司没有审查出来，被骗了，这是我们更害怕的。因此，P2P公司更希望我们这些机构被欺骗以后，能够得到有效的司法方面的帮助，保障从业机构合法的利益。

social/The government and media worry that the industry working mechanism cheat social money,And those of us working mechanism is afraid of the borrower cheat us.The borrower made a false information,Then the company didn't review out,cheated,This is our more fear.so,P2P companies more hope we these institutions after being cheated,To be effective judicial assistance,Ensure the working mechanism of legal interests.

　　作为从业机构，在司法的监管下，能够有效的运转，目前有一个概念还没有公开的被提出来讨论，那就是类资本充足率。P2P行业接受借贷双方的委托，管理庞大的信贷资产，而最终承担风险的应该是从业机构。不管从业机构风险技术水平有多高，用什么模式，最终还是要用自有资本来承担这个风险。

As the working mechanism,In the judicial supervision,Can effective operation,There is a concept is not open come forward,That is kind of capital adequacy ratio.P2P industry accept the entrustment of the lending both sides,Management huge credit assets,And the final risk should be working mechanism.No matter from institutions risk how high technology level,What mode,Finally still need to use equity capital to take the risk.

　　银行来承担风险根据的是巴塞尔协议III，其中有一个资本充足率，P2P机构是不是也应该引入类资本充足率的管理？举例而言，自有资本一个亿，最多管理十个亿的信贷资产，以便发生不可控制风险时，公司还有一定的资本来对冲。

The bank to take risks according to the Basel III,One of the capital adequacy ratio,P2P mechanism is also should introduce kind of capital adequacy ratio management?For instance,Equity capital a,The most management ten credit assets,So that happen when not control risk,The company has a certain capital to hedge.

　　“P2P平台的发展是中国民间借贷阳光化平台的希望所在。目前P2P行业的现状是，有像人人贷、贷帮等立志于做有理想、有梦想的平台；也有短期行为的平台。这种行业结构下，如何规范化，应该深入且理性讨论。”

"P2P platform is the development of the Chinese folk lending sunshine change platform in hope.The present situation of the current P2P industry is,Like all credit/Credit help and aspire to do have ideal/Have a dream of the platform;Also have short-term behavior of the platform.This kind of industry structure,How to standardization,Should be further discussed and rational."

　　主持人：对于P2P，目前有两种观点：期望监管和减少监管，这种不同的观点为我们展示了行业的不同侧面和观察角度。若从P2P自身角度出发，监管之外，应有哪些经营原则？

The host:For P2P,There are two views:Expect supervision and reduce the supervision,The different points of view to show us the industry of different profiles and observation Angle.If the P2P their own perspective,Outside supervision,What should be operating principles?

　　吴志刚：前两天互联网有一个新闻，光大银行(601818,股吧)在淘宝上卖存款，才几天就卖出了5000万。在这个事情里，我们看到两个和监管有关系的现象：其一，光大银行卖产品的时候给支付宝支付返点，有人质疑是不是高息揽储；其二，购买者不需要到实地去开户，这跟银行要求也有一些差异。这种新的模式产生，监管还触及不到，所以金融的创新肯定先于监管。

WuZhiGang:Two days before the Internet have a news,Everbright bank(601818,guba)On taobao sell deposit,Just a few days sold 50 million.In this affair,We see two and regulation related phenomena:one,Everbright bank selling a product when to pay treasure to pay return point,Some question is tight embrace store;The second,Buyers do not need to the field to open an account,With the requirement of the bank also have some differences.This new model produce,Supervision is not touch,So the financial innovation must be before the supervision.

　　回到P2P这个领域，我认为监管的出发点是保护中小投资人的利益；防止系统风险的发生。担保行业也面临过这样一个过程，最早有一个担保自律的组织，后来成立了六部委的联席会，确定在银监会的监管之下。

Back to P2P in this area,I think that the starting point of supervision is to protect the interests of small and medium investors;To prevent the occurrence of systemic risk.Guarantee industry also faces such a process,The first is a guarantee of self-discipline organization,Then set up the six ministries and commissions extended meeting,In the supervision of the banking regulatory commission determined under.

