浪潮褪去：互聯網金融概念的破滅

走在十字路口的中國

經濟下行初期金融業的機遇
，與中後期泡沫破裂風險

中國GDP破7是shi一yi個ge標biao誌zhi
，這zhe意yi味wei著zhe我wo國guo宏hong觀guan經jing濟ji，實shi體ti經jing濟ji遇yu到dao了le增zeng長chang瓶ping頸jing
，這zhe種zhong源yuan自zi實shi體ti經jing濟ji的de風feng險xian傳chuan導dao給gei金jin融rong業ye
，帶dai來lai的de卻que是shi天tian堂tang與yu地di域yu間jian的de景jing象xiang。經jing濟ji下xia行xing初chu期qi
，隨sui著zhe風feng險xian加jia劇ju
，金jin融rong業ye所suo要yao求qiu的de風feng險xian補bu償chang也ye隨sui之zhi增zeng加jia
，因yin此ci在zai這zhe一yi階jie段duan，金jin融rong業ye的de利li潤run不bu會hui降jiang低di
，反fan而er會hui增zeng加jia。所suo以yi金jin融rong在zai更geng大da的de風feng險xian來lai臨lin之zhi前qian，是shi存cun在zai火huo爆bao的de機ji遇yu的de，而er這zhe種zhong火huo爆bao亦yi會hui進jin一yi步bu加jia劇ju實shi體ti經jing濟ji的de壓ya力li，如ru果guo經jing濟ji硬ying著zhe陸lu，就jiu會hui有you毀hui滅mie性xing的de打da擊ji。所suo以yi未wei來lai5年內，受國際局勢和我國國內經濟的影響，如果政策方麵不加以限製，金融業依然會有發展空間。

逐漸失去活性的中國金融

一放就亂，一管就死的循環

金融在中國的地位始終不容動搖，而這種過度的重視
，導致我國金融行業在多年前就已經失去了活性。這種弊端體現在金融業的“一放就亂
，一管就死”現象，無論是銀行
、證券、jijinhaishibaoxian
，zhezhonghulenghuredebiaoxianjiweimingxian。zheqizhongguranyoutizhineiningqiuwucuodesixiangyingxiang，dangengzhuyaodeshi


，youyuqueshaoshijijianyan
，jinrongxingyeduiguoneishitijingjidefengxianpanbienengliyijingjiaoweiluohou。2010nianhou，woguoxindaiyunyongzengsuzhouranxiajiang
，erzheyishiqi，yeshiwoguohulianwangjinrongfazhandehuangjinshiqi
，muqianhaihennanhenglianghulianwangjinrongshifounenghuifuzhongguojinrongdehuoxing，ruguonengtuidongchuantongjinrongdeshengji，namehouxuwoguojinrongyejianghuiyoujiaodatisheng，shitijingjihuoyekebimianyingzheludeganga。

艱難的轉型

多元化的資金運用方式

從2011年nian起qi，我wo國guo中zhong長chang期qi貸dai款kuan與yu短duan期qi貸dai款kuan的de增zeng速su呈cheng現xian出chu交jiao替ti上shang升sheng的de狀zhuang態tai，之zhi前qian經jing濟ji促cu進jin政zheng策ce的de副fu作zuo用yong還hai在zai延yan續xu，加jia之zhi國guo家jia對dui非fei常chang規gui信xin貸dai，新xin客ke群qun
，新xin行xing業ye等deng方fang向xiang金jin融rong政zheng策ce的de搖yao擺bai，導dao致zhi中zhong長chang期qi貸dai款kuan和he短duan期qi貸dai款kuan占zhan比bi波bo動dong較jiao大da。除chu此ci之zhi外wai
，從cong數shu據ju上shang依yi然ran可ke以yi看kan到dao我wo們men對dui信xin貸dai多duo元yuan化hua的de努nu力li，票piao據ju
、rongzizulinhegexiangdiankuandezhanbizhengzaihuanmankuoda。zhongguodejinrongjigoutixipangda，wulunshigaigehezhuanxingdoumianlinzhejudadezuli，suoyinengyouzhexieweixiaodegaibianyijingfeichangnande。duiyuhulianwangjinronglaishuo，yinengcongzhonghuoyi。

