Abstract: information asymmetries in internet finance, lack of regulation are becoming more prominent, research on internet finance hotspots can better optimize solutions. Using citespace software, based on data from the cssci database, the articles were co-referenced to the papers, analysing the internet finance research hotspots from keywords and the results of the grouping. Research into the rise and development of internet finance is beneficial to china's financial sector, but the government must establish good industry standards, increase regulation, prevent monopolization and unfair competition, and regulate regulatory neutrality。
Keywords: citespace; internet finance; knowledge maps spectrum
Introduction
Internet finance is a new type of financial business model in which internet enterprises use internet technologies such as electric power platforms, search engines, big data and cloud computing for payment, investment, information intermediation and financial finance services. Its important vehicle is internet technology companies, which have a destabilizing effect on traditional financial models. Internet finance is not a simple combination of the internet and finance, but rather, based on internet technology, where users are becoming familiar with the new demand that emerges from its acceptance and the resulting new financial models and new operations, covering all areas of retail, entertainment and investment. In 2013, internet financial products and their derivatives generally erupted as a spring of rain, with the most typical representative being the balance of the money that was released, with unprecedented success on the basis of the huge base of payments for the users of the treasure, followed shortly by the introduction of similar products, which directly hit the traditional banking sector. The rate of growth of deposits by chinese financial institutions has been declining year by year, with some banks losing more than 20 per cent of individual deposits, and the trend towards financial de-mobilization in china is beginning to emerge. At the same time, the fast growth of internet finance and the lack of market regulation have created a large number of problems。
Data collection and research methods
The data used in this paper are all from the chinese index of social sciences, which was retrieved from 2012-2018, and a total of 639 relevant literature was manually screened, some of which were not relevant and duplicated, and a total of 635 valid literature. The visual analysis tool adopted in this paper is dr. Chen's citespace, based on java's development, which allows for visual analysis of the data in the literature and is presented in the form of a knowledge map, helping to quickly identify the areas of research in these literature and to learn about their current status, hot spots and research trends. It analyses indicators in the area of internet finance, such as authors, keywords and references, with a view to obtaining information on research progress and trends in this area. Set the time slice to one year, set topn = 50, set the threshold of c, c, c and clv for the last three time partitions, and set the threshold (c,cc, ccv) to 2, 2, 2, 20, (4, 3, 20), (4, 3, 20). Each node in the figure represents the quoted article, and the node consists of a circle of annual wheels of different colours, the larger the radius, indicating that the higher the frequency of the quotations, the connection between the nodes, the synonyms, and the fineness of the node, the strength and weakness of the collusive quotations. Centrality represents the central character of the intermediary, with a node greater than 0. 1 representing the key node, implying a change in the field of research, generally expressed in the figure in the purple outer circle。
Knowledge mapping analysis of internet finance
(i) distribution of high-output and quoted authors. In order to study the distribution of authors of internet finance, authors of three or more volumes are selected, thresholds are set for topn = 30, and the institutional cooperation chart for generating internet finance research is shown in table 1. The largest number of high-yield authors are the people's university of china, which attests to its scientific strength in the field of internet research. The results showed n = 44, e = 12, with a network density of 0. 0127, indicating that there were 44 institutions involved in internet finance, that research on internet finance was more dispersed, that there was little collaboration among authors, that there was no strong trend towards cooperation and that a strong scientific community could not be formed. (ii) co-spectrum analysis of keywords. For the subject of internet finance research, topn=50 was set up, with a total of 107 keywords, 276 edges and network density 0. 0487. Figure 1 shows keywords for internet finance research. The analysis of figure 1 shows that internet finance is the main focus of research. 1. Research in internet finance on sme development. The difficulty of financing smes was a global problem, with investment channels for private capital in china having been weak vis-à-vis smes and smes having been unable to access finance. At present, small and medium-sized enterprises in our country rely mainly on venture companies, loans from commercial banks, capital market financing and government policies to support their access to investment, but the “high risk”, “high returns” and credit imperfect features of technology companies make it difficult for start-ups and small and medium-sized enterprises to finance successfully. Unlike the former, internet finance is based on high-technology technologies such as big data and cloud computing, which can effectively eliminate information asymmetries, improve risk identification assessments, reduce transaction costs and increase the efficiency of capital allocation. Research on network finance, mainly p2p lending and crowd financing. P2p network lending and crowd financing are two different forms of financing. P2p lending bypasses financial institutions and is based on web-based lending platforms, so that the information is much more asymmetrical than traditional financing. Logic suggests that interest rates do not reflect the real risk of default. The basic information of borrowers, while helping investors to avoid risk, needs to be identified more by investors ' own ingenuity, so that the network-based market is risky and unable to function on its own. While crowdsourcing is directly based on the broadest audience, and although the amount of individual investment per investment is limited, a large number of people can start a project by pooling their limited resources. Economic returns are not the dominant factor compared to p2p lending. They are more popular support and are more convenient than small loans, but the concentration of internet financial literature in table 1 is prone to waste and lack of regulation. 