中国互联网金融的发展与法律应对思路

杨 忠 孝 제주대학교 법과정책연구원 2014 국제법무 Vol.6 No.2

Internet technology and internet society promotes the development of internet finance. It is argued that the characteristic of China’s development, market structure and status of the finance industry has facilitated the rapid development of China’s internet finance. However, there are some theoretical and practical disputes exiting between academics, both traditional & internet finance institutions and regulators in terms of the future development of internet finance, its system construction and supervision regulations. It is further stated that there is almost no basic agreement on these aspects. Therefore, after considering the propriety of China’s internet finance, the main forms of China’s internet finance and the trend predictions of China’s internet finance, this study argues that a specially designed system is required to regulate internet finance in China. The regulations can be formed as general rules, or special rules, on internet finance and a regulation system which concerns to a special extent internet finance. This paper will contribute to internet finance supervisions by providing fair standards, regulatory thought which combines proper supervisions and innovative supervisions. The introduction of a new legal treatment to internet finance will also solve the newly appeared issues in the development of internet finance. Finally, after an effective regulation is established, the regulated entity will operate within the allowance of regulations and the whole internet industry will step into a sound development track. 互联网技术与互联网社会正在推动世界互联网金融的发展。中国发展阶段的特殊性、市场结构与金融业现状的特殊性等因素使得中国互联网金融市场较其他国家的互联网金融发展更为迅速。不过,学术界、互联网金融机构、监管部门、传统金融机构等,对于互联网金融的发展定位、制度供给、监管政策等诸多问题在理论上与监管实践中都有不少争议,甚至缺乏一些基本的共识。本文在分析互联网金融的性质、中国互联网金融所涉及到的主要形态以及对中国互联网金融发展趋势初步判断的基础上,提出要针对互联网金融给予专门的制度安排,包括互联网金融适用一般法律规则、互联网金融特殊规则、特殊互联网金融形态针对性规则相结合的互联网金融规范体系。同时,就互联网金融的监管,提出坚持平等规制、适当监管与创新监管相结合的规范思路,着重解决业务创新过程中的新情况、新问题,采取有效手段督促参与主体合规经营,维护互联网金融市场的良性发展。

현행의 금융지주회사제도에 관한 소고

尹昌述 한국기업법학회 2004 企業法硏究 Vol.16 No.-

Finance-combined business and a large size of financial institution have become as a world stream at present. As for the financing industry of our country confronted with crisis due to IMF cold wave which made a sudden attack at the end of 1997, an effort to reorganize thereof linking the holding company has being made progress. Through revision of fair trade acts in early 1999, a system of the holding company has restrictively been introduced and a law regarding the finance holding company for readjustment of structure was established in Oct.2000, and it has become possible to establish a finance holding company according to stock exchange and stock transfer. Viewing the major contents of the finance holding company law, they are as follows. First, to divide into industrial capital and financial capital, and finance holding company is viewed as a pure holding company. Secondly, with respect to forming a financial group, less than a granddaughter company is not allowed in principle. Thirdly, the possession limit of the finance holding company is restricted. Fourthly, in order to accelerate the establishment of the finance holding company enabling to establish a finance holding company according to entry method to a finance holding company by exchange and transfer of stocks. As stated above, as a plan to strengthen competitive power of the financial industry of our country, a system of the finance holding company was introduced and put into practical use. In the reform progress of the financial industry, it is no exaggeration to say that such reorganization toward system of the finance holding company of the banks which can be the backbone of the financial business has become a phase that the government controls directly the financial business of all types. Accordingly, the phase that such financial institution was concentrated under guidance of government may be very worrisome. So personnel affairs intervened by government or direct control of the financial market should be rejected, and especially a plan for transparency of control structure of the finance holding company is required to be considered. Thus, a moral relaxation by lack of the master consciousness uplifting autonomous control function should be suspended. Furthermore, in order to activate more the establishment of the finance holding company, it should be adjusted for matters related to the tax-related matters such as introduction of coupling tax payment system, enlargement of postponement scope of taxation about transfer balance, and related to the labor law such as collective bargaining between the management of the holding company and the labor union in the case that the holding company decides upon combination of subsidiary company etc. Giving consideration to the reality that the actual results are relatively insufficient on the finance holding company, different from those that discussion was well progressed long time ago by the foreign country, more researches should be carried out in our country. In particular, the financial institutions, direct parties concerned with interests of the system of finance holding company should concentrate on operating the finance holding company through investigation of the actual operation of foreign financial agencies.

