Research on the Criminal Regulation of P2P Lending in China Dong Zheng (Comparative Criminal Law in Chinese Language) Directed by Prof. Zhao Guoqiang Abstract With the rapid development and popularization of the Internet, the revenue of China's network economy is increasing year by year. Among them, P2P (peer-to-peer) lending has attracted much attention since it appeared. P2P lending raise fund from dispersed private small capital to lend money to individuals or enterprises with financial requirements, and they need to repay the principal and interest within a certain period of time; At the same time, the P2P lending platform also provides a considerable return to the lender. All of these transactions are completed through the network, not only broaden the channels of investment for people, meet the borrowers’ demands for obtaining capital quickly and easily, but also ease the pressure of small and medium enterprises (SMEs) financing. However, due to legislation lag and lack of supervision of P2P lending, there are many problems happened in the development process. Alienated P2P lending is a great criminal risk, which not only damages the lender Interests, but also hampers the development of P2P lending. Therefore, this paper through the introduction of P2P lending overview, analysis of P2P lending related criminal offenses, and gives specific suggestions from the judicial level. This paper is divided into three parts: The first part is the overview of P2P lending, which introduces the concept, emergence, development status and reasons of P2P lending. P2P lending is generated in foreign countries, and then continues to develop in China. Due to the rapid development of Internet financial industry in China and the high concern of the community, the P2P lending has developed rapidly in China, and has a place in the lending industry in a short time. The idle funds of a large number of investors, the demands of SMEs for funds and the support of the national policies are the reasons for the rapid development of the industry. The second part analyzes the main legal risks and the causes of P2P lending in China combined with the development status. I analyze related crimes from three different views respectively—lenders, P2P lending platforms and borrowers. From lenders and borrowers' point of view, in addition to constitute common crimes with P2P lending platform, the lenders may be due to the audit defects of the P2P lending platform etc. do illegal acts of laundering money by fake identities; for the same reason, the borrowers may do fraud by virtuality of the Internet. From P2P lending platforms’ point of view, it focuses on the possible crimes. Through the actual cases and legal provisions, this paper makes a detailed analysis and comparison of the crime of illegal absorption of public deposits, the crime of fraudulent fund—raising, the crime of illegal business operation and the crime of misappropriation of funds. The third part is the analysis of the necessity of criminal regulation combined with legal risks, the limitation of criminal regulation combined with the demands of social development and the specific content of criminal regulation from different aspects and crimes, then express opinions. P2P lending as a new way of lending is an existence of innovative spirit, but the legal risks emerged in the development process need the intervention of the criminal law, the intervention is limited yet, provides specific advices mainly according to the current laws and economic development. Keywords: P2P Lending, P2P Lending Platform, Legal Risk, Criminal Regulation

我国 P2P 网络借贷的刑法规制问题研究 摘 要 随着互联网的迅猛发展和普及，我国网络经济的营收正在逐年增加，其中， P2P(peer-to-peer)网络借贷自出现以来就备受关注。P2P 网络借贷将较为分散的民间小额资本聚集起来，将其借贷给有资金需求的个人或企业，并规定其在一定期限内进行本息偿还；与此同时，P2P 平台也向出借人提供了较为可观的回报收益。这所有的交易流程都通过网络完成，不仅拓宽了我国民众的投资渠道，满足借款人对资金能便利快捷获得的需求，也缓解了中小企业融资的压力。然而，由于我国对于 P2P 网络借贷 相关立法的滞后以及监管上的缺失，使其在发展过程中出现了诸多问题，异化的 P2P 网络借贷更是存在着极大的刑事风险，不仅损害了出借一方的利益，也让 P2P 网络借贷的发展受到阻碍。因此，本文通过介绍 P2P 网络借贷的概况，分析 P2P 网络借贷所涉及的相关刑事犯罪，并从司法层面给出了具体建议。本文主要分为三个部分： 第一部分主要是 P2P 网络借贷概况。该部分介绍了 P2P 网络借贷的概念、产生、 发展现状及其原因。P2P 网络借贷是产生于国外，随后在我国不断发展起来的产业。 由于我国互联网金融业的快速发展和社会大众的高度关注，使得 P2P 网络借贷行业在 我国发展迅速，短时间内就在借贷行业有了一席之地。出资人的大量闲置资金、中小企业对于资金的需求以及国家政策的支持等都是该行业得以迅速发展的原因。 第二部分结合发展现状分析整理了我国 P2P 网络借贷存在的主要法律风险及其产生原因。分别从出借人、P2P 网贷平台以及借款人三个不同身份的角度分析了可能涉及的相关犯罪。从出借人和借款人的角度分析，除了可能和 P2P 网贷平台构成共同犯罪外，出借人可能由于平台的审核缺陷等特点以虚假身份实施洗钱的非法行为，由于同样的原因，借款人可能利用互联网的虚拟性实施诈骗行为。从 P2P 网贷平台的角度来说，对其可能涉及的罪名进行着重的分析。通过实际发生过的案例、法律规定等对 非法吸收公众⬀款罪、集资诈骗罪、非法经营罪、挪用资金罪的认定做了详细的分 和比较。 第三部分是结合法律风险的分析而得出刑法规制的必要性，结合社会发展的需求 而得出的刑法规制的限度性，最后是从不同角度不同罪名进行分析刑法规制的具体内 容、阐述观点。P2P 网络借贷作为新的借贷途径，是有着创新精神的存在，但是在发展过程中显露出的法律风险需要刑法的介入，不过介入也是有限度的，主要根据现有 法律、以及当前的经济发展对刑法规制的具体内容作出了建议。 关键词：P2P 网络借贷、P2P 网贷平台、法律风险、刑法规制