基于社会资本的在线投融资平台竞合机制设计

我国在线投融资平台呈＂百花齐放＂之势,既有传统银行参与,也有机构投资者参与,更有以P2P为代表的民间社会资本介入。在线投融资平台的风险主要在于投融资双方及中介平台三者之间的信息不对称与信任缺失问题。信任缺失主要是由社会资本（即社会规范、社会信任和社会网络）不发达造成的。本文基于社会资本的角度,从政府监管、风险防控、信用保障、投融资双方对接、参与者激励、投融资双方隐私保护、知识产权保护等机制设计上,探讨加强各类在线融资平台的竞争与合作,促进网络借贷行业的健康发展。

The Competition and Cooperation Mechanism Design of Online Investment and Financing Platform Based on Social Capital

Online investment and financing platform in China shows the trend of＂all flowers bloom together＂,with the participation of traditional banks,institutional investors and folk social capital such as P2 P. The risk of online investment and financing platform mainly lies in the information asymmetry and the lack of trust between intermediary platform and both sides of investors and lenders. Lack of trust is mainly caused by the undeveloped social capital（social norms,social trust and social network）. From the perspective of social capital, this article studies the way to strengthen the competition and cooperation of all kinds of online financing platform and promote the healthy and orderly development of the network lending industry,such as the government supervision, risk control,credit guarantee,investment and financing the docking,participant motivation, privacy and intellectual property protection mechanism of investors and lenders.