중소기업금융으로서 무역금융제도의 개선방안

박광서(Kwang So PARK),황지현(Ji Hyeon HWANG),주령커(Ling Ke ZHOU) 한국무역상무학회 2017 貿易商務硏究 Vol.75 No.-

Trade finance services have been played an important role in the Korea trade development history since 1960 s. These days the trade environment is confronted by the 4th Industrial revolution and new trade protectionism. So we need to improve the Korea Trade Finance Services in order to improve Korea trade volume. Bank of Korea(BOK) also revised the Rule of Korea Trade Finance in 2014 and enlarged the trade fund for commercial banks where they handle the trade finance to small and medium enterprises(SME) in 2016. This article handle the current state and problems of Korea trade finance services and suggest the improvement measures as follows; First, the commercial banks, which handle trade finance fund, should improve the customs and practice of judge loan for SMEs. Second, the export volume counting rule for trade loan should harmonize between BOK s Rule and Foreign Trade Management Regulation under the Foreign Trade Act. Third, the processing trade and intermediate trade also can use the trade finance like other trade. Fourth, Trade finance should be in balance between export and import finance to defend the new protectionism. It means that the trade finance should expand to import in the certain conditions. Lastly, the related trade promotion agencies and their employees should improve their skills and abilities for handling trade finance.

사회적 은행 설립방안에 대한 제언

김도희,황용철 한국콘텐츠산업학회 2023 콘텐츠와 산업 Vol.5 No.3

Social finance is finance that pursues social values and financial returns at the same time. Social finance has an alternative perspective on solving social problems. Through social finance, values beyond existing financial welfare and policy finance can be realized. This characteristic of social finance is meaningful in that it can realize social values, even though it is low in profitability. Social finance is focused on solving various problems faced by communities, countries, and humanity beyond simple profits. For this, it is necessary to raise capital and develop and implement financial services. However, there is a stable and continuous supply of funds in the structural problems of social finance. If public and financial institutions do not supply funds stably and continuously, the sustainability of the project will inevitably decrease. Currently, many countries operate social financial institutions to revitalize social finance to solve social problems. But our country is at a very rudimentary stage. This study proposed the necessity of social finance and discussed its establishment plan. From the perspective of finance under a complete capitalist system, only the winner survives and the loser disappears. Individual profits will be wholly owned by individuals, and local residents and the local economy will rapidly enter the path of extinction. The socially disadvantaged and financially disadvantaged will become more poor, and the gap between the rich and the poor will become more difficult. For the benefit of the individual, it will be destroyed without any responsibility for the global environment. To prevent this, it is necessary to revitalize social and economic organizations in which the public participates. To this end, this study proposed the necessity of relational finance by qualitative and non-measurement, not transaction-type finance by quantitative and quantitative, for social economic organizations.

실질과세원칙에 입각한 이슬람 금융의 과세방법

김경하(KyoungHa Kim) 한국국제조세협회 2016 조세학술논집 Vol.32 No.1

Islamic finance showed the largest growth in the international financial markets since the global financial crisis in 2008. Islamic finance complies with Islamic law(Sharia), which include avoiding transactions of interest called riba, excessive risk taking called gharar and speculative activities called maysir. In Korea, Islamic finance had been attempted to introduce by submitting an Amendment of『The special tax treatment control law』to the National Assembly. However, the introduction failed due to the controversy over the government"s favoring Islamic finance and the opposition of Christians and has been no progress for the long time. With the growing demand for Islamic finance, many non-Islamic countries as well as Islamic countries are beginning to amend or adopt their domestic related laws and system for better using Islamic finance. Considering the continuing growth of Islamic finance, Islamic finance will be alternative system to conventional finance. Thus our government should actively revise the legislation to adopt Islamic finance. Islamic financial instruments are designed to earn profits in return for the transactions which accompany with services and real assets instead of transactions of interest. Tax issues related to Islamic financial instruments are mainly the characterization of the income derived from those instruments. Two approaches can be adopted in this respect. A legal approach based on the form of the contract of transaction, and an economic approach based on the economic substance of the contract of transaction. There has adopted an economic approach in most countries, which introduce Islamic finance. Those countries comprehensively define Islamic financial instruments focusing on the structure of those instruments, and prescribe the income derived from certain Islamic financial products deal with interest by law. To successfully adopt Islamic finance in our country, it must first be understood which Islamic financial instruments just are not different from conventional financial instruments although the characterization of Islamic financial instruments is designed differently according to Islamic law(Sharia). Current tax law regulating the principle of substantial taxation focuses on the economic substance. Therefore, considering the essence of Islamic finance that generates profits in indirect forms, the taxation of Islamic financial instruments based on an economic approach is more reasonable. Also it is necessary to define "alternative finance arrangements" meaning Islamic financial instruments instead of specifying the terms of Islamic financial instruments directly. Then, most Islamic financial instruments can be carried for tax purposes consistently. It will enable to treat Islamic financial instruments for tax purposes clearly to have special regulation which defines the characterization of the income derived from those instruments if necessary. In addition, tax neutrality must be considered significantly when the tax treatment of Islamic finance is reviewed. Accordingly it is necessary to establish provisions adjusting the double tax occurring in the process of purchase and repurchase of assets for tax neutrality. If not, Islamic financial instruments which are additionally taxed more than conventional financial instruments will be noncompetitive. Compared to the existing studies associated with Islamic finance, this study is significant as it reviews the tax treatment of Islamic finance. Moreover, the study bears differentiated meaning as it also identifies the tax treatment of Musharaka, Mudaraba and Murabaha which are hardly being reviewed in previous studies.

