关键词: 数字经济, 经营行为金融化, 商业银行法, 规制

Abstract: Building a fund pool through innovative business models in the digital economy era is a common direction for the current practice of financialization of business behavior. The boundary between the physical industry and the financial industry is becoming increasingly blurred, and the capital of the physical industry is formally spreading to the financial field. However, various financial instruments supported by the Internet have broken through the traditional financial regulatory barriers, and the financialization of business operations presents a dual systematic feature. From the perspective of generative logic, the financialization of business behavior is the result of the joint action of factors, such as the financial regulatory system, the innovation in financial models, and the strong investment demand. Allowing it to develop will threaten consumers’ financial security, exacerbate disorderly capital expansion, and strengthen the hollowing out of the economy. Therefore, it is urgent to seek ways to regulate the financialization of business operations from the perspective of the rule of law. The existing regulations have already demonstrated a restrictive orientation towards the financialization of business behaviors, but there is a lack of systematicity in the regulatory system, regulatory objects, regulatory subjects, and other aspects. By expanding the interpretation of “deposits”, the financialization of business operations can be included in the regulatory perspective of Article 11 of the Commercial Bank Law. In order to achieve a balance between strengthening regulation and encouraging innovation, while introducing Article 11 of the Commercial Bank Law, it is necessary to maintain suitable moderation in regulation.

Key words: digital economy, financialization of business operations, commercial bank law, regulation