Research On The Internet Consumer Credit Based On New Credit Evaluation

With the development and popularization of the Internet,Internet technology has been integrated into all walks of life,and a series of Internet financial products which are different from ones in traditional finance industry showed up.One of the characteristics of internet is to reduce the speed of information transmission across time and space to the maximum extent,which is very consistent with the characteristics of finance.Traditional finance industry uses Internet technology to establish Internet banking,online banking payment and other Internet financial services.The consumer credit industry naturally integrated the Internet technology into itself,and the Internet consumer credit platform based on Internet information collection and classification technology represented by P2P,the electronics commerce big data consumer credit based on the Internet mall transactioninformation represented by Jingdong and Taobao,the Internet consumer credit based on consumption information collected within new payment presented by Alipay payment and WeChat payment has penetrated into our daily life.As a result,Consumer credit not only contains a single service--credit card which provided by traditional bank,but also get an all-round development in many aspects on the Internet platform,so that more users can use consumer credit from different channels and in different ways,and gradually affect people's consumption concept and consumption habit.What followed by the expansion of the scale of Internet consumer credit is the problems exposed by the rapid development of Internet consumer credit:the imperfection of the Internet consumer credit evaluation system leads to the inaccurate estimation of the repayment ability and willingness of users,resulting in a large number of bad debts.P2P platform credit evaluation is the most incomplete one of the whole Internet credit evaluation system,it has faced the predicament of hundreds of P2P platforms failing in this stage.Therefore,how to construct a perfect Internet credit evaluation system is the first task of Internet consumer credit research.Internet consumer credit is different from traditional consumer credit.which is mainly carried out by traditional commercial banks.Due to the diversification of the Internet consumer credit industry,the difference of nature of its own industry,and the different sources of information needed to obtain credit evaluation,it is difficult to establish a unified Internet credit evaluation system.This paper summarizes the nature and characteristics of various Internet consumer credit.According to the di fferent sources of credit information,the credit evaluation of Internet consumer credit is divided into three categories:P2P Internet credit evaluation,e-commerce big data credit evaluation,and new credit evaluation based on consumption information.By analyzing and comparing the characteristics of the three types of credit evaluation,combined with the maturity of the theoretical basis of consumption income conversion,which means consumption information can reflect the income level of users to a certain extent,I lay a theoretical foundation for the new credit evaluation system based on consumption information,and reveal the development direction of Internet credit evaluation.This paper continues to study the Internet consumer credit based on the new credit evaluation.I compare it with the traditional consumer credit based on the traditional credit evaluation,and analyze the different types borrowers' choice of types of consumer credit.This paper classifies borrowers according to the level of their income and savings,and uses game theory model to analyze the choice of different types of consumer credit for different types of borrowers.According to the conclusion,the following characteristics are summarized:the new credit evaluation of Internet consumer credit is based on consumption information.The moonlight clan who have income and high consumption,students who have no income and no savings but can consume their parents' income and savings can use the new credit evaluation of Internet.By obtaining higher credit line than the traditional credit evaluation,they make up for the traditional consumer credit system structural defects,making the consumer credit market more complete.However,the main evaluation information of consumer credit market has changed from income-based personal assets information to income-based personal assets information plus consumption information.Whether this consumption-promoting mode of consumer credit development will adversely affect traditional consumer credit and change the original consumption structure?Three questions are raised about the impact of Internet consumer credit:1.Does the development of Internet consumer credit lead to the decrease of savings rate and then hinder the development of traditional consumer credit?Or does it open up consumer credit market,improve the structure of consumer credit market and promote the development of traditional consumer credit?2.The Internet consumer credit based on the new credit evaluation will make the consumption structure of our country chaotic,which is not conducive to the upgrading and transformation of the consumption structure,or will play a guiding role in the upgrading and transformation of the consumption structure.3.What impact does the development of Internet consumer credit based on new credit evaluation have on economic quality?In order to solve the above three problems and explore the impact of Internet consumer credit on economy,this paper constructs the development index of Internet consumer credit based on the new credit evaluation in the fifth chapter.The main components of Internet consumer credit based on new credit evaluation are used to construct its evaluation index.Then,I use principal component analysis to calculate the corresponding weights given to different levels of indicators,in this way,a comprehensive index of Internet consumer credit development based on new credit evaluation is synthesized,which can measure the development of Internet consumer credit in China.I then empirical analyze the impact of Internet consumer credit on traditional consumer credit based on new credit evaluation.Firstly,the positive and negative effects of Internet consumer credit on traditional consumer credit are analyzed theoretically.Taking the impact of Internet consumer credit on savings rate as the premise,the paper empirically tests the impact of Internet consumer credit on traditional consumer credit based on new credit evaluation using structural vector auto regressive model.In this way,I conducts an empirical study on Question 1.I empirically examined the impact of Internet consumer credit based on new credit evaluation on household consumption in chapter 6.This paper theoretically analyses the role of Internet consumer credit based on new credit evaluation in lowering credit threshold and alleviating residents' liquidity constraints.Static panel model and dynamic panel model are used to verify the impact of Internet consumer credit on total consumption.According to the impact of residents' income on residents,Internet consumer credit is divided into low-income group and high-income group.It verifies the effect of Internet consumer credit on lowering the credit threshold.On the basis of verifying the impact on total consumption,this paper also verifies the impact on consumption structure.By classifying into food and clothing-residential-cultural-educational-medical consumption,commodity-service consumption,the paper verifies the impact of Internet consumer credit on guiding the change of consumption structure.In