중국 민간금융의 발전요인 분석과 최근 제도화 추세

최은영 한국동북아학회 2013 한국동북아논총 Vol.18 No.1

Private finance is a whole financial activity without supervision of financial authorities and a legal and illegal activity of informal finance which often occurs in private economic activities. It has been estimated that the size of Chinese private finance is more than one trillion RMB. As a large amount of funds from financial institutes was injected to a state-owned sector` relief fund since reform and opening, capital needs in rural areas and non-state-owned sectors relied on private finance and in this way private finance was formed and it developed autonomously. However, non-normativeness, concealment, and conflicts in the private loan contracts brought about social issues such as illegal fund-raising, illegal usury, loan contract disputes. Lately many private-owned enterprises which relied excessively on private finance went through chain-reaction bankruptcies and these credit crises occurred in Wenzhou and other places. Now the institutionalization and standardization of private finance became hot issues in the financial sector. The essence of institutionalizing private finance lied in guiding a massive amount of private funds to be invested into the real economy. Institutionalization of private finance can decrease instability of private finance and establish stable environment for private finance. As an analysis on the operation of small loan companies and folk loan registration service centers in Wenzhou which are a case of institutionalizing private finance, the former plays a role as an important fund-raising channel to small and medium-sized economic units and the latter receives positive evaluations in the aspect of interest rate stability in private finance and of standardization of fund investment. 민간금융은 금융당국의 감독을 받지 않으나 민간경제활동에서 보편적으로 발생하고 있는 합법적, 비합법적 비제도금융(Informal finance)활동이다. 중국 민간금융의 규모는 조 위안을 넘은 것으로 추정하고 있다. 민간금융은 농촌과 민영경제 발전에 중요한 자금채널로써 이들의 생활과 경영활동에 효율적으로 배분되어 궁극적으로 경제성장에 일조를 하였다는 평가를 받고 있다. 그러나 민간금융의 비규범성, 은폐성, 투기성으로 인해 불법집자, 고리대, 대출계약분쟁 등이 사회문제로 부각되고, 최근에는 민간금융에 과도하게 의지한 사영기업들이 연쇄도산하는 신용위기가 온주(溫州) 등지에서 발생함에 따라 민간금융의 제도화 규범화가 금융부문의 이슈가 되었다. 민간금융의 제도화는 음성(陰性)적으로 발전해왔던 민간금융을 제도화하여 민간금융의 불안정성을 감소시키고, 안정적인 민간금융 거래 환경을 조성하여 막대한 민간자본이 실물경제에 투자토록 유도하는 것이다. 민간금융제도화의 사례로써 소액대출회사와 온주시의 민간대출등록센터의 운영을 분석한 결과, 전자는 중소형 경제주체들에게 중요한 자금조달처로써 역할을 하고 있으며, 후자는 민간금융의 이율안정화와 자금투자의 규범화에서 긍정적인 평가를 받고 있다.

