关键词: 互联网金融, 金融创新, 金融稳定, 监管科技

Abstract: Internet finance regulations have two basic purposes: financial innovation and financial stability, and the two basic purposes are different in value judgment and target attribute. Under current background of “strong regulation” in the Internet financial market, financial stability has become the primary value selection prior to the financial innovation, however, the conflicts between such policy regulation purposes often make the regulators fall in the cycle of periodic purpose conflicts of “financial innovation-financial stability”. Financial innovation and financial stability in the Internet finance are affected by the scientific limits of regulatory purposes, the perfection of regulatory arrangements and the rationality of regulatory tools selection. Internet finance regulatory frame of “target-content-tool” is applied to analyze the access regulation of P2P lending and it′s found that there are imbalances in the selection of regulation target, support of central government and local policies, as well as the application of regulatory tools, these imbalances have restrained the financial innovation of P2P lending market. Moreover, the access regulation of P2P lending market fails to realize the effect of maintaining financial stability. To break through the dilemma of regulation, regulators and Internet finance companies should be included in the framework of regulatory technology to build a risk prevention mechanism that takes into account financial innovation and financial stability.

Key words: Internet finance, financial innovation, financial stability, regulatory technology