中国式P2P网络借贷的形式与实质

P2P网络借贷的性质认定直接决定了监管体制和具体的监管措施。虽然在美国等国 家，P2P网络借贷被定义为证券发行等金融业务，但在中国，P2P网络借贷却被定义为个人对个 人的直接借贷，属于民间借贷范畴，不被认可为正规的金融业务。然而，经过创新改造之后的 中国大多数P2P网络借贷业务，仅仅在形式上与直接借贷和民间借贷相类似，但在实质上与传 统的民间借贷已经存在非常大的区别。将P2P网络借贷归类为民间借贷，使得监管体制和监管 逻辑存在很多悖论和相互矛盾的地方，值得反思。

The Form and Essence of Chinese-style P2P Lending

Cognizance of the nature of P2P lending directly determines its regulatory system and specific regulatory measures. Although in the United States and other countries, P2P lending is defined as securities issuance, but in China, P2P lending is defined as informal private lending, not recognized as formal financial services. However, after a series of innovation, Chinese-style P2P lending is significantly different to the traditional informal private lending. Classifying P2P lending as informal private lending causes many paradoxes and contradictions in the regulatory system and logic,it''s worth reflecting.