Research On Credit Risk And Prevention Of Peer-to-Peer Lending

The characteristics of the Internet,such as openness,wide-ranging,high-efficiency,and interactiveness,are changing the social and economic activities of human beings and boosting the development of social economy.The development of modern information technology such as mobile payments,social networks,and cloud computing based on the Internet has exerted a disruptive influence on the financial model and gradually formed Internet finance.Internet finance integrates Internet technology and traditional finance to optimize the allocation of resources,and continues to play an important role in information sharing,resource sharing,economic convenience,inclusive finance,and is a useful complement to traditional finance.Internet finance plays an important role in areas that traditional finance has no time to care about.It serves the real economy better and promotes the development of social economy.In recent years,P2 P Internet lending has become one of the most active formats in the Internet finance sector,and it has developed extremely rapidly.However,behind the rapid development of Peer-to-Peer lending,various risk issues continue to grow,due to the impact of the Internet's extensive coverage and strong relevance,if a large-scale violation occurs,it will increase its risk several times,and even affect the stability of the entire financial system.Therefore,it is necessary to strictly prevent Peer-to-Peer borrowing.The core of Peer-to-Peer lending products,regardless of how they are virtualized and technologicalized,is finance.Their products can also be regarded as a kind of credit risk pricing.The key to preventing their risks is to prevent credit risks.Therefore,this article takes Peer-to-Peer lending credit risk and prevention as an in-depth study.This paper analyzes the characteristics,types,major problems,causes,and transmission of credit risk in Peer-to-Peers,and quantitatively analyzes the credit risk of Peer-to-Peer lending,in order to contribute to the healthy development of China's social economy,the Peer-to-Peer lending industry can help the real economy to better serve the real economy by designing targeted countermeasures against the micro and macro causes of credit risk in Peer-to-Peers.The main content and structure of this study are as follows:The introduction part mainly explains the research background,research significance,main research content,research method,innovation and deficiency.The first chapter reviews the theoretical basis and related literature review.First of all,this paper uses information asymmetry theory,financial fragility theory and financial supervision arbitrage theory as the theoretical basis to explain the causes of credit risk of Peer-to-Peer lending.Secondly,this paper sorts out the development context of related literatures at home and abroad from the following four aspects: the impact of Peer-to-Peer lending credit risk,the credit risk of Peer-to-Peer lending,the credit risk of Peer-to-Peer lending,and the credit risk prevention of Peer-to-Peer lending.The second chapter describes the characteristics,classification and main performance of credit risk of Peer-to-Peer lending.First of all,this paper holds that the characteristics of Peer-to-Peer lending and traditional financial credit risk are occult,endogenous,and cross-contagious.Different from the traditional financial credit risk features,there are many aspects and rapid accumulation.Secondly,according to different classification criteria,this paper divides the types of credit risk of Peer-to-Peer lending: according to different breaching parties,it is divided into borrower credit risk,lender's credit risk,and Peer-to-Peer lending platform credit risk;according to the different borrowers' willingness to repay,they are divided into the risk of the borrower being forced to default and the malicious default risk of the borrower;according to different sources of credit risk,the credit risk of Peer-to-Peer derived from the micro level and the credit risk of Peer-to-Peer borrowed from the macro level are classified.Finally,this paper analyzes that the main problems of Peer-to-Peer lending credit risk are that the overdue rate is high,the Peer-to-Peer lending platform has poor ability to prevent and control the credit risk of the borrower,and the Peer-to-Peer lending platform fraud continues to ban,etc.The third chapter analysis the causes and transmission of loan credit risk of Peer-to-Peer lending.First of all,this paper analyzes the causes of loan credit risk of Peer-to-Peer lending from a micro perspective,mainly including default risk of borrowers,default risk of lenders,and default risk of Peer-to-Peer lending platform,according to the analysis,the lender's default risk may not be considered as an influential factor,and the default risk of the Peer-to-Peer lending platform should be one of the important factors,the default risk of the borrower of the Peer-to-Peer lending is a more important factor,analyzes the causes of credit risk of Peer-to-Peer lending from a macro perspective,mainly including that the credit system of the Peer-to-Peer lending industry is not yet perfect,the self-discipline of the Peer-to-Peer lending industry is not perfect,and the laws and regulations of the Peer-to-Peer lending