互联网金融理论与实务
作者： 贲圣林
出版社：清华大学出版社 2017年08月
简介：
本书系统介绍了互联网金融的基本理论和主要业务模式。全书共分14章，类比传统金融，从金融产品及服务、金融组织或实体、金融支持和技术设施以及全球金融重镇四个维度，从宏观、中观和微观三个层面，理论分析和典型案例并举，深入剖析了互联网金融在国内外的实践经验、发展现状和行业趋势。为便于读者阅读，本书每章遵循共性的结构，从基本理论概念引入，介绍商业模式和相关技术，不仅配有行业实例分析，而且汇集了相关的政策法规和专家观点。从理论到实践，帮助读者全面了解相应行业的产生背景、发展现状和未来展望。本书可作为高等院校金融、互联网金融、经济、管理等专业研究生教材，亦可作为互联
【目录】
目录
*章互联网金融导论 ··································································································1
*节互联网金融产生的背景··················································································1
第二节互联网金融发展的两种模式··········································································5
第三节互联网金融与金融科技··················································································9
第四节互联网金融发展相关政策法规····································································11
第五节本章小结及AIF观点···················································································12
第二章网络借贷 ···········································································································14
*节概述 ················································································································14
第二节网络借贷产生的推动因素············································································16
第三节网络借贷商业模式························································································18
第四节网络借贷的发展阶段····················································································22
第五节网贷行业发展现状························································································25
第六节网络借贷的风险 ····························································································36
第七节网贷平台的转型之路····················································································40
第八节网络小额贷款 ································································································43
第九节网贷平台技术 ································································································46
第十节配套案例 ········································································································47
第十一节法律法规 ····································································································47
第十二节本章小结及AIF观点···············································································50
第三章众筹 ··················································································································51
*节众筹的概念 ····································································································51
第二节众筹的产生和发展························································································54
第三节众筹同传统融资模式相比的优势································································57
第四节众筹的风险 ····································································································60
第五节技术支撑 ········································································································63
第六节配套案例 ········································································································64
第七节法律法规········································································································65
第八节本章小结及AIF 观点···················································································66
第四章网络支付··········································································································· 67
*节概念导入········································································································68
第二节网络支付········································································································70
第三节国内外网络支付的发展与现状····································································76
第四节网络支付的技术支撑····················································································80
第五节网络支付风险与监管····················································································83
第六节网络支付助力数字普惠金融发展································································88
第七节配套案例········································································································91
第八节相关法律法规································································································92
第九节本章小结及AIF 观点···················································································93
第五章互联网银行、证券、保险及互联网基金···························································· 95
*节本章概述········································································································95
第二节互联网银行····································································································96
第三节互联网证券··································································································101
第四节互联网保险··································································································104
第五节互联网基金··································································································107
第六节技术支撑······································································································109
第七节配套案例······································································································110
第八节法律法规······································································································ 111
第九节本章小结及AIF 观点·················································································113
第六章互联网信托、智能投顾及金融信息平台···························································115
*节本章概述······································································································115
第二节互联网信托··································································································116
第三节智能投顾······································································································119
第四节金融信息服务平台······················································································125
第五节技术支撑······································································································127
第六节配套案例······································································································128
第七节法律法规······································································································128
第八节本章小结及AIF 观点·················································································130
第七章中国互联网金融创新的热点地区····································································· 131
*节中国互联网金融发展概况··········································································131
第二节互联网金融发展环境分析··········································································133
第三节北京——环渤海经济圈金融制高点··························································140
第四节上海——长三角洲经济圈双核之一··························································144
第五节杭州——长三角洲经济圈另一核心··························································147
第六节深圳——珠三角经济圈强势崛起的明星城市··········································151
第七节配套案例······································································································156