　　对于P2P公司，我的基本观点是需要有一些监管。P2P就是资金使用权的转移，其实就好像是一个评级公司，P2P公司对这个业务的信用给出一个定价，这个定价是要在背后有一个经济实力作为支撑的。

For P2P company,My basic idea is to have some supervision.P2P is for the use of the funds transfer,In fact is like a credit rating company,P2P company for this business credit given a pricing,The pricing is to be at the back is an economic strength as the support.

　　在监管之前，P2P公司应该做到公平、透明、高效。高效，就是有实力的P2P公司创造出更有效的模式；透明，就是互联网金融依附于技术，很多技术可以保证透明；公平，我希望我们担保公司能和P2P公司共同找到一条发展的道路。

Before the supervision,P2P company should be fair/transparent/efficient.efficient,Is strong P2P company to create more effective model;transparent,Is the Internet financial attached to technology,A lot of technology can ensure transparent;fair,I hope we can guarantee company and P2P company common to find a way of development.

　　黄震：P2P平台的发展是中国民间借贷阳光化平台的希望所在。目前P2P行业的现状是，有像人人贷、贷帮等立志于做有理想、有梦想的平台；也有短期行为的平台。这种行业结构下，如何规范化，是应该深入且理性讨论的问题。

danseur:P2P platform is the development of the Chinese folk lending sunshine change platform in hope.The present situation of the current P2P industry is,Like all credit/Credit help and aspire to do have ideal/Have a dream of the platform;Also have short-term behavior of the platform.This kind of industry structure,How to standardization,Should be further discussed and rational.

　　关于规范，我认为应该是边发展边规范，在发展中摸索规范。这其中有几种可能，第一种是温州、鄂尔多斯(600295,股吧)的民间借贷登记服务中心，以公司的方式引导和规范P2P平台的进入和监管，人人贷已经进入民间借贷登记服务中心就是在主动接受监管。

On regulating the,I think should be edge development side specification,In developing grope for standard.There are several possible,The first kind is wenzhou/ordos(600295,guba)Folk lending registration service center,The methods of guiding and regulating the P2P platform into and supervision,Everyone credit has entered into folk lending registration service center is in active accept supervision.

　　第二种是通过信息服务行业协会来进行规范。对于P2P行业的定性，不能说其是金融机构，因为国家对于这块有严格界定。所以P2P现在作为信息服务平台还是比较准确，倚靠信息服务行业是聪明可行的一种方式。

The second is through the information service industry association to specification.For P2P industry qualitative,Can't say it is financial institutions,Because the country is strictly defined for this.So P2P now as information service platform is much more accurate,Trust in the information service industry is clever feasible a way.

　　第三种，成立民间自律组织。这些途径已经基本成型，发挥着监管的一定作用。

The third kind of,Folk self-discipline organization was established.These pathways has basically taken shape,Play a regulatory role.

　　主持人：对于整个行业而言，目前有一个共识性问题，即客户资金保障问题。如果不是因为市场性风险，而是因为操作上出现了一些欺诈行为，应该如何规避？

The host:As for the whole industry,At present there is a consensus sex problem,That is the client's funding problems.If it were not for marketability risk,But because the operation there have been some fraud,Should how to avoid?

　　黄震：客户资金的保障，我认为P2P平台最好是不直接过自己的账，采取银行托管的方式。对于投资人来说，应该是比较愿意信任的方式。

danseur:Customer funds guarantee,I think the best P2P platform is not directly over his own account,Take bank managed way.For the investor,Should be more willing to trust way.

　　吴志刚：目前阶段，在没有法律规范的情况下，只能是靠技术。

WuZhiGang:At the present stage,There is no law to regulate in the circumstances,Only by technology.

　　杨一夫：一方面，法律在这些问题上应该有一个更严格的规定，避免跑路事件的发生；另一方面，通过银行或者第三方机构对资金进行一个有效的监管、托管也比较重要。

YangYiFu:On the one hand,The law in these problems should have a more strict rules,To avoid the occurrence of run road;On the other hand,Through the bank or the third party agencies to money for an effective supervision/Trust is also important.