The Prosperity and Supervising Mechanism of Microfinance- Focusing on Comparing and Integrating Taiwanese Legal Structures with the One of America and China

• Main Authors: Liang, Ting-Hsuan, 梁婷宣
• Other Authors: 王志誠
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/drkvqy

碩士 === 國立中正大學 === 財經法律學研究所 === 103 === This thesis was inspired by Grameen Bank which was founded by Dr. Yunus, the laureate of Nobel Peace Award. I was also surprised to find out several similarities between microfinance and internet finance during the period of researching internet finance which was broadly discussed in China in recent years. Not only did internet finance share the commonality of small amount with microfinance, but also show the advantage of decreasing cost of transaction and diminishing information asymmetry, as which would benefit and fortify inclusive finance, a new type of finance extended from microfinance, in a large scale. Microfinance aims to eliminate poverty, while inclusive finance bases on the same purpose and further extend targeted customers, the poor, to general public in microfinance world. Both have strong and profound social goal. Attributing to the rapid development of technology, internet finance, transforming the way of transaction, allows financial service to be accessible without the geographical boundary and limitation of time. Plus, due to the power of internet finance, finance is not a privilege of capitalist anymore. Based on above research notion, I design a research structure that use microfinance as general idea and further discuss internet finance in-depth in this thesis. There are three main subjects in this thesis, including microfinance and inclusive finance, traditional lending and internet finance. Traditional lending functions as a contrast to innovative finance such as microfinance. It also illuminates the situation that there is strong demand toward microcredit in our society for a long time. In comparison with traditional lending, microfinance and internet finance respond to this social demand and in turn refresh and remodel financial strategy. This trend of innovation pours energy into financial ambit, benefiting social rescue and the construction of multi-layer capital market. Because of the unique business environment with majority of micro-companies and the existence of economic disadvantaged people, Taiwan holds the demand and necessity to develop these new types of finance. On the other hand, Taiwan faces the urgency to create a prudential and suitable supervising mechanism as well. The discussion over suitable supervising mechanism is the core issue of this thesis. In order to come up with a Taiwanese financial supervising strategy, this thesis compares and integrates America’s internet finance’s development and relative legal regulations with the one of China. America has already build up a series of rule in order to regulate P2P and crowdfunding, while China is still in a primary stage without supervising system, standards of entering industry and business regulations. There is a huge gap between these two countries’ supervising policies. Generally speaking, America has attempted to balance financial innovation and supervision but failed to reach a consensus of what a perfect supervising mechanism is so far. On the other hand, Chinese arguments toward the necessity of supervising internet finance and freezing its wide growth increases sharply. Internet Finance in Taiwan is a brand new industry and just at the stage of growing. Furthermore, it’s not hard to tell that Taiwanese government’s financial policy is to promote the development of Internet Finance and multi-layer capital market because of the recent acts of enacting and amending laws, including the “Five Financial Laws”, Go Incubation Board for Startup and Acceleration Firms (GISA), regulation of equity crowdfunding, Limited Partnership Act and new regulation of closed company limited by shares. Since developing internet finance is an inevitable trend, Taiwan could learn from the supervising mechanisms of America and China to construct a future supervising plan. To wrap up, considering Taiwanese demand toward microfinance and Internet Finance as well as the merit that internet finance will fortify the international competitiveness in Taiwan, Taiwanese government should lead our country to promote internet finance’s development. Besides, the function-oriented supervising strategy is strongly suggested. Preventing from perishing internet finance industry at the very begging stage, the future legal structure should follow the direction of exempting legal responsibilities set by the Securities and Exchange Law. Simultaneously, in order to achieve both financial and social goals of microfinance and internet finance, keeping the doctrine of “too much of everything is as bad as too little” and reaching balance between financial innovation and governance is pivotal to our future prosperity.