第八节政策扶持和研究力量··················································································157
第九节本章小结及AIF 观点·················································································158
第八章互联网金融的国际热点区域············································································ 160
*节概述··············································································································160
第二节北美——互联网金融创新标杆··································································161
第三节英国——互联网金融监管重镇··································································167
第四节互联网金融在欧洲的发展··········································································170
第五节互联网金融在亚洲的发展··········································································173
第六节互联网金融在拉丁美洲的发展··································································174
第七节中东——新兴互联网金融创新热点区域··················································176
第八节配套案例······································································································177
第九节法律法规······································································································180
第十节本章小结及AIF 观点·················································································181
第九章互联网征信：中国和其他国家的实践······························································ 182
*节互联网征信概述··························································································182
第二节传统征信模式与美国互联网征信的发展··················································186
第三节中国互联网征信发展··················································································196
第四节中国互联网征信的机遇与挑战··································································203
第五节技术支撑······································································································205
第六节配套案例······································································································207
第七节法律法规······································································································207
第八节本章小结及AIF 观点·················································································209
第十章大数据、云计算与金融创新············································································ 210
*节主要概念及本章概述··················································································210
第二节大数据产生的阶段与类型··········································································211
第三节大数据分析与金融创新··············································································213
第四节大数据分析在互联网金融的主要应用：征信和风控······························217
第五节云计算在互联网金融创新中的重要作用··················································219
第六节云支付··········································································································223
第七节云计算在互联网金融应用中面临的挑战··················································226
第八节配套案例······································································································228
第九节技术支撑······································································································228
第十节法律法规······································································································230
第十一节本章小结及AIF 观点·············································································231
第十一章比特币、区块链技术与金融创新································································· 233
*节基本概念及本章概述··················································································233
第二节数字加密技术······························································································235
第三节比特币和金融创新······················································································238
第四节区块链和金融创新······················································································243
第五节技术支撑······································································································249
第六节配套案例······································································································252
第七节法律法规······································································································252
第八节本章小结及AIF 观点·················································································253
第十二章互联网金融风险·························································································· 255
*节互联网金融风险概述··················································································255
第二节互联网金融风险分类··················································································257
第三节互联网金融风险管控··················································································263
第四节互联网金融时代的消费者权益保护··························································269
第五节配套案例······································································································271
第六节技术支撑······································································································272
第七节章节小结及AIF 观点·················································································274
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*章 互联网金融导论
互联网在中国的实践，已在十余年的发展中积累了丰硕的成果。互联网在中国金融领域的实践，已处于全球领先地位。立足于中国互联网金融的创新及发展，兼顾世界范围内金融科技和互联网金融的演变，本书旨在对互联网金融的理论和实践做一个全面的、深入的探讨及论述。
互联网金融的技术基础是互联网。本章将从互联网的介绍入手，讨论互联网三个发展趋势对互联网金融的影响，在建立对互联网本质认识的基础上，讨论什么是互联网金融。本章也将讨论互联网金融与金融科技（FinTech）在概念上的区别和联系，并对互联网金融发展的两种模式进行探讨，即传统金融行业把传统业务向互联网空间延伸的发展模式， 以及新兴的互联网企业向金融服务领域发展和创新的模式。
*节 互联网金融产生的背景
互联网（Internet）诞生于1957年，起初的主要目的是为实现信息的传输与共享，其前身是阿帕网（ARPANET）。到2016年，全球的互联网用户数量已达35亿，而中国的互联网用户也将近7亿，占到总人口的50%以上。得益于各类相关技术的成熟，如包交换技术，TCP/IP、IRC等基础协议，互联网应用开发技术以及加密技术等a，互联网的功能也由*初简单的数据传输发展到应用于社会的方方面面以及人们的日常生活，包括电子商务、电子政务、对海量数据的采集和分析以及互联网金融等。
互联网在中国的实践具有中国特色。其中，“互联网 ”和互联网金融的概念就是在中国首先被提出并在实践中得以快速发展的。
在国家发展政策层面，中国政府对互联网金融的支持可从如下一系列政策中得到充分体现。
●2013年11月，中共十八届三中全会《中共中央关于全面深化改革若干重大问题的决定》提出发展普惠金融，鼓励金融创新，丰富金融市场层次和产品，互联网金融首次正式进入决策层的视野。 ●2014年3月，第十二届全国人民代表大会第二次会议，互联网金融首次被写入《政府工作报告》。 ●2015年3月，第十二届全国人民代表大会第三次会议《政府工作报告》中第二次提到互联网金融，用 “异军突起” 来评价其发展，并继续提出 “促进互联网金融健康发展”。 ●2015年5月，《关于2015年深化经济体制改革重点工作的意见》出台了促进“互
a Cohen-Almagor，R. （2011）. Internet history. International Journal of Technoethics，Vol. 2（2），45-64.
联网 金融”健康发展的指导意见，并提出要开展股权众筹融资试点。
● 2015 年7 月，国务院发布《关于积极推进“互联网 ”行动的指导意见》，将“互联网＋”普惠金融列为11 项重点行动之一，指明了互联网金融的三大发展方向。● 国务院总理*在《2015 年政府工作报告》中明确提出“制定‘互联网 ’行动计划，推动移动互联网、云计算、大数据、物联网等与现代制造业结合，促进电子商务、工业互联网和互联网金融健康发展，引导互联网企业拓展国际市场”a。“互联网 ”即以互联网平台为基础，将信息通信等技术与其他各行业进行跨界融合。从行业发展的角度看，“互联网 ”非常成功的一个行业融合就是与金融行业的融合。直观来说，在互联网平台上，包括在移动互联网平台上，进行的所有与金融产品和服务相关的活动就是互联网金融。
从技术发展的角度看，互联网金融的产生，得益于互联网在三个方面的深入发展：①由信息技术（IT）向数据技术（DT）的发展；②由互联网向物联网的发展；③由互联网向移动互联网以及互联网作为支付系统的发展。
一、从信息技术（IT）到数据技术（DT）的发展互联网发展的一个重要趋势是从单纯的信息传输分享向数据的广泛搜集、存储、处理方向发展。形象地说，现代互联网就是一张巨大的数据网。数据技术的普及也进一步加速了互联网由信息传输技术（information technology，IT）向数据技术（data technology， DT）的演变。这一发展和演变促进了互联网与金融的结合向深度融合转变。互联网金融发展过程如图1.1 所示。
ITDT传统金融互联网金融互联网 互联网互联网物联网移动互联网图1.1 互联网金融发展过程资料来源：浙大AIF。
信息技术利用计算机、网络等各种硬件设备及软件工具，对各种信息进行获取、加工、存储、传输与使用。数据技术则强调一切数据化，包括定量和非定量的信息，也就是将各
a 李淼. “互联网 ”时代来临新一代信息技术助力互联网金融[J]. 中国战略新兴产业，2015（08）：48-49.
