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The financial system in China is facing transformation in three dimensions: the‘width’in marketization and securitization of the financial structure,which focuses on promoting the development of capital market; the‘length’in internationalization and openness to foreign countries,which focuses on the internationalization of RMB; and the‘depth’in breaking monopolies and forming a moderate competitive structure,which focuses on the interest marketization and the introduction of a strategic power competing with traditional finance. This strategic power is Internet finance. The penetration,competition and collision from Internet finance will inevitably stimulate the emergence of new financial patterns,which accordingly result in extensive transformation in current financial modes and operation structure.
Internet finance can exist,develop and cause comprehensive challenges to traditional finance for the following reasons: First of all,it comes from the integration of information flow and the Internet platform's removal of temporal and spatialconstraints. The integration of information flow initiates the era of big data,and accordingly lays a solid foundation to improve information transparency and overcome information asymmetry. The Internet platform has unparalleled cost advantages due to its removal of temporal and spatial constraints,and this cost advantage makes it more competitive in business. Second,the vast market space provides fertile soil for the development of Internet finance. From the perspective of business operations,the industry reconstructed by the Internet must be a large-scale “industrial empire” with a wide variety of services,lucrative profits,uniform standards and sufficient influence on traditional activities,which are all characteristics of the finance industry. Third,the natural technical features of the Internet match with the functions of finance; in other words,they share many commonalities.
Compared with traditional finance,Internet finance is a new mode which possesses its own structural characteristics in theoretical logic. The effective combination of information economics,transaction cost theory,financial intermediation theory,functional finance theory and financial deepening theory might describe the theoretical logic of Internet finance. In addition,there are new features in operation structures,business models,risk characteristics,alternative boundaries and regulatory standards of Internet finance. The study of Internet finance will further promote the development of modern finance theory and the significant adjustment of modern finance's analytical structure.