Internet Finance: Its Uncertain Legal Foundations and the Role of Big Data in Its Development |
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| Authors: | Dong Yang Pu Chen Chenggong Wen |
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| Affiliation: | 1. Renmin University of China Law School, Beijing, China;2. Center for Civil and Commercial Law, Renmin University of China, Beijing, China;3. Renmin University of China–Chongyang Institute for Financial Studies, Beijing, China;4. Renmin University of China Asia-Pacific Institute of Law, Beijing, China;5. Center for Civil and Commercial Law, Renmin University of China, Beijing, China |
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| Abstract: | Internet finance has made significant progress in China. At the same time, it also suffers from legal gaps and inconsistencies. Traditionally, legislation regulates the emerging internet financial market by distinguishing between legal and illegal activities. Users of internet finance engage in regulatory arbitrage and pursue short-term profits, which distort the market. Regulations over internet finance should conform to market logic and utilize informational mechanisms and big data to reduce fraudulent information and market friction, ensuring market transparency, competition, and fair pricing. |
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| Keywords: | big data crowdfunding internet finance legal quagmire P2P |
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