사회적 금융 전문 금융기관 설립을 위한 법적 검토

이정민(Lee Jeong Min) 원광대학교 법학연구소 2020 圓光法學 Vol.36 No.4

Social finance, which pursues financial returns along with social values, is drawing attention as an alternative to solving new social problems beyond financial welfare and policy financing. As interest in social finance has increased around the world, Korea announced a Revitalization plan of social economy jointly with related ministries in 2017, and the Financial Services Commission prepared a Revitalization plan of social finance in 2018. Since then, the Financial Services Commission has been working to promote social finance by holding a Social Finance Council with related agencies. As a result, the public sector and major banking sectors continue to expand funding and loan, but if the change in policy stance no longer provides funds from banks and the public sector, the sustainability of business operations may be difficult for companies seeking social value. In addition, existing alternative financial institutions, which were mainly funded by social value companies before the social financial revitalization policy, are not official financial institutions, and rely on private donations in the form of non-profit organizations or corporations. Therefore, it is difficult to continuously provide funds to companies if they lack funds such as donations. And, in reverse, companies that are supported do not have much responsibility for the repayment of funds, causing moral hazard. In order to strengthen the responsibility for the management of an enterprise and to achieve sustainable financing, the establishment of specialized financial institutions for social finance that can receive deposits from an unspecified number of people should be established. With the continuous inflow of private capital, a virtuous cycle of funds will be possible when funds can be supplied to social value companies. In this paper, we first reviewed the need for specialized financial institutions for social finance and existing bills proposed for the establishment of specialized financial institutions for social finance. Then, instead of the Banking Act, which has large entry regulations, this paper reviews regarding the establishment of specialized financial institutions for social finance through the enactment of special laws, as well as the law related to Credit Union, Mutual Savings Bank for the business purpose of pursuing social values. It is intended to compare the enactment of a special law with the exception of the current law, and to propose that specialized financial institutions for social finance can be established legally. 사회적 가치와 함께 재무적 수익을 추구하는 사회적 금융은 기존의 금융복지, 정책금융을 넘어 새로운 사회문제 해결의 대안으로 주목받고 있다. 전 세계적으로 사회적 금융에 대한 관심이 증가하면서 국내에서도 2017년 관계부처 합동으로 ‘사회적 경제 활성화 방안’을 발표하였고, 2018년 금융위원회가 ‘사회적 금융 활성화 방안’을 마련하였다. 이후 금융위원회는 각 관련 기관자들과 ‘사회적금융협의회’를 개최하여 사회적 금융 활성화를 위해 노력하고 있다. 이에 따라 공공부문과 주요 은행권에서 자금 공급과 대출 지원을 계속적으로 확대하고 있으나, 정책기조가 변경되어 더 이상 은행과 공공부문에서 자금 공급이 이루어지지 않는다면, 사회적 가치를 추구하는 기업들은 사업 운영의 지속가능성이 어려워진다. 또한 사회적 금융 활성화 정책 이전 사회적 가치 기업들이 주로 자금을 지원받던 기존 대안금융기관은 정식 금융기관이 아니며, 비영리기구나 사단법인의 형태로 주요 재원을 민간의 기부금에 의존하고 있다. 그렇다보니 기부금 등 재원이 부족할 경우 지속적으로 기업에게 자금을 지원하기는 어렵다. 또한 역으로 지원받는 기업에게도 자금의 상환 책임이 크지 않아 도덕적 해이를 불러오는 문제점을 야기한다. 그러므로 기업의 경영에 대한 책임감을 강화하고 지속가능한 금융이 이루어지기 위해서는 불특정 다수로부터 예금을 수신하여 안정적인 재원을 마련할 수 있는 금융기관의 설립이 이루어져야 한다. 민간의 자본이 지속적으로 유입되면서 사회적 가치 기업에게 자금을 공급할 수 있을 때 자금의 선순환이 가능할 것이다. 이에 본 논문에서는 우선 사회적 금융 전문 금융기관의 필요성과 기존 사회적 금융 전문 금융기관 설립을 위해 제안되었던 법안을 살펴보았다. 그리고 진입규제가 큰 「은행법」 대신 특별법 제정을 통한 사회적 금융 전문 금융기관 설립과 현재 사회적 가치 추구를 목적으로 영업하고 있는 신용협동조합과 상호저축은행 관련 법을 검토하였다. 특별법의 제정과 현행법의 예외조항을 두는 방안을 비교하고, 법적으로 사회적 금융 전문 금융기관이 설립될 수 있도록 제안하고자 한다.

Green Finance and Sustainable Development Goals: The Case of China

LEE, Jung Wan Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.7

The paper seeks to explore the role of green finance in achieving sustainable development goals through the case of China, and address some issues of sustainable finance and environmental, social and governance concerns of green finance by introducing the episodes of green finance in China. This paper aims to provide some viewpoints about the following questions: 1) What are the latest trends in green finance? 2) What are the main challenges to the development of green finance? 3) What are policy recommendations for the development of green finance? 4) What are the roles of both the public and private sectors in promoting green finance? This paper identifies the mainstream to sustainable bonds, diversification of green finance, transition of corporates' business models, transparency and disclosure, and harmonizing taxonomy and measurement of green finance for the emerging trends of green finance. As the results, this paper recommends some policy measures for the private sector such as greening the banking system, greening the bond market, and greening institutional investors. This paper also suggests some policy initiatives for the public sector such as developing policies and capacity, promoting market transparency and governance, and promoting private-public partnership for diversifying resources of green finance.

