美國P2P網貸市場發展之研究

自2005年全球首家P2P網貸(Peer-to-Peer Lending)機構Zopa問世，通過互聯網平台直接撮合出借人與借款人間借貸交易的網貸行業，已然成為全球金融領域的新潮流。本文利用重複賽局分析方法，得到發展P2P網貸平台的理論基礎，同時重點敘述美國P2P網貸行業的風險與發展趨勢，進而提出美國P2P網貸監管對我國P2P網貸的啟示。建議監管部門為P2P網貸經營模式劃出紅線進行約束，並不斷修正以適應行業的發展，待我國金融法律體系更為完善後，再出爐針對各類P2P網貸公司經營行為的區隔的金融監管政策，對P2P網貸行業進行全面有效的監管。

關鍵字

P2P網貸；重複賽局；金融創新

並列摘要

Since 2005, with the launch of the world's first Peer-to-Peer Lending (P2P) company Zopa, the online lending industry has become a new emerging trend in the global financial sector by directly brokering lending transactions between lenders and borrowers through Internet platforms. In this paper, we leverage a repeated game analysis method to establish the theoretical basis for the development of P2P platforms, and at the same time describe in focus the risks and development trends of the P2P industry in the U.S. and then propose the implications of U.S. online P2P lending regulations for the P2P lending market in Taiwan. We recommend that the relevant competent authorities and regulators should draw a red line for the P2P lending business model to restrict and continuously amend it to adapt to the development of the industry. After the financial legal system of our country has matured, the government can devise financial regulatory policies that differentiates the operating behavior of various P2P lending companies, so that the P2P lending industry can be regulated comprehensively and effectively.