摘要：Following the two stages of booming and tightening supervision, Internet-based private finance is now exhibiting a slowdown in its development. Within the framework of the transaction cost theory, this study explores the motivations for and the boundaries of new business forms, and proposes that their continuous changes in the risk management mechanism, legal relations between transaction entities, and capital operation models have raised financial risks while elevating their own financial availabilities. The author then concentrates on the three core functions that stem from the functional financial theories and analyses the risks private finance has to take during its Internetization from the perspectives of capital flow and information flow. In the end, suggestions have been made from two aspects, the risk early warning and the combination of flexible and forceful supervision. The author points out that Internet-based private finance is an inevitable trend in the future. We should solve the existing problems and refrain from being held back for fear of a slight risk.
