On March 25, the Chinese Finance Association was formally established on the Internet, which is determined by the Central Bank in charge of national industry associations, industry insiders say, Association Member unit set the "rules", in order to promote the healthy and orderly development of the industry. Experienced last year, "e rent Po" wave of illegal fund-raising run, P2P (online lending) was almost the same as illegal fund-raising. In this regard, the Guangdong Association for Internet financial Chen Baoguo says industry association was established, P2P has a "mother-in-law" P2P will by 2015 "to oversee years" into the 2016 "compliance".

3,944 total P2P platform Super 60% compliance platform for private investors accounted for 60% gross profit 70% more

Reporters found that enterprise P2P platforms financing cost in the range from 15% to 20%, investors, P2P platforms, security interests of the percentage reaches 7:1.5:1.5, in part, investors get returns are even higher. Due to faster financing, private financing at lower cost than, P2P platform became an important short-term financing option.

"E rent treasure, treasure these types of platforms covered with P2P coat for fraud, we became victims of these formal operators. "Li Rusheng P2P platform" Bell loan ", Executive Director, engaged in financial work for 25 years, he said, since P2P fled after the incident last year, the industry" has been demonized. "

Two or three weeks ago, another P2P platform "win-win" also experienced a storm, the company website attacked by hackers, website and the APP will not open, customers worried about "platform do you want to go", we have to run, the company CEO said Ji Yitong, platform net outflows of assets at that time, processing time, gradually dispel investors ′ worries.

Industry situation

Cumulative issue platform 1425

"Net lending House" data show that in 2015, the P2P trading volume reached 982.304 billion yuan compared with 2014 net credit turnover for the year grew by 288.57%.

P2P industry operators have three types: frauds, mutual joint cross-border operators, traditional financial experience. Ji Yitong, "says Crook′s starting point is the money. "Each industry are cohabitation, exists speculation of people, he for example said, a platform original is a Anhui small company, find has advisory company do has planning will into P2P industry," they initially also may hold with good do of mentality, later found money came too easy has, will buy has enterprise of ′ shell ′, design false standard of, attract investors, on has illegal fund-raising of road. Platform collapsed shortly after. ”

While other P2P companies fail was "going too fast" and "controlled risk". A P2P platform with total volume up to more than 10 billion yuan in Guangzhou, outgoing cash difficulties, investors run the platform but "closed". Said Li Rusheng, the platform against the industry could not build pools, not integration, funding mismatch and many line, into a main reason for the failure.

Born in a traditional finance Li Rusheng says: "Internet financial nature are finance, financial barriers, Internet financial players to have a financial background, this is a bottom line. P2P industry there are cheats, but the vast majority are in compliance of legitimately earned benefit brokers, most of whom came from the traditional financial industry, educated, in the P2P industry did a good job. ”

Platform role

Intermediary and capital guardian

P2P Platform team is divided into departments of banks, State-owned, listed companies, the VC systems and private systems. Largest private team, it is the Bank′s cake?

Li Rusheng does not see it that way, his own clear identity – banks, formal financial supplement, "we′re not going to take away its primary business, not formal financial services to, or it is not willing to service, we service. ”

Li Rusheng believes that a perfect P2P Platform team is a combination of a variety of talents, including: air control personnel, technicians, operations staff, and below the line marketing team. P2P companies are "guardian of public funds, earned income broker", this role is to locate good, some P2P companies do not understand, think money set to, the work of his, then took money to do other things, resulting in risks.

"We are as information intermediaries and publish investment information, rich people who lend money to people in need. "Ji Yitong said P2P itself does not bear the risk of default, but the fact is, P2P platform now has additional paid liquidated damages liability after a borrower defaults, which makes P2P company" disproportionate to benefits and risks ".

Corporate finance

Financing and does not owe

Real economy did enjoy financial bonuses on the Internet? Chen Qing (a pseudonym) is the Chairman of a high-tech company in Guangzhou, the company has new sanban. Chen Qing of financing and depending on the time period option: medium-and long-term financing bank, short term P2P is selected.

"Bank funding costs at around 5% to 6% and P2P funding costs much higher, generally at around 18% to 20%, it is a reflection of actual market interest rates, banking costs low, which is borrowing less, and medium to long term, high interest rates, is the enterprise can ill afford. "Chen Qing also tasted the benefits of P2P financing: to raise capital quickly, the financing process transparent. Optimizing enterprise reporting at the same time, "If the Bank lending is very cumbersome, and pre-trial prisoners, tired! "Chen Qing said that bank loans have three: water, credit information and look at whether there is a standard subject matter.

