本文从网络经济学角度来分析互联网金融。互联网金融是互联网企业依托其电子商务或社交媒体网络,为其客户提供的附加服务。由于“网络效应”产生的巨大威力,那些积聚了海量客户的互联网平台往往可以轻松进入金融服务领域并迅速扩张金融业务。然而,由于网络效应常常导致“赢者通吃”的现象,估计未来仅有少数的互联网金融平台可以生存,而绝大多数规模较小的平台都只会是昙花一现。鉴于互联网金融并未改变金融业务的本质,对它的监管也应该秉承与传统金融监管一致的原则与框架。监管部门应该借助互联网金融的创新与发展,积极放松金融管制,给传统金融机构松绑,而不是把互联网金融的创新扼杀于襁褓之中。 This article analyzes Internet finance from the perspective of network economics. Internet finance is an additional service that Internet companies rely on their e-commerce or social media networks to offer their customers. Due to the enormous power of “network effects,” those Internet platforms that have built up huge numbers of customers tend to have easy access to financial services and rapidly expand their financial operations. However, due to the network effect often leading to the winner-take-all phenomenon, it is estimated that in the future only a few internet finance platforms will survive, and the vast majority of smaller platforms will only be short-lived. In view of the fact that Internet finance has not changed the essence of financial business, its regulation should also uphold the principles and framework that are consistent with the traditional financial regulation. Regulators should make use of the innovation and development of internet finance, actively relax the financial controls and relax the traditional financial institutions instead of stifling the innovation of Internet finance.