Abstract
China's regulatory tolerance of financial innovations brought not only rapid growth and unprecedented development opportunities to the internet finance sector but also triggered unexpected financial risks and legal liabilities. In its first attempt to regulate internet finance, the Chinese government “crossed the river by feeling stones,” moving gradually toward intervention. However, the existing literature has not adequately investigated how internet finance enterprises have responded to tightening regulation. This paper evaluates the effectiveness of China's experimental regulatory approach to internet finance, drawing empirical evidence from the law enforcement and corporate innovation data of listed internet finance companies from 2012-2018. The difference-in-differences results indicate that the number of lawsuits and patent applications significantly increased with tightening regulations, indicating that the experimental legislative governance of internet finance has gradually been accepted and digested by the market. These regulations are enforced in judicial practice and stimulate healthy competition in patent applications.
中國對金融創新的監管寬容給互聯網金融行業帶來了快速增長和前所未有的發展機遇,也引發了難以預見的金融風險和法律責任。第一次著手監管互聯網金融,中國政府摸著石頭過河,逐步走向干預。以往的文獻在關於互聯網金融企業如何應對日益嚴格的監管方面討論得還不夠充分。文章主要以2012—2018年互聯網金融上市公司的執法和創新的資料為實證證據,對我國互聯網金融實驗式監管模式進行有效性評價。雙重差分的實證結果表明,當監管收緊時,訴訟數量和專利申請數量有顯著增加。由此可見,互聯網金融監管的實驗式治理模式逐漸被市場所接受和消化。這些監管規則在司法實踐中得以實施,並激發了專利申請中的良性競爭。
中國對金融創新的監管寬容給互聯網金融行業帶來了快速增長和前所未有的發展機遇,也引發了難以預見的金融風險和法律責任。第一次著手監管互聯網金融,中國政府摸著石頭過河,逐步走向干預。以往的文獻在關於互聯網金融企業如何應對日益嚴格的監管方面討論得還不夠充分。文章主要以2012—2018年互聯網金融上市公司的執法和創新的資料為實證證據,對我國互聯網金融實驗式監管模式進行有效性評價。雙重差分的實證結果表明,當監管收緊時,訴訟數量和專利申請數量有顯著增加。由此可見,互聯網金融監管的實驗式治理模式逐漸被市場所接受和消化。這些監管規則在司法實踐中得以實施,並激發了專利申請中的良性競爭。
Original language | English |
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Pages (from-to) | 127-139, 148 |
Journal | Science Technology and Law (Chinese-English Version) |
Volume | 1 |
DOIs | |
Publication status | Published - 2022 |