Chen Qing about pain, "for some small and medium enterprises survival difficult subject-matter which come standard. ”

Chen Qing P2P platforms tend to have better risk control, especially professional platform consisting of financial professionals, "they risk well, accustomed to seeing a lot of money, won′t see the money heads. ”

Investors

High yields to zero risk

Guangzhou Li Ming (not his real name) since last October in the P2P banking force, he generally yields more than 12% of investment projects, has now earned more than 3,000 yuan of income.

Li Ming′s choice is not unique, loan financing on the P2P network annual report data show that from the ROI analysis, 40% investors to choose the investment rate in the 12%~15% project.

However, competition between platforms Rob customers, profit to investors, yields rise, giving investors a higher yield expectations.

In the pursuit of high returns at the same time, investors almost zero tolerance for risk. "I did not get the benefit of investment, look for platform. "Ming′s idea represents the thinking of many investors, it is also a lot of P2P platforms face rigid reality of honour.

"We just mediating role, investors are at your own risk. "Ji Yitong," says high-yield zero breach nature of financial risk. "But in this competitive market, platform in order to" love their feathers "will generally choose to advance.

Yu Heng gold dress Shi Xiaojun, General Manager shared the view that the P2P platform information is the role of intermediaries, from a market standpoint, investors should have "investment risk, investments need to be cautious," rational thinking and perceptions of risk, "rigid payment is going to be broken in the future. "He said," completely zero-risk is unrealistic. ”

Regulation:

Raising the threshold and the cost of breaking the

P2P data:

As of February 2016, the national total of 3,944 P2P platforms but platforms today have 1425 problem platform event type is divided into business, run, raise difficulties and economic investigation involved. In recent months, issues a decreasing trend in the number of the platform.

P2P Platform team is divided into: Banking Department, State Department, Department of listed companies, VC (75), private (2,323), the largest private team, close to 60%.

P2P industry sources, borrowing on a financing cost on the 18% network, for example, share revenue is about: investor 15%, platform 1.5%, sponsor 1.5%. Some borrowing, investors get returns are even higher.

As the net borrowing information agency interim measures for the management of operational activities (draft for soliciting opinions) introduced Internet banking are included in the "Thirteen-Five" program, loan has entered a new era of P2P network. P2P has gone from the brutal to the development phase.

Li Rusheng, regulation of P2P industry, can be put on a magic spell: "shareholders demand P2P platform, operator of more than 5 years experience in finance, improve the entry threshold, financial Office site visits can be screened to exclude many knockoffs. Limited registration capital of more than 20 million ~3000 million, platform has some ability to control the risk. In addition, the platform for issues follow, increased costs, opportunities for fraud does not give it for a vest. ”

Li Rusheng also recommended that future regulation of innovation, not across the Board, introduction of credit data.

Shi Xiaojun said that regulation was not to tube death industry, but to get more formal and transparent, guard against systemic financial risks. From the national level, sufficient social funds up already existing financial regulation is the flow of good, activates this force, can make up for a lot of financial institutions where there is no cover.

Shi Xiaojun believes that finance is a priority, and to be fully aware of the particularity of the financial industry, platform problems, violators should be punished. "Every industry purge is a good thing, and will facilitate the industry to standardize, to avoid the phenomenon of bad money drives out good money. "He said hugging monitor, hoping the way regulation is flexible, such as set negative inventory, such as window guidance," implementation of the licensing system and will not benefit the industry development. ”

On March 25, the Chinese Finance Association was formally established on the Internet, P2P network lending platform has more than 40 companies became one of the first members. Insiders said the Association Member unit set "rules", it is both bound and protected, help to promote the healthy and orderly development of the industry, "China Internet Finance Association is an important hub for businesses and regulators, can solve problems of asymmetric information, upload the working. Three are represented in the Association, so that the Association can better grasp the separate supervision and mixed scale. "Internet Finance Association in Guangdong, said Chen Baoguo, China Finance Association is a good way to promote industry self-regulation on the Internet.

"Chinese Internet financial association is established for the industry once again to wash white and straight. The past few years, the industry frequently negative, especially late last year, fled after the collapse of several large platform, most wearing tinted glasses to look at the industry. Financial association after the establishment of the Internet in China, has opened a window for this industry, we believe that other industry soon after the doors will be open to us. "Chen Baoguo says.

