【作者】 辛馨；

【导师】 黄少安；

【作者基本信息】 中央财经大学 ， 政治经济学， 2017， 博士

【摘要】 随着第三方支付平台的迅猛发展,家庭处于受益最大化的利益触发,对金融资产进行配置的选择行为也更加复杂。面临这样的发展环境和背景下,互联网金融市场发展以及第三方支付平台不断创新是否会促使家庭选择第三方支付平台而放弃传统支付方式或理财方式?是怎样的本质原因导致家庭普遍使用第三方支付平台进而调整家庭金融资产配置的?在这样的条件下,相比较家庭传统金融配置方式,第三方支付选择会使得家庭金融资产总量、结构和规模会发生怎样的变化?本文通过回答这些问题,能够深刻领会到第三方支付平台的创新和发展已经逐步深入到家庭金融资产的配置选择中,其便利性和快捷性使得家庭将金融资产从传统金融领域重新调整至互联网金融领域,促进家庭的消费和投资,从而进一步完善家庭金融理论。更重要的是,这将大大推动第三方支付产业的发展并进因此,本文在这样了的环境背景下,以交易费用理论和家庭资产选择理论为基础,以第三方支付为研究对象,与传统金融市场进行对比分析,揭示中国第三方支付平台的发展对家庭以及传统金融业所带了的巨大变革推动力,进而尝试提出适宜于中国发展的第三方支付系统的制度性政策建议。第一章是本章节对全文内容做概论性阐述,以介绍本文选题的背景和依据、研究的目的和意义,本文的研究路线和技术路线以及可能的创新之处。第二章首先对第三方支付进行概念界定,并与其他相关概念进行对比,深刻理解第三方支付的本质内涵。进而在此基础上,首先通过交易成本理论和虚拟企业角度研究第三方支付,并揭示第三方支付影响家庭金融资产选择的动力机制。另一方面,本文从早期研究的消费——储蓄理论、生命周期理论等微观领域以及经济、金融发展的宏观环境因素对家庭金融资产选择行为的相关文献进行了综述。从现有文献资料来看,从第三方支付选择对家庭金融资产选择的影响的研究还较少。因此本文以此作为研究的视角和方向,试图取得一些突破。第三章是对第三方支付平台本身的一些市场竞争特性进行研究,通过分析对比不同第三方支付平台的盈利模式,以及这些盈利模式下所带来的收益和风险,进而分析在面对这样的风险和收益,家庭会如何进行金融资产的选择。因此本章详尽分析了第三方平台本身的市场竞争特性,是为其后要分析的本质原因、影响机制等奠定理论和现实的依据。第四章在综述国内外研究家庭金融资产选择和消费理论的研究文献的研究基础上,运用制度经济学中交易成本理论详细论述第三方支付系统影响家庭金融资产选择的机理。该章节利用交易费用理论深入分析第三方支付对家庭资产选择结构性改变的本质原因。本章将利用威廉姆斯的有限理性、资产专用性以及投机性来分析第三方支付正是降低了家庭投资传统金融资产中的交易成本,从而引发家庭进行资产的结构性调整。并进一步分析家庭在传统和第三方支付两种不同支付方式下存在怎样的交易成本变化,而这种变化使家庭的金融资产产生怎样的调整和变化。从目前第三方支付的发展来看,第三方支付不仅影响家庭的日常生活的消费、储蓄等各方面,还影响着家庭理财、投资等决策。因此本章节就是要详尽深入的分析第三方支付系统是如何影响家庭金融资产选择的,以及它对传统金融行业所产生的影响。第五章研究分析第三方支付影响家庭金融资产选择的总量、规模和机制。通过前期大量阅读文献和实践调查研究发现,第三方支付平台主要通过三种机制途径影响家庭的金融资产选择:首先便利化和场景化的支付兼具理财方式影响家庭的消费和投资方式;其次支付的便捷化改变居民的边际消费倾向和心理账户,从而改变家庭的消费和储蓄方式;第三是支付的便利性增加金融可得性进而改变家庭金融资产的选择。第六章通过利用中国家庭金融调查中心(CHFS)取得的2013年的调查数据,对第三方支付影响家庭金融资产选择行为的直接和间接机制进行实证分析。首先从对第三方支付影响家庭资产选择的直接机制进行实证分析。得出结论:第三方支付能够显著影响家庭参与消费-储蓄市场和投资性金融市场。紧接着对在金融发展下,第三方支付选择改变家庭金融资产的选择的间接机制进行实证检验。研究发现,在金融发展下,第三方支付的选择仍会促进家庭更多地参与无风险以及风险金融市场并进行资产重新配置。但金融市场的发展会弱化这种作用力,显示了第三方支付市场和传统金融市场之间的竞争性关系。第七章在前面理论与实证分析的基础上,对第三方支付的发展以及家庭金融资产选择分别提出制度性政策建议。第三方支付的制度创新必须在稳步发展中注意风险控制,加强制度供给,与传统金融有机融合并纳入金融监管,最终促成包括第三方支付在内的互联网金融业全面改革和持续健康发展。通过以上的深入分析,本文共得到三个主要结论:结论一:决定第三方支付普遍化发展的本质原因取决于交易成本的高低。从本质上来说,大多数的家庭出于降低成本并提高收益的理性动机,从而引发家庭在进行家庭资产分配决策时,将原有传统金融市场上的资产分配至第三方支付市场上,这才是第三方支付平台的创新能够推动家庭重新调整分配家庭金融资产结构本质和深层次的原因。结论二:第三方支付选择确实能够显著影响家庭对消费-储蓄性金融市场以及投资性金融市场的参与从而影响家庭金融资产选择。由实证分析可知,便利化的第三方支付在近两年显著影响了家庭的金融资产分配。便利化的第三方支付由于显著提升家庭了网络购物的消费金额,从而显著增加家庭的现期消费而降低未来储蓄。结论三:金融市场发展会弱化第三方支付平台家庭金融资产选择的影响。两个市场之间竞争大于合作。传统金融市场的发展和完善对第三方支付市场对家庭金融资产选择的作用力起到了反向作用,会逐步弱化第三方支付平台对家庭金融资产的影响,这是两者间的竞争性关系所决定的。从目前看,这对第三方支付市场的发展是不利的,未来第三方支付平台的发展需要在合理的政策、制度引导下才能发展的更加稳定和完善。综上所述,本研究提出的政策建议主要包括:对于第三方支付平台而言:(1)对第三方支付平台建立规范的市场准入制度,从法律层面明确第三方支付平台的法律地位。(2)第三方支付平台在运作过程进行严格而规范的事中监管,包括其经营过程中的业务范围、资金流动性、资产质量以及市场风险监管等。这事实上要求第三方支付在未来发展中形成多元化、个性化以及安全性的支付体系。(3)对第三方支付平台建立规范而严格的市场退出监管机制。金融监管当局为了保护投资人的合法利益,出于审慎监管的目的,对严重违规操作或濒临破产的互联网金融机构必须实施严格而审慎的市场退出处理。一般的方式有购并、接管、注资挽救、清算关闭、解散等。现场检查、非现场检查、内部审计、外部审计、信用评级、信息披露、行业组织和公众监督等。对于家庭而言:(1)面对第三方支付平台的新兴投融资、理财方式,鼓励家庭投资消费方式多元化。互联网金融特别是第三方支付平台的支付业务以及理财业务为家庭提供了新兴而便利快捷的支付和理财方式,扩大并丰富家庭的投资理财产品,寻求多样化的理财渠道和投资手段,使得家庭拥有足够的资金以防范金融风险发生而度过难关。(2)鼓励家庭多方式、多渠道的学习第三方支付等互联网金融新知识。在互联网飞速发展的大背景下,家庭应当利用各种渠道学习并获取相应的信息资源。通过互联网、报纸、书籍等多种方式随时了解第三方支付的发展变化,了解第三方支付平台公布的公开信息以知道自身可能面对的风险;学习各种传统、新兴的金融知识并且实时更新知识以帮助家庭更好的投资理财获取更高的收益等。(3)家庭应当提高风险识别能力,降低第三方支付风险。要有效规避第三方支付风险,就要对自己所处的支付环境、支付工具、安全等级等信息有所了解,不随意登录存有安全漏洞的支付网站,不轻信点击商家发送的支付链接,不用未经安全认证的WIFI平台进行网络购物等。(4)增强维权意识,维护个人合法权益。选择安全可信的第三方支付平台,由第三方支付牌照,极大程度的降低隐私泄露风险,同时设定支付限额,不抢速度,先考虑支付是否安全,有选择性地使用支付工具等。一旦产生争议,用户应及时向相关管理部门投诉并维权。更多还原