互聯網金融神秘的麵紗

以模塊化的方式，遊走於各類金融業務邊緣

互hu聯lian網wang金jin融rong的de出chu現xian，帶dai給gei原yuan有you金jin融rong秩zhi序xu的de衝chong擊ji是shi多duo方fang麵mian的de。除chu了le業ye務wu多duo元yuan化hua方fang麵mian，用yong戶hu定ding位wei以yi及ji金jin融rong常chang識shi三san方fang麵mian的de影ying響xiang以yi外wai，更geng重zhong要yao的de是shi對dui固gu有you監jian管guan手shou段duan的de衝chong擊ji。這zhe種zhong衝chong擊ji源yuan於yu對dui互hu聯lian網wang金jin融rong業ye務wu本ben質zhi界jie定ding的de模mo糊hu
，互hu聯lian網wang善shan用yong模mo塊kuai化hua的de方fang式shi，將jiang不bu同tong金jin融rong業ye務wu的de某mou一yi部bu分fen拆chai分fen之zhi後hou重zhong新xin組zu合he
，形xing成cheng更geng加jia市shi場chang化hua的de新xin產chan品pin。因yin此ci這zhe種zhong產chan品pin就jiu具ju備bei了le多duo種zhong金jin融rong要yao素su，而er這zhe些xie要yao素su的de監jian管guan單dan位wei


，往wang往wang分fen屬shu於yu不bu同tong機ji構gou。這zhe造zao成cheng了le兩liang方fang麵mian困kun擾rao： 一方麵，傳統金融機構找不到與互聯網金融競爭的方式
，業務受限嚴重
；另一方麵，針對互聯網金融的監管細則難以落地，而政策紅利也使互聯網金融滋生了許多灰色地帶。

十年野蠻，一朝落幕

政策收緊，互聯網金融野蠻生長告一段落

zaiquanqiufanweinei
，zhongguodejingjifazhanhuanjinghejiezoudoubijiaoteshu
，zhengceduichanyexingshuaideyingxiangjuda。yincimouyixingyenenggouxunsufazhandeyiyuliangzhongqingkuang
，yizhongjiushizhengcemingquezhichidexingye
，erlingwaiyizhongjiushijianguannanyifugaidehuisejiaoluo。chucizhiwai，zhongguodeminjiancaifushizhongshifuyuzhongguojingjifanrongbingshanxiadeteshuziben，zhebufenzibenhenshaotongguozhengchangdejinrongqudaoliudong，tamenyaomeqianzangzaiguanfangjinrongchanpindebeihou
，yaomeyixiangmudefangshijinmigensuizaizhengcebeihou，qiaorantuidongzhemeiyilunzhengceyindaodelingyu。zhezhongjiacengdetexingshiminjianzibenjuyoubujifengxiandezhulixing，zhezhongtoujitexingzaihulianwangjinronglingyudedaolechongfendeshifang。jiyuci
，zhengcehongliranghulianwangjinrongyidubeiyuweiyemanshengchangdexingye，erlijing10年nian的de發fa展zhan監jian管guan與yu互hu聯lian網wang金jin融rong之zhi間jian已yi經jing逐zhu漸jian熟shu悉xi
，隨sui著zhe中zhong國guo互hu聯lian網wang金jin融rong協xie會hui的de成cheng立li，規gui範fan與yu安an全quan成cheng為wei行xing業ye發fa展zhan的de主zhu旋xuan律lv，同tong時shi也ye意yi味wei著zhe原yuan本ben寬kuan鬆song的de政zheng策ce環huan境jing有you收shou緊jin的de趨qu勢shi。2016年(nian)後(hou)，業(ye)界(jie)也(ye)明(ming)顯(xian)感(gan)受(shou)到(dao)了(le)行(xing)業(ye)寒(han)冬(dong)，互(hu)聯(lian)網(wang)金(jin)融(rong)概(gai)念(nian)走(zou)下(xia)神(shen)壇(tan)
，十(shi)年(nian)野(ye)蠻(man)，一(yi)朝(chao)落(luo)幕(mu)。然(ran)而(er)互(hu)聯(lian)網(wang)金(jin)融(rong)並(bing)沒(mei)有(you)因(yin)此(ci)消(xiao)失(shi)，取(qu)而(er)代(dai)之(zhi)的(de)金(jin)融(rong)科(ke)技(ji)正(zheng)以(yi)星(xing)火(huo)燎(liao)原(yuan)之(zhi)勢(shi)
，延(yan)續(xu)互(hu)聯(lian)網(wang)金(jin)融(rong)的(de)傳(chuan)奇(qi)。

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