Digital finance plays a prominent role in promoting economic development, improving efficiency, and reducing risks. By combing and summarizing literatures, this paper points out the context and key points of current digital finance research, which include network financing and digital currency, as well as shows the important achievements in the field of digital finance research. It is known that network financing takes many forms. Its driving factors include “hard power,” “soft power,” and the collective behavior of investors. The impact of network financing on the existing financial system is two-sided. Private digital currencies and central bank digital currencies have different design principles. It is generally believed that private digital currency cannot replace the currency, but central bank digital currency is able to do so. Both private and central bank digital currencies have some drawbacks that need to be addressed.
Gomber P, Koch JA, Siering M, 2017, Digital Finance and FinTech: Current Research and Future Research Directions. J Bus Econ, 2017(87): 537-580.
Huang Y, Huang Z, 2018, China’s Digital Finance Development: Present and Future. Economics (Quarterly), 17(04): 1489-1502.
Guo F, Wang J, Wang F, et al., 2020, Measuring China’s Digital Financial Inclusion Development: Index Compilation and Spatial Characteristics, 19(4): 1401-1418.
Randy SR, Indra B, Betty P, 2020, Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review. Information, 11(12): 590. DOI: 10.3390/info11120590
Chen Y, Wang Z, Zhang M, 2021, International Comparison and Prospects of Digital Finance Research. Economic and Social System Comparison, 2021(01): 180-190.
Milian EZ, Spinola MDM, De Carvalho M, 2019, Fintechs: A literature Review and Research Agenda. Electronic Commerce Research and Applications, 34. DOI: 10.1016/j.elerap.2019.100833
Belleflamme P, Lambert T, Schwienbacher A, 2014, Crowdfunding: Tapping the Right Crowd. Journal of Business Venturing, 29(5): 585-609.
Nocke V, Peitz M, Rosar F, 2011, Advance-Purchase Discounts as a Price Discrimination Device. Journal of Economic Theory, 146(1): 141-162.
Agrawal A, Catalini C, Goldfarb A, 2014, Some Simple Economics of Crowdfunding. NBER/Innovation Policy and the Economy, 14(1): 63-97.
Qian J, Yang F, 2012, The Development Status and Prospects of P2P Network Lending in China. Financial Forum, 17(01): 46-51.
Zhang Z, Hu X, 2013, P2P Network Lending: International Development and Chinese Practice. Journal of Beijing Technology and Business University (Social Science Edition), 28(02): 87-94.
Ye X, 2014, Research on the Model Risk and Supervision of P2P Lending. Financial Supervision Research, 2014(03): 71-82.
Xie P, Zou C, 2012, Research on Internet Finance Mode. Financial Research, 4(12): 11-22.
Li Y, Guo Y, Zhang W, 2013, Analysis of the Influencing Factors of the Loan Success Rate in China’s P2P Microfinance Market. Financial Research, 4(07): 126-138.
Liao L, Ji L, Zhang W, 2015, Can the Loan Market Accurately Identify the Value of Academic Qualifications? – Empirical Evidence from P2P Platforms. Financial Research, 4(03): 146-159.
Mollick E, 2014, The Dynamics of Crowdfunding: An Exploratory Study. Journal of Business Venturing, 29(1): 1-16.
Wang C, Zhang Y, Zhang W, et al., 2021, Textual Sentiment of Comments and Collapse of P2P Platforms: Evidence from China’s P2P Market. Research in International Business and Finance, 58(9): 101448. DOI: 10.1016/j.ribaf.2021.101448
Duarte J, Siegel S, Young L, 2012, Trust and Credit: The Role of Appearance in Peer-to-Peer Lending.
Review of Financial Studies, 25(8): 2455-2484. DOI: 10.1093/rfs/hhs071
Zhang J, Liu P, 2012, Rational Herding in Microloan Markets. Management Science, 58(5): 892-912.
Liao L, Li M, Wang Z, 2014, Smart Investors: Incomplete Market Interest Rates and Risk Identification – Evidence from P2P Network Lending. Economic Research, 7: 125-137.
Berger SC, Gleisner F, 2009, Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending. Bus Res, 2009(2): 39-65.
Zhang X, Wan G, Zhang J, et al., 2019, Digital Economy, Inclusive Finance and Inclusive Growth. Economic Research, 54(08): 71-86.
Deng J, 2021, The Crowding-Out Effect of Formal Finance on the P2P Lending Market: An Explanation for the Failure of China’s P2P Lending Industry. Finance Research Letters, 2021: 102167.
Qiu H, Huang Y, Ji Y, 2018, The Impact of Financial Technology on Traditional Banking Behavior: From the Perspective of Internet Financing. Financial Research, 4(11): 17-29.
Nakamoto S, Bitcoin: A Peer-to-Peer Electronic Cash System. Bitcoin Project. bitcoin.org/bitcoin.pdf
Tschorsch F, Scheuermann B, 2016, Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies. IEEE Communications Surveys & Tutorials, 18(3): 2084-2123. DOI: 10.1109/COMST.2016.2535718
Zheng Z, Xie S, Dai H, et al., 2017, An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends. IEEE International Congress on Big Data (BigData Congress), 2017(8): 557-564. DOI: 10.1109/BigDataCongress
Xu Z, Tang Y, Lin X, 2016, Discussion on Central Bank Digital Currency Theory. China Finance, 2016(17): 33-34.
Yao Q, Tang Y, 2017, Some Thoughts on the Central Bank’s Legal Digital Currency. Financial Research, 4(07): 78-85.
Glaser F, Zimmermann K, Haferkorn M, et al., 2014, Proceedings of the European Conference on Information Systems (ECIS), April 15, 2014: Bitcoin – Asset or Currency? Revealing Users’ Hidden Intentions, Twenty Second European Conference on Information Systems, Tel Aviv, 1-14. https://ssrn.com/abstract=2425247
Yermack D, 2015, Chapter 2 – Is Bitcoin a Real Currency? An Economic Appraisal, in Handbook of Digital Currency [Lee D, eds.], Academic Press, USA, 31-43.
Dorofeyev M, Ksov M, Ponkratov V, et al., 2018, Trends and Prospects for the Development of Blockchain and Cryptocurrencies in the Digital Economy. European Research Studies Journal, 21(3): 429-445.
Baur DG, Hong K, Lee AD, 2018, Bitcoin: Medium of Exchange or Speculative Assets?. Journal of International Financial Markets, Institutions and Money, 54: 177-189.
Sheng S, Jiang Y, 2016, Central Bank Digital Currency Is the Real Currency. China Finance, 4(14): 12-14.
Yao Q, 2016, Design Considerations for the Chinese Version of Digital Currency. China Finance, 2016(12): 26-27.
Bonneau J, Miller A, Clark J, et al., 2015, 2015 IEEE Symposium on Security and Privacy, May 17-21, 2015: SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies, IEEE, San Jose, CA, USA, 104-121. DOI: 10.1109/SP.2015.14
Qiu X, 2017, China’s Central Bank Issuance of Digital Currency: Path, Problems and Countermeasures. Southwest Finance, 4(03): 14-20.
Magnuson WJ, 2018, Regulating Fintech. Vanderbilt Law Review, 71: 1167.
Philippon T, 2016, The FinTech Opportunity. National Bureau of Economic Research, 2016: w22476.