【Abstract】 With the rapid development of the third party payment platform,in order to maximize the interests of the trigger,the family to choose the allocation of financial assets is more complex.Faced with such a development environment and background,will the Internet financial market development and innovation of the third party payment platform encourage families to choose the third party payment platform and give up the traditional methods of payment or the financial management? What is the essential reason for the family to choose the third party payment platform and then adjust the allocation of family financial assets? And what will happen for the family of the total amount、the structure and the scale of financial assets compared with the traditional family financial allocation? By answering these questions in this paper,it will help us to comprehend that the innovation and development of the third party payment platform has gradually penetrated the configuration selection of household financial assets and further improve the family finance theory.The third party payment industry is promoting household consumption and investment.What’s more,it will greatly promote the development of the third party payment industry and promote the development of economy.Therefore,based on the theory of transaction cost and family assets selection,making the third party payment as the research object,This paper reveals that the development of China’s third party payment platform brings great impetus to the family and the traditional financial industry,and then puts forward the institutional policy recommendations for the development of China’s third party payment system.The first chapter is an introduction to the full text of this chapter,in order to introduce the background and basis of this topic,the purpose and significance of the study,the research route and technical route and possible innovation.The second chapter firstly defines the concept of the third party payment,and compares it with other related concepts,so as to deeply understand the essence of the third party payment.On the basis of this,the paper studies the third party payment through the transaction cost theory and the virtual enterprise perspective,and reveals the dynamic mechanism of the influence of the third party payment on the choice of family financial assets.On the other hand,from the early research on consumption savings theory,life cycle theory and the microcosmic field of economic and financial development,this paper reviewed the relevant literature of the household financial portfolio choice.From the existing literature,there are few studies on the impact of the third party payment on the choice of family financial assets.Therefore,this article is trying to make some breakthroughs on this research perspective and direction.The third chapter is the research of the characteristics of the third party payment platforms’ market competition.Through the comparative analysis of the third party payment platform profit model,this chapter also research these return and risk,and then analyze such a family how to choose financial assets under the risks and benefits.Therefore,this chapter makes a detailed analysis of the market competition characteristics of the third party platform,which is the theoretical and practical basis for the analysis of the essential reasons and the influencing mechanism.The fourth chapter is based on the research literature on household financial assets selection