3月25日，中国互联网金融协会正式挂牌成立，这是由央行主管的全国性行业协会，业内人士表示，协会为各会员单位定下了“家规”，以期推动行业健康有序发展。经历了去年“e租宝”的非法集资跑路风波，P2P（网络借贷）行业几乎被等同于非法集资。对此，广东互联网金融协会会长陈宝国表示：行业协会的成立，让P2P有了“婆婆”，P2P也将由2015年的“监督年”进入2016年的“合规年”。

总量3944家的P2P平台超六成合规民营平台占六成投资者可获总利润的七成以上

本报记者调查发现，企业通过P2P平台融资的成本在15%至20%多不等，投资者、P2P平台、担保方的利益分成比例常达到7：1.5：1.5，部分标的，投资者获得的收益甚至更高。由于融资速度快、相比民间融资更低的成本，P2P平台成为企业短期融资的重要选择。

“e租宝、大大宝这类平台披上了P2P外衣进行诈骗，让我们这些正规经营者成了行业受害者。”李如胜是P2P平台“万贝贷”的执行董事，从事传统金融工作25年，他说，自从去年P2P跑路风波后，行业“已被妖魔化”。

两三周前，另一个P2P平台“共赢社”也经历了一场风波，公司网站受到黑客攻击，网站和APP打不开，客户担心“平台是否要跑路”，便纷纷挤兑，公司CEO纪宜彤说，当时平台资产净流出，好在处理及时，才逐步消除投资者的疑虑。

行业现状

累计问题平台1425家

“网贷之家”数据显示，2015年，P2P成交量达到了9823.04亿元，相比2014年全年网贷成交量增长了288.57%。

P2P行业经营者有三种类型：骗子、互网联行业跨界经营者、有传统金融从业经验者。纪宜彤说，“骗子的出发点就是圈钱。”每个行业都鱼龙混杂，存在投机倒把的人，他举例说，某平台原来是一家安徽小公司，找了咨询公司做了规划便投身P2P行业，“他们起初也可能抱着好好做的心态，后来发现钱来得太容易了，便买了企业的‘壳’，设计虚假标的，吸引投资者，走上了非法集资之路。平台不久后便轰然倒下。”

而另外一些P2P公司的失败是“走得太快”、“不控制风险”。广州某P2P平台总成交量高达100多亿元，因传出提现困难，投资者纷纷挤兑，该平台无奈“歇业”。李如胜说，该平台违背了行业不能建资金池、不能自融、资金错配等多条底线，成了失败主因。

出身传统金融业的李如胜认为：“互联网金融的本质是金融，金融有门槛，互联网金融参与者要有金融背景，这是一条底线。P2P行业中存在骗子，但绝大多数都是合规合法赚取利益的经纪人，他们大部分从传统金融行业走过来，受过良好教育，在P2P行业干得不错。”

平台角色

中介与资金守护人

P2P平台的队伍分为银行系、国资系、上市公司系、风投系、民营系。民营系队伍规模最大，它是否动了银行的蛋糕？

李如胜并不这样看，他对自己有清晰的定位——银行、正规金融的有益补充，“我们不去夺它的主要业务，正规金融服务不到，或者它不愿意服务的，我们来服务。”

李如胜认为，一支完美的P2P平台队伍应该是多种人才的组合，它包括：风控人员、技术人员、运营队伍和线下营销队伍。P2P公司是“民众资金的守护人、赚取收益的中间人”，这个角色要定位好，有些P2P公司不懂，以为钱集来了，就是自己的，然后拿钱去做其他事，结果出现风险。

“我们就是信息中介，发布投资信息，把有钱的人的钱出借给需要的人。”纪宜彤说，P2P本身不承担违约的风险，但事实上，P2P平台现在附加了一项借贷方违约后垫付违约金的责任，这使得P2P公司“收益与风险不成正比”。

企业融资者

融资快且不欠人情

实体经济享受到了互联网金融的红利了吗？沈清（化名）是广州一家高科技公司董事长，公司已在新三板挂牌。沈清的融资方式根据时间周期不同而选择：中长期融资选择银行，短期则选择P2P。

“银行融资成本在5%至6%左右，而P2P融资成本高很多，一般在18%至20%左右，它是真实市场利率的反映，银行成本偏低，这是民间借贷做不到的，而从中长期来看，高利率是企业承担不了的。”沈清也尝到P2P融资的甜头：快捷地融到资，融资过程透明。同时还可以优化企业报表，“如果走银行借贷非常繁琐，跟审犯人似的，好累！”沈清说，银行贷款有三看：看流水、看征信、看是否有标准标的物。