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*章 互联网金融导论
类信息数据化；亦即把我们生活的方方面面都变成数据——电子化的数据，再把这些数据信息转化成有价值的新形式。例如，实现位置信息的数据化后，可以随时追踪质押物的状况a。数据技术的发展为金融拓宽服务奠定了基础。
从信息技术到数据技术的转变是社会经济发展和技术演变的相互选择，信息技术可以方便信息的控制和管理，此时的信息更多地体现为一种 “权力”，数据技术则是一种使得数据充分流动的技术，是利他技术，更关注流动所产生的价值b。互联网由信息技术向数据技术的演变，更加速了互联网金融行业模式的实现。例如，利用信息技术我们可以实现网上购物的功能，人们可以点击、查看网站上的商品，并进行买卖行为，此时的互联网扮演着信息传递和分享的角色；随着数据技术的发展，同样是在网上购物，利用数据技术可以采集购买商品的过程数据，同时记录并存储相关支付数据，利用个人众多的购买消费行为，可以得出个人信用特征和消费倾向，数据分析结论也可以被金融机构所使用。这里数据技术就扮演了数据的采集、存储、处理角色。在整个过程中，传统金融不能实现的电子征信数据收集，借助互联网技术就得以实现，即信息技术向数据技术的演变推动了传统金融向未来金融的转变。
信息技术用于金融领域，更多体现在金融渠道和模式的拓宽上，比如网上银行、手机银行、众筹、P2P（peer to peer）等新形式。数据技术对金融行业则有更加深远的影响，数据化的信息可以为金融发展提供新的切入口。数据技术可以让一个与金融行业毫不相关的企业迅速变成一个金融服务的提供商，让跨行业发展服务成为可能。因为金融行业本质上是一个数据行业，金融系统中的关键词无外乎货币、信用、利率等。各个行业数据化的信息都可以为金融行业所用，如制造企业、房地产企业的数据可以用于信用评估等。举例来讲，电商平台的销售数据可以作为客户信用评价的基础数据，可以为金融征信所用；此外通过了解用户的行为和信用特征，还可以针对性的设计金融产品和服务。数据技术*终会拉近整个社会发展的各个方面与金融业的距离，为金融业未来发展提供网络和数据支持。
二、从互联网到物联网
互联网的另一个发展方向就是物联网。物联网通过射频识别、红外感应器、全球定位系统、激光扫描器等信息传感设备，按约定协议，把任何物品与互联网连接起来，进行信息交换和通信。概括来讲，物联网就是通过互联网实现人与物、物与物之间的直接对话以实现智能化识别、定位、跟踪、监控和管理的一种网络c。
物联网技术与金融的融合促进了物联网金融的发展。从互联网到物联网的转变过程，是金融领域业务模式通过互联网不断深入到整个社会生活的过程。利用物联网技术，可以产生更多数据。例如，随身携带的手机可以生成个人位置的数据化信息，通过这些位置数
a Cukier，K. N.，Mayer-Schoenberger. （2013）. The rise of big data. Foreign Affairs.
b 阿里研究院. 互联网 :从IT到DT[M]. 北京：机械工业出版社，2015.
c 吴少驹. 物联网在互联网金融中的应用[J]. 全国商情.理论研究，2015（23）：73-74.
据，可以计算出个人的活动范围，复杂的物物相连的数据信息有助于风险分析和控制。物联网作为信息技术发展的一个方向，其与金融的结合是大势所趋，以物联网为代表的更为高级的人类社会信息网络架构，势必会赋予金融更为智慧化的内涵。
物联网金融是指以互联网金融与实体金融为基础，以物联网为载体的全新金融模式。在该种金融模式下，可以实现所有实际物品的网络化与信息化，从而形成可供金融使用和加载的信息流，通过金融服务与资金流的数字化，实现了物联网中物质属性与金融属性的合一，是智慧金融的突出代表。物联网金融的主要特点有：将金融服务对象由单独的人向物质世界延伸；有机地结合了商业网络、服务网络、金融网络，形成了网络合力；智能化、自动化及实时化的智慧金融体系；通过NFC（近场通信）、RFID（射频识别）等多种技术，构建起虚拟经济与实体经济的桥梁a。