and consumption theory at home and abroad,by using of institutional economics and transaction cost theory to discuss the third party payment mechanism of household financial assets selection system.This chapter uses transaction cost theory to analyze the essence of the third party payment to the structural change of family assets.To analyzeBy analyzing the theory of Williams’ s limited rationality,asset specificity and speculative,the third party payment could reduce the transaction cost of traditional family investment in financial assets and make the structural adjustment of family assets.How to adjust and change the family financial assets by the family in the traditional and third party payment under the two different ways to pay for the existence of transaction costs change? From the current development of the third party payment,the third party payment not only affects the daily life of the household consumption,savings and other aspects,but also affects the family financial management,investment decisions.Therefore,this chapter is a detailed analysis of how the third party payment system affects the choice of family financial assets,as well as its impact on the traditional financial industry.The fifth chapter analyzes the total amount,scale and mechanism of the influence of the third party payment on the choice of family financial assets.Through a large number of reading literature and practice survey,it is found that the third party payment platform mainly affects the choice of family financial assets through the three mechanisms: The first is the scene of the facilitation and payment of both financing that affect consumption and investment patterns of family;secondly is the convenient payment changing the residents’ marginal propensity to consume and mental account,and then changing the way of household consumption and savings;the third is the convenience of payment that increase financial availability and change of household financial assets selection.The sixth chapter makes empirical analysis on the direct and indirect mechanism of the influence of the third party payment on the household financial assets selection by using the survey data of the Chinese Household Financial Investigation Center(CHFS)in 2013.First of all,this paper makes an empirical analysis on the direct mechanism of the third party payment on the choice of family assets.It is concluded that the third party payment can significantly affect the risk of family participation in the financial market.Then,under the financial development,the third party payment choose to change the family financial assets of the indirect mechanism of empirical test.It is found that in the financial development,the choice of the third party payment will promote the family to participate in the risk-free and risky financial markets and asset reallocation.However,the development of the financial market will weaken this force,showing a competitive relationship between the third party payment market and traditional financial markets.In the Seventh chapter,the author puts forward some policy suggestions on the development of the third party payment and the choice of the family financial assets.The third party payment system innovation must pay attention to the risk control in the steady development,strengthen the system of supply,and the traditional financial integration and financial supervision in the financial