我國P2P借貸證券化可行性分析

金融科技產業蓬勃發展，在去傳統金融中介化的過程中，新興的籌資管道，正透過網路平臺，實現Peer-to-Peer的直接金融模式，讓過去封閉且小眾的民間借貸，走向開放分眾網路借貸市場，又被稱網路替代金融(Online Alternative Finance)，不同於往的商業模式，讓傳統金融機構的中介角色變得模糊。 P2P網路借貸(以下簡P2P借貸)(Peer-to-Peer Internet Lending)平臺，為無法從金融機構取得金融服務的消費者，提供另一取得資金的便利管道，也為有擁有資產的投資者，提供另一賺取報酬的投資管道，借貸雙方在平臺上直接媒合借貸需求，讓借貸有了一新商業模式，為參與者創造不同的使用價值。 P2P借貸平臺自2004年Zopa公司在英國設立後，已有十餘年的發展，本研究藉由研究英國、美國、中國與臺灣等四個國家具指標性P2P借貸平臺的發展現況、營運模式、風險管理及政府的監理情況，進而探討我國政府是否應介入監理產業的發展，網路借貸平臺業者如何透過完善的交易制度及「證券化」，而達到中立中介的角色及有效的風險管控。 P2P借貸產業已有相當的營運模式，各平臺順應所在國家的法令、經濟金融條件及民情，而有各自不同的發展，但其基礎架構不變，本研究認為我國P2P借貸產業應可從產業專法、金融監理、營運模式、信用評等、利率決定、及證券化等面向來架構，結合既有金融機構，形成完整借貸生態圈，必可為產業提供正面且良好的發展環境。

關鍵字

金融科技； P2P借貸；替代金融；金融資產證券化

並列摘要

The Fintech industry is prosperous through the Internet platform. In the process of disintermediation, the Peer-to-Peer's direct financial model turns the closed and niche private lending into an open and demassified internet lending market. The Peer-to-Peer internet lending is also known as Online Alternative Finance. This business model differs from traditional financial institutions and has blurred the intermediary role of them. The Peer-to-Peer Internet Lending Platform (P2P Lending Platform) provides a convenient way for those consumers who cannot obtain financial services from financial institutions to get funds. It also provides another method for investors to gain benefits from investments. Investors and borrowers match directly on the lending platform. It’s a new business model for both to create lots of profit. Created by Zopa, UK in 2004, P2P Lending Platform has existed for more than 10 years. This study examines the development status, operating models, risk management, and government supervision of indicative P2P Lending Platform in four countries, including the U.K, the United States, Mainland China, and Taiwan. Furthermore, the study investigates the necessity that Taiwan government should intervene in the development of the P2P industry, and examines how P2P Lending Platform operators perform through a complete trading system and securitization to act the role of neutral intermediary and establish effective risk management. P2P lending industry has become quite common. The P2P Lending Platform conforms to the laws of each country, the economic conditions, and the culture. They have their own development, but their basic structure is the same. This study considers that P2P Lending industry in Taiwan should establish a complete lending system with industry-specific laws, financial supervision, business model, credit rating, interest rate determination, and securitization. Combining with current financial institutions, P2P lending will certainly provide a positive and favorable development environment for the industry.