互联网和金融的融合已成趋势。在互联网金融中,尽管金融的功能属性和风险属性依旧存在,但一些有别于传统金融的现象已经呈现,诸如货币去纸化、金融平台数据化、金融服务分子化和碎片化,以及金融系统去中心化等,而这一切都可以归纳为互联网金融生态系统的蜕变性、多样性和进化性等特征。有鉴于此,目前以“产品逻辑+机构逻辑+分业监管”为核心的监管模式,迫切需要做出调整。我们认为,监管机构需要与行业组织、互联网金融企业、消费者及其他利益相关者一道,共同构建一个良性监管机制。我们建议监管机构采取“园丁式监管”模式,以“包容性”和“底线思维”来防范风险、以“自然选择”来促进效率提升、以“适时修剪”来规范行业运作,逐步过渡到“大数据监管”模式,即围绕数据的生成、传输和使用等环节,采取实时和互动方式,实现对互联网金融的有效监管。 Internet and financial integration has become a trend. In Internet finance, some phenomena that are different from traditional finance have appeared, such as currency decontamination, dataization of financial platforms, molecularization and fragmentation of financial services, and financial systems, although the functional and risk attributes of finance still exist. Decentralization, etc. All this can be summed up in the characteristics of the disintegration, diversity and evolution of the Internet financial ecosystem. In view of this, the current regulatory model centered on “product logic + agency logic + division regulation” urgently needs to be adjusted. We think regulators need to work together with industry organizations, Internet financial companies, consumers and other stakeholders to build a virtuous regulatory mechanism. We suggest that regulators adopt a “regal watch” model to guard against risks with “inclusiveness” and “bottom-line thinking,” promote efficiency gains with “natural selection ” and “prune ”To standardize the operation of the industry, and gradually transition to “ big data monitoring ”model, that is, around the data generation, transmission and use of such links, real-time and interactive manner to achieve effective regulation of Internet finance.