3. Tripartite payment study. Domestic third-party payments have been at three historical stages of nascent, brutal growth and prudent development, with a growing market size and client base, a steady rise in profitability, and a steady expansion of the business field, which has become the backbone of the shared economy of the new era and internet financial enterprise development. However, the legal compliance risks, financial risks and credit risks that accompany them cannot be minimized, with irreversible economic losses and immeasurable negative impacts if they break out of control. Research in the area of financial innovation on the internet. Internet finance provides small and medium-sized banks with an opportunity to develop, while internet enterprises have the opportunity to expand their information niche in the area of microfinance, thus undermining the core business of traditional banks and promoting the upgrading of their profit and business models. At the same time, internet finance has a unique advantage in sme lending, which can complement traditional banks, reduce transaction costs and guard against risks. Research on internet financial regulation. The financial growth of the internet is uncertain, with a large number of participants and vulnerable to legal and regulatory red lines. Internet finance is a nascent financial business that better serves consumers and the real economy, where regulatory convenience must be proportionate and risk should be kept within manageable limits; internet finance, which embraces many financial derivatives, should be managed dynamically according to their dynamics and risk levels; regulatory arbitrage should be protected; greater monitoring and control of the inherent risks of internet finance should be based on large-scale data; financial offences should be severely combated, legitimate consumer rights and interests protected and consumer education strengthened. (iii) the literature on internet finance is commonly drawn from knowledge mapping analysis. The good or bad effects of a cluster can be judged by the modularity q and silhouette values, the closer the q value is to 1, indicating that the network is more modular, the group is more efficient, the group is more closely connected, the class and class are loosely linked, and the q value is greater than 0. 5, meaning that the network structure is significant. The s value is close to 1, indicating that the cluster theme is clear, that the content of the internal category is near-high and the s value is greater than 0. 5, and that the results of the cluster are reasonable. A total of 108 nodes, 276 nodes, q values = 0. 6261 and s values = 0. 562 of the present concentration results q and s values in the area of internet finance were drawn to illustrate the appropriateness of this cluster. Since the citespace clustering is carried out by extracting specific and meaningful terms from the literature as a cluster name, and although it reflects more comprehensively and objectively the research hotspots of internet finance, it does not provide a good description of the research hotspots it represents, the present paper combines the quotations of the cluster with the introduction of the literature, combining some of the similar clusters in the field of research and obtaining the following directions for internet finance. 1. Research on internet financial shocks to traditional financial systems includes #0: commercial bank risk taking, #1: financial risk, #5: financial development. Internet finance is the mainstream direction of the financial sector. There are high monopolies in traditional finance, low marketability and low financial efficiency, while internet finance optimizes resource allocation and risk allocation, speeds up payment settlements, improves competitive mechanisms, and internet finance and traditional finance will be in my midst for a long time, and you are in my midst. Regulatory regulation is necessary because of its two special features, namely, technological and “long end” risks. Technology risks are particularly high, such as hacker attacks, cyber-fraud, information leaks, etc. Internet finance widens the boundaries of transactions, involving more vulnerable groups, is vulnerable to fraud and unfair treatment and can spread to a wider range if risks arise. Research on internet finance includes #2: crowd financing, #4:p2p network lending. One notable change brought about by internet finance is the way and the speed of financing, typically through crowd financing and p2p lending. Possibilities are a variation of the business model, created to solve financing difficulties for micro-enterprises. Businesses find value-based ideas, find people who match them through crowd-source platforms and turn them into real values, lowering financing thresholds and costs on the one hand and stimulating innovation on the other. China's credit system is inadequate and internet lending itself carries greater risks. Through a study of the data of the “lending for all”, the wang qi believes that access to credit certification lines on the line can effectively reduce credit risk and that the government needs to strengthen its regulation of credit certification mechanisms for internet lending platforms. 3. Inspired research on internet finance includes #3: revelation, #8: united states. The subprime crisis that erupted in 2007 did not stem from traditional commercial banks, but from a shadow bank that was inextricably linked to him, but which was quite different, and which was an important manifestation of the internet’s financial age, when it was isolated from the regulation of traditional banks and could trigger regulatory arbitrage and systemic risks. The united states has strengthened its regulation of shadow banks, and regulation and innovation are contradictory。
Conclusions
The following conclusions can be drawn from the above-mentioned in-depth study of knowledge maps to analyse the emergence, development and current state of internet finance. The rise and development of internet finance has contributed to the development of the chinese financial sector. Not only does it help smes to access financing development, it provides alternative forms of financing for enterprises, improves the efficiency of the allocation of finance, reduces information asymmetries, reduces the risk of lending, and brings people together to realize their dreams, but in the absence of regulation, it can easily result in the waste of resources. Third-party payments have also brought ease to life, reducing the cost of living in the intangible, although there are problems such as the leakage of information. The development of internet finance needs to be followed up by the government, with greater regulatory efforts to regulate risk levels, combat financial crime and protect the legitimate rights and interests of consumers. Good industry standards are in place to ensure fair and orderly competition by markets under the same rules. At the same time, there is a need for forward-looking and strategic design on the part of the government in order to combat monopolies。
By yang yang, faculty of finance and economics, jiangsu university
