中文摘要：

2011年以来，我国P2P借贷行业爆发式增长，学界普遍认为其成长动力来源于监管套利。我国P2P借贷平台监管套利是通过引入担保、承诺赎回、债权转让、产品标准化、创设净值标等手段，实现了与商业银行同样的功能，却无需接受金融监管。监管套利破坏了监管制度的有效性，侵害了金融消费者权益，阻碍了正规P2P借贷的发展，在一定程度扰乱了宏观调控，增加了诱发系统性金融风险的机会，具有较大的负面影响。为此，应采取相应措施，如完善我国民间借贷的相关法律体系，实现从机构监管向功能监管、审慎监管向双峰监管的转变，建立P2P借贷的监管数据报送系统。

英文摘要：

Since 2011,Peer-to-Peer （P2P） lending industry in China experiences an explosive growth,and the academic community generally believes that the growth benefits from regulatory arbitrage. And the regulatory arbitrage of P2P lending platform in China is through the introduction of guarantee,commitment and redemption,credit assignment,product standardization,net value creation and so on,achieving the same function as commercial banks ,however,there is no financial supervision as to the above. Furthermore,the regulatory arbitrage undermines the effectiveness of supervision system,infringes the interests of financial consumers,hinders the development of regular P2P lending industry;in addition,it may disrupt the macroeconomic regulation,induce the possibility of systematic financial crisis and has a greater negative impact. Hence,the corresponding measures should be taken,such as perfecting the relevant legal system of folk lending,realizing the transformations from the institutional supervision to twin supervisions that are functional supervision and prudential supervision, as well as establishing the data-supervising transit system of P2P lending.