sector of the Internet,and ultimately contributed to the overall reform including the third party payment,and the sustained and healthy development.Based on the above analysis,three main conclusions are obtained:Conclusion one: the essence of the development of the third party payment depends on the transaction cost.Essentially,most of the family out to reduce costs and improve the rational motives of income,causing the family in the family asset allocation decisions,allocate assets to third party payment market on traditional financial market,this is the third party payment platform to promote the innovation of the family re adjust the allocation of domestic financial assets the structure and nature of the deep.Conclusion two: the choice of the third party payment can significantly affect the family’s participation in the risk-free and risky financial markets,thus affecting the choice of family financial assets.The empirical analysis shows that the convenience of the third party payment in the past two years has significantly affected the family’s financial asset allocation.The facilitation of the third party payment due to significantly improve the family consumption amount of online shopping,which resulted in a significant increase in current consumption and reduce the future family savings.Conclusion three: the development of financial market will weaken the influence of family financial assets which chosing of the third party payment platform.Competition between the two markets is greater than cooperation.The development of the traditional financial market and the perfection of the third party payment market to the reverse effect on the force of family financial assets selection,And that will gradually weaken the third party payment platform on the impact of household financial assets,which is decided by the competitive relationship between the two.From the current point of view,this is the development of the third party payment market is unfavorable,the future development of the third party payment platform needs to be more stable and improved in the development of a reasonable policy,institutional guidance.In summary,this study proposes the policy suggestions mainly include:For the third party payment platform:(1)it Clear the legal status of the third party payment platform from the legal level to establish a standardized market access system for the third party payment platform.(2)Third party payment platform must take the strict and standardized regulation,including the scope of its business operations,liquidity,asset quality and market risk regulation,etc..In fact,In fact,the third party payment requires the formation of a diversified,personalized and secure payment system.(3)We need to establish a standard and strict market exit supervision mechanism for the third party payment platform.For the family:(1)in the face of the emergence of the third party payment platform for investment and financial management,it is encouraging diversification of household investment spending.(2)It is encouraging families to learn more ways,multi-channel knowledge of Internet banking and other third party payment.(3)the family should improve the ability of risk identification and reduce the risk of the third party payment.(4)It is encouraging families to enhance the awareness of safeguarding rights and safeguard the legitimate rights and interests of individuals.更多还原