중국 온라인 금융의 발전과 법률대책

양충효 ( Zhong Xiao Yang ) 제주대학교 법과정책연구소 2014 국제법무 Vol.6 No.2

인터넷 기술과 온라인 사회는 현재 세계 온라인 금융의 발전을 촉진하고 있는데, 특히 중국에서 온라인 금융시장의 발전속도가 매우 빠르다. 온라인 금융 의 발전방향, 제도형성, 감독관리정책 등 많은 문제들과 관련해 현재 중국의 학계와 실무에서 다양한 논의가 오가고 있다. 본문은 온라인 금융의 성질과 중국에서 온라인 금융의 발전추세를 분석한 다음, 온라인 금융에 적용되는 법률규칙, 온라인 금융의 특수규칙, 특수 온라인 금융형태의 개별규칙 등이 포함 된 온라인 금융의 규범체계를 살펴본다. 온라인 금융의 감독관리와 관련하여 평등규칙을 견지할 것을 주장하며, 적당한 감독관리와 혁신적인 감독관리의 상호 결합된 규범방식에 대해서 고찰해 본다. 이를 통하여 업무혁신과정 중 인터넷 기술과 온라인 사회는 현재 세계 온라인 금융의 발전을 촉진하고 있는데, 특히 중국에서 온라인 금융시장의 발전속도가 매우 빠르다. 온라인 금융 의 발전방향, 제도형성, 감독관리정책 등 많은 문제들과 관련해 현재 중국의 학계와 실무에서 다양한 논의가 오가고 있다. 본문은 온라인 금융의 성질과 중국에서 온라인 금융의 발전추세를 분석한 다음, 온라인 금융에 적용되는 법률규칙, 온라인 금융의 특수규칙, 특수 온라인 금융형태의 개별규칙 등이 포함 된 온라인 금융의 규범체계를 살펴본다. 온라인 금융의 감독관리와 관련하여 평등규칙을 견지할 것을 주장하며, 적당한 감독관리와 혁신적인 감독관리의 상호 결합된 규범방식에 대해서 고찰해 본다. 이를 통하여 업무혁신과정 중 Internet technology and internet society promotes the development of internet finance. It is argued that the characteristic of China`s development, market structure and status of the finance industry has facilitated the rapid development of China`s internet finance. However, there are some theoretical and practical disputes exiting between academics, both traditional & internet finance institutions and regulators in terms of the future development of internet finance, its system construction and supervision regulations. It is further stated that there is almost no basic agreement on these aspects. Therefore, after considering the propriety of China`s internet finance, the main forms of China`s internet finance and the trend predictions of China`s internet finance, this study argues that a specially designed system is required to regulate internet finance in China. The regulations can be formed as general rules, or special rules, on internet finance and a regulation system which concerns to a special extent internet finance. This paper will contribute to internet finance supervisions by providing fair standards, regulatory thought which combines proper superVISIOns and innovative supervisions. The introduction of a new legal treatment to internet finance will also solve the newly appeared issues in the development of internet finance. Finally, after an effective regulation is established, the regulated entity will operate within the allowance of regulations and the whole internet industry will step into a sound development track.

The Effect of Traditional Inclusive Finance and Digital Inclusive Finance on income Gap between Urban and Rural Residents

Huang Xin 성균관대학교 무역연구소 2021 Asian Trade Risk Management(ATRM) Vol.5 No.1

The rapid development of digital finance and traditional inclusive finance is expanding quickly in the past decades. Some articles discovered that the growth of inclusive digital finance and traditional inclusive finance boosts the income gap between urban and rural residents becomes narrow. This paper will use digital finance and traditional finance as the independent variable to discover their impact on the income differences between urban and rural residents using panel data during 2011-2018 in 31 provinces. The study focuses on discovering whether the role of inclusive digital finance on the income differences between urban and rural residents would be different based on different development levels of traditional inclusive finance. There is a regional disparity between inclusive digital finance and traditional inclusive finance on the rural-urban income gap. Traditional inclusive finance has a double threshold effect on the income gap, with inclusive digital finance as the threshold value. Moreover, as the digital financial inclusion index rises, traditional financial inclusion will widen the gap between the rich and the poor. Besides, inclusive digital finance also has a double threshold effect on the income gap with the traditional inclusive finance as the threshold value. It means digital inclusive finance will effectively reduce the gap between the rich and the poor by improving traditional inclusive finance.