替代性金融法制之研究─以P2P網路借貸平台為例

P2P網路借貸為透過網路媒合借款人與投資人之金融科技產業，相較於傳統金融機構之間接金融，其屬於直接金融，亦有國家以群眾募資之概念稱呼並以此對其進行規範。P2P網路借貸最早發跡於英國，隨後發展到世界各地，目前主要發展國家除英國之外，還有美國及中國。由於各個國家有不同的金融文化背景與需求，P2P網路借貸在英國、美國及中國各自發展出別具特色的營運模式，同時，相關監管單位提出不同的監管模式與方法，對其業者進行規範。我國之P2P網路借貸平台雖然興起時間較主要發展國家來的晚，截至目前為止，仍有逾二十家業者在市場上營運，尚可以滿足消費者的需求。然而，即便我國P2P網路借貸已發展數年，卻未有明確之主管機關與法規範對其進行監管，目前業者除遵守金管會提出之「五不原則」之外，亦有數家業者自行共同簽署自律規範。本文以質化分析為主軸，討論重點有二：一為以「五不原則」對世界各地P2P平台之營運模式進行法律分析，除探討五不原則之法理基礎與適當性之外，透過探討各種營運模式在我國可能面臨的法律問題，剖析其是否有落地生根的可能性，試圖建構出我國業者得合法營運之空間；另一為整理英國、美國、中國三者之P2P網路借貸平台發展現況與監理政策，對此進行比較法的梳理與分析，期望借鑑於先行者的經驗，嘗試在我國固有的法制架構之下，提出相容性高的法制建議，以助於我國P2P網路借貸產業發展臻於完善，徹底落實普惠金融之願景。

關鍵字

替代性金融；金融科技；群眾募資； P2P網路借貸；金融監理；消費者保護

並列摘要

Since the financial crisis in 2008, most of the financial institutions have begun to tighten its credit policy. Under the circumstance, people with high credit risks get harder and harder to borrow money from banks or other financial institutions. Alternatively, they turn to other lending activities. Peer-to-peer lending platforms come hereby to provide another possible funding channel and help those who need money to get through their difficulties. Peer-to-peer lending platforms mean credit activity facilitated by electronic platforms whereby borrowers are matched directly with lenders. As the data shows, the United Kingdom, the United States, and China are the three main countries in developing this industry. Given that each country has its unique culture and financial regulation, there are various p2p lending business models worldwide, including traditional model, notary model, guaranteed return model, and balance sheet model. Although the first p2p lending platform showed up late in 2014, there are over 20 platforms in Taiwan by the end of 2020. Due to the lack of specific regulation, however, all the p2p lending companies are unable to spare any efforts to expand their business. The only directive published by the Financial Supervisory Commission (FSC) contends five prohibiting rules in running the p2p lending business model. One part of this paper focuses on the justifiability of that directive, trying to construct some possible legal business models for Taiwanese operators. The other part of this paper collects, organizes, and analyzes the business information and financial regulatory policies from the above three main countries. Based on the data and our legislation framework, this paper proposes several financial regulatory suggestions for FSC to supervise p2p lending platforms.