P2P 網路借貸是近年快速發展的新興產業,也是目前全球網路替代金融 市場最為活絡的項目之一,其主要概念為透過網路平台直接實現個人一對一 或一對多的資金借貸服務。台灣的 P2P 網路借貸直到 2016 年才開始起步, 本文以台灣目前成立的三家 P2P 網路借貸平台為出發點,從平台的商業模 式與申貸數據進行分析,試圖以台灣 P2P 網路借貸的發展現況,找出 P2P 網路借貸在台灣的機會與挑戰。 本文發現目前台灣 P2P 網路借貸產業的主要客群為信用評等位在中間 階層的借款者,推論目前台灣 P2P 網路借貸對於金融產業是補充關係多於 競爭關係,此種補充角色為投資者與借款者帶來更多選擇,加上台灣有足夠 成熟的徵信環境,可視為此產業的發展機會。但目前台灣的法律規範使得 P2P 網路借貸平台的發展受限,同時現有模式存在的風險也未受到明確的規 範,將會是未來發展所面臨的一大挑戰。 / Peer-to-peer lending is one of the most active financial services in the online alternative finance industry and has grown rapidly in the last few years. The main idea of P2P lending is to realize lending without the financial institutions through online platforms. In Taiwan, P2P lending market is just in the early stage in 2016. This thesis analyzes the business models and data of three Taiwan’s P2P lending platforms. Try to find out what are the opportunities and challenges for developing P2P lending industry in Taiwan. The study found that the main borrowers on Taiwan’s P2P lending platforms are people with medium level of credit rating. It could be inferred that P2P lending industry so far acts as a supplementary role more than as a competitor in Taiwan’s financial market. The supplementary role of P2P lending platforms provides more options for investors and borrowers. In addition, the credit reporting industry in Taiwan is well-developed. They are both the opportunities for P2P lending industry. However, current regulations limit the development of P2P lending and the risks from the current business models are not clearly regulated. It will be a challenge for developing P2P lending in the future.

近幾年來金融科技快速發展,傳統金融業被破壞式創新顛覆, 智能投顧的興起改變了資產管理行業的傳統模式,填補了一般大 眾理財市場的空缺。隨著互聯網理財模式在中國得到大眾認可, 智能投顧平台在中國開始萌芽,處於探索階段。在這樣的背景下, 本研究以中國智能投顧市場為研究對象,採用歸納法和對比分析 法,探究中國智能投顧業發展趨勢之相關實務。 本文根據前人的研究,對智能投顧的概念、特徵以及類型進 行了總結,歸納全球各國智能投顧業發展現況;根據中國財富管 理市場成熟程度來分析中國智能投顧業發展前景;參考美國智能 投顧發展模式和中國 P2P 網路借貸平台發展模式,歸納出適合中 國發展智能投顧業的經驗:1)讓傳統金融業者成為行業領導者, 2)明確服務範疇,規範從業證照,3)對算法進行嚴格監管,4) 發展被動型基金,財富管理市場產品多樣化,5)儘早建立完善 的風控體系;此外還根據各國智能投顧業之監管措施,對中國監 管機關􏰀出宏觀的監管建議,並希望此研究報告對之後想要進一 步研究智能投顧的學者􏰀供參考。

Despite its benefits, online peer-to-peer lending bears the risks associated with traditional forms of institutionalised lending. However, because individuals have taken over the role of the institutional lender, and the institutional participant in this form of lending takes a step back by acting only as an intermediary between the borrowers and lenders, ordinary individuals are left to bear the type of risks that institutions have traditionally borne, but without the same means of doing so. There has been little academic analysis of the role and form that regulation should take in the regulation of peer-to-peer lending and most discussions centre on the American regulatory experience. This thesis sets out to examine the theoretical classification of online peer-to-peer lending and the theoretical and practical justifications for regulating it. The aim is to ascertain the most appropriate way to regulate peer-to-peer lending, taking into account the underlying conceptual model which underpins it. The study adopts a theoretical analysis of P2PL participants and regulation based on the concepts of consumer protection and paternalism. It includes a doctrinal analysis of the UK peer-to-peer lending legislation and regulation to identify, describe and explain the rules pertaining to the industry. It also uses a comparative approach to compare P2PL with existing forms of financial lending and similar (dis)intermediated forms of transacting between individuals to show that online peer-to-peer lending is a unique form of intermediated transaction. The thesis argues that it is important that regulation displays an understanding of the underlying conceptual framework of the business model it aims to regulate. In doing so, it also argues that the peer-to-peer lending users are more than just ‘consumers’. They demonstrate a shift in the conception of individuals from consumers to prosumers because they participate in the production side of the services they receive. It goes further than existing discussions of prosumption by positing the concept of the ‘lendsumer’ to give a more accurate account of the role and experiences of peer-to-peer lenders and the effect this has on their transactional relationships and the risks they face because of this role. Based on this analysis, the thesis shows that the UK regulatory regime has limited suitability because it lacks awareness of the underlying prosumption model of peer-to-peer lending, focusing only on the business-to-consumer aspects. Consequently, it does not resolve all the issues resulting from the tripartite, participatory nature of the peer-to-peer lending transaction. In light of these findings, the thesis proposes the regulatory use of two main concepts and highlights their implications for peer-to-peer lending regulation. The first is the ‘lendsumer’ as a new paradigm of the consumer which has implications for the regulatory protections afforded to the P2P lenders. The second is the use of gatekeeper liability, adapted to online peer-to-peer lending, as a way to affect these protections in light of the particular vulnerabilities and risks experienced by the peer-to-peer lender.