互联网融资创新、风险及其法律规制--以 P2P 网贷平台为分析视角

摘要

The Internet finance,as a spontaneous reform and innovation product of traditional finance,has incomparable ad-vantage over the traditional finance.It has both the inherent risk in the financial field and the newly generated risk in advanced technology of internet combining with traditional financial.For this kind of risk,the adjustment order of "non legal norms -administrative law norms- criminal law norms"should be maintained in order to protect the financial innovation as the starting point of supervision.For the"P2P"net credit platform dedicated to the credit guarantee,the third party should be introduced to host the pool of funds,but not totally banned in crime of illegal absorbing public deposits.Under the financial innovation,the monopoly protection for the financial management order loses its legitimacy;for the crime of illegal absorbing public deposits, the explanation should be guided in the legal interests of public property rights.%互联网金融作为传统金融自发改革、创新的产物，具有传统金融无可比拟的优势，但它既具备金融领域的固有风险，也具有互联网先进技术与传统金融结合而生成的新风险。对于这种风险，应该坚持“非法律规范—行政法规范—刑法规范”的调整位阶，以保护金融创新为监管的出发点。对于致力于信用担保的 P2P 网贷平台，应该对其资金池引入第三方托管，不应一概以非法吸收公众存款罪取缔。金融创新背景下，对金融管理秩序的垄断性保护失去了其正当性，对于非法吸收公众存款罪的解释，应该以公众财产权益这一法益为指导。