CAJ | 학술논문

建立在社交网络、搜索引擎以及电子商务平台等基础上的互联网金融创新，在蓬勃发展的同时也存在一定的风险和挑战。本文从金融功能观的视角探讨互联网金融的发展逻辑，并主要分析其信息不对称风险、道德风险、操作风险和流动性风险。对信息的管理、分析和使用不当，会带来信息不对称风险；社会信用体系不完善及平台机制设计的缺陷，会带来道德风险和流动性风险；人为或者外部疏漏则会带来操作风险。本文结合互联网金融模式，具体分析了各个风险类型。分析结果表明，这些风险会加剧金融体系脆弱性，是对金融稳定和金融监管的挑战。在此基础上，本文提出了相应的政策建议。
건립재사교망락、수색인경이급전자상무평태등기출상적호련망금융창신，재봉발발전적동시야존재일정적풍험화도전。본문종금융공능관적시각탐토호련망금융적발전라집，병주요분석기신식불대칭풍험、도덕풍험、조작풍험화류동성풍험。대신식적관리、분석화사용불당，회대래신식불대칭풍험；사회신용체계불완선급평태궤제설계적결함，회대래도덕풍험화류동성풍험；인위혹자외부소루칙회대래조작풍험。본문결합호련망금융모식，구체분석료각개풍험류형。분석결과표명，저사풍험회가극금융체계취약성，시대금융은정화금융감관적도전。재차기출상，본문제출료상응적정책건의。
Based on social network, web search engines as well as e-commerce platforms, the internet finance has been flourishing. However, it also poses potential risks and challenges to the financial system. This paper applies the functional perspective framework established by Merton and Bodie to analyze these risks, particularly information asymmetry, moral hazard, operational risk and liquidity risk. Misinterpretation and inappropriate use of information lead to information asymmetry; imperfections of social credit system and defects in platform design cause moral hazard and liquidity risk; operational risk is incurred by inadequate internal processes or external events. These risks may exacerbate the fragility of the financial system, posing greater challenges to the financial stability as well as financial regulations. This paper further discusses the risks embedded in several internet finance patterns specifically and proposes some policy suggestions