中文摘要：

互联网金融的快速发展引起了各方关注,业内外也尝试从不同视角解析互联网金融发展现象。基于目前互联网金融理论框架缺失的现状,结合已有研究和理论分析,笔者沿着产业融合、金融创新、金融深化的脉络构建了互联网金融的经济学分析框架,即互联网企业在产业融合的背景下,充当了新金融中介,开展了金融创新业务,促进了金融深化;在理论分析的基础上选择阿里巴巴集团互联网金融业务的发展作为案例分析对该框架进行了实证检验,结果表明该框架能较好地解释互联网金融发展的内在逻辑和诸多现象,特别是为什么互联网金融的承担者和推动者为互联网企业而非银行金融机构,该框架能为后续研究互联网金融奠定一定的理论基础。

英文摘要：

The rapid development of internet finance has aroused wide attention of all parties; many peo- ple are trying to give a full explanation on the phenomenon of internet finance. Based on the absent of the the- oretical framework of Internet finance, and combined with existing research and theoretical analysis, this paper builds a theoretical framework along with path of industrial integration, financial innovation and financial deepening, that is in the background of industrial integration internet companies act as financial intermediaries to carry out new financial innovation businesses which promote financial deepening. And the following empirical test proves the effectiveness of the framework by selecting Alibaba group as a case study. The result shows that the framework can better explain the internal logic of development and phenomenon of internet finance, especially give an answer to why the internet companies play an important role in starting and promoting internet finance rather than financial institutions, and it can also lay a theoretical foundation for the further study of intemet finance.