industry are not yet perfect,according to the analysis,among them,the laws and regulations of the Peer-to-Peer lending industry are still not perfect,which is due to the imperfection of laws and regulations and resulting in Peer-to-Peer lending credit risk;the self-discipline of the Peer-to-Peer lending industry is still not perfect,and it is impossible to effectively control and control the credit risk of Peer-to-Peer lending from the level of self-discipline,and it is easy to generate the credit risk of Peer-to-Peer lending;The Peer-to-Peer lending credit system is still incomplete,making the Peer-to-Peer lending industry unable to obtain strong support for credit risk prevention and control from the credit level,and it is easy to generate Peer-to-Peer lending credit risk.Secondly,the analysis considers that the conduction condition of the credit risk of the Peer-to-Peer lending credit is that the accumulated credit risk of the platform exceeds the conduction boundary value,and the credit risk will be conducted with other transaction subjects as the carrier;there are direct and indirect transmissions of credit risk in Peer-to-Peer lending;the process of Peer-to-Peer lending credit risk transfer includes four processes: internal Peer-to-Peer lending platform conduction,lending to the Peer-to-Peer lending industry,transmission to the traditional financial sector,and transmission to the real economy.The fourth chapter analysis the quantitative analysis of credit risk in Peer-to-Peer lending.First of all,this paper compares and analyzes the advantages and disadvantages of several credit risk quantification methods,such as credit scoring method,CART structure analysis method,Credit Metrics model,KMV model,and Credit Risk+ model,selectes the Credit Risk+ model that is suitable for the credit risk characteristics of Peer-to-Peer lending.Second,this paper uses the entire loan portfolio data of the RRD network lending platform as a sample,the borrower's industry data in the loan portfolio data was expanded to 9 different industries,uses the Credit Risk+ model to calculate the unintended loss of the sample platform and provides a reference for the economic capital required by the sample platform.The fifth chapter analysis the credit risk in Peer-to-Peer lending at the micro level.First of all,this paper puts forward some countermeasures against the credit risk of the borrower of Peer-to-Peer lending borrowing: constructs the loaner's credit risk early-warning system and puts forward the safeguard measures for the smooth operation of the early-warning system;in strengthening the information management measures for borrowers,it is proposed to increase the collection and sharing of credit information of borrowers,strengthen the Peer-to-Peer lending platform's credit investigation on borrowers,and monitor the borrower's credit status in real time;puts forward a standardized management process of the Peer-to-Peer lending platform for the borrower's credit risk,and proposes to formulate a borrower's credit reward policy.Secondly,this paper proposes countermeasures against the credit risk of the Peer-to-Peer lending platform: it proposes to complete the registration and registration of the Peer-to-Peer lending platform as soon as possible;strengthen the internal control management of the Peer-to-Peer lending platform;strengthen the implementation of the fund custody system of the Peer-to-Peer lending platform;in strengthening the information disclosure countermeasures of the Peer-to-Peer lending platform,the management of strengthening the data reporting and information disclosure quality of the Peer-to-Peer lending platform was proposed;in strengthening the credit culture construction strategy of the Peer-to-Peer lending platform,proposes the formation of a sense of credit culture for managers and employees,and strengthens the cultivation of professional ethics and professional quality of managers and employees.The sixth chapter proposes the macro-level prevention of credit risk of Peer-to-Peer lending loans.First of all,this paper puts forward the countermeasures and suggestions for improving the Peer-to-Peer lending credit system: based on the development of the Peer-to-Peer lending credit system in China,and drawing on the advanced experience of the international credit system,this paper has designed the "master-sub-auxiliary" model of the Peer-to-Peer lending credit system in line with China's national conditions,and proposed the safeguard measures for the smooth operation of the Peer-to-Peer lending credit system.Secondly,this paper puts forward some countermeasures to strengthen the self-discipline of the Peer-to-Peer lending industry: improve the self-discipline management mechanism of the Peer-to-Peer lending industry,give full play to the role of the self-discipline organization of the Peer-to-Peer lending industry,and play the intangible role of the Peer-to-Peer lending and transaction parties on industry self-discipline.Finally,this paper puts forward the countermeasures and suggestions to perfect the Peer-to-Peer lending laws and regulations system: further improve the laws and regulations of the Peer-to-Peer lending industry,improve the market access system of the Peer-to-Peer lending platform,and improve the exit system of the Peer-to-Peer lending platform.