沈清了解中小企业的痛楚，“对于一些中小企业，生存都困难哪来标准标的物。”

沈清倾向于选择有良好风控的P2P平台，特别是有专业金融从业人员构成的平台，“他们风控好，见惯大钱，不会见钱就头脑发热。”

投资者

高收益却求零风险

广州市民李明（化名）去年10月以后加入P2P理财大军，他一般选择收益率在12%以上的投资项目，目前已赚到3000多元的收入。

李明的选择并不是个案，《P2P网贷理财年度报告》数据显示，从投资收益率来分析，近四成投资人选择投资收益率在12%~15%的项目。

然而，平台之间竞争抢夺客户，让利给投资者，收益率也就水涨船高，给了投资者一种高收益的预期。

在追求高收益的同时，投资者对风险近乎是零容忍。“我投资没有拿到收益，就找平台要。”李明的想法代表着不少投资人的想法，这也是不少P2P平台面临刚性兑付的现实。

“我们只是中介作用，投资者风险自担。”纪宜彤说，“高收益零风险违背金融本质。”但在这个竞争激烈的市场中，平台为了“爱惜自己的羽毛”，一般会选择垫付。

誉衡金服总经理施小军同样认为，P2P平台的角色是信息中介，从市场角度来讲，投资人应具备“投资有风险，投资需谨慎”的理性思维和风险意识，“未来刚性兑付终究会打破。”他说，“完全做到零风险也不现实。”

监管：

提高门槛和违法成本

P2P大数据：

截至2016年2月，全国P2P平台总量为3944家，但问题平台累计却有1425家，问题平台的事件类型分为停业、跑路、提现困难和经侦介入。近几个月来，问题平台数量有减少的趋势。

P2P平台的队伍分为：银行系、国资系、上市公司系、风投系（75家）、民营系（2323家），民营系队伍规模最大，占到近六成。

P2P业内人士透露，以一笔融资成本在18%的网络借贷为例，利益分成约是：投资者拿15%，平台拿1.5%、担保方拿1.5%。有些借贷，投资者获取的收益甚至更高。

随着《网络借贷信息中介机构业务活动管理暂行办法（征求意见稿）》出台，互联网金融被列入“十三五”规划，P2P网贷已经进入了一个全新的时代。P2P也经历了从野蛮生长到规范发展的阶段。

在李如胜看来，对P2P行业的监管，可以给它戴上一个紧箍咒：“要求P2P平台股东、运营者有5年以上金融从业经历，提高准入门槛，金融办进行实地考察，可以甄别排除不少山寨货。限制注册资本在2000万~3000万元以上，保证平台有一定的风险控制能力。此外，对于问题平台追究到底，提高违法成本，不给它换一个马甲再诈骗的机会。”

李如胜还建议，未来可创新监管方式，不搞一刀切，引入征信大数据。

施小军说，监管不是要把行业管死，而是要让行业更规范、更透明，防范出现系统性金融风险。从国家的层面看，让充裕的社会资金活跃起来，把本已存在的民间金融规范起来是顺势而为的大好事，激活这股重要力量，完全可以补足许多金融机构没有覆盖的地方。

施小军认为，金融是国之重器，要充分认识到金融行业的特殊性，平台出现问题了，违规企业应该受到惩罚。“每一次行业的整肃都是好事，将促进行业走向规范，避免出现劣币驱逐良币的现象。”他表示拥抱监管，希望监管的方式是柔性的，例如设置负面清单、实施窗口指导等，“实行牌照制并不见得会有利于行业发展。”

3月25日，中国互联网金融协会正式挂牌成立，P2P网络借贷平台有40余家成为首批会员。业内人士表示，协会为各会员单位定下“家规”，它既是约束也是保护，有助于推动行业健康有序发展，“中国互联网金融协会是企业与监管层的重要枢纽，可以很好地解决信息不对称问题，做好上传下达的工作。一行三会在协会中均有任职，因此协会可以很好地把握分业监管与混业监管的尺度。”广东互联网金融协会会长陈宝国说，中国互联网金融协会可以很好地促进行业自律。

“中国互联网金融协会的成立再一次为这个行业洗白，以正视听。过去几年，这个行业负面频频，尤其是去年年底的几个大平台跑路倒闭事件后，多数人均戴有色眼镜来看待这个行业。中国互联网金融协会成立后，为这个行业开了一扇窗，我们相信不久后其他行业的大门都将会对我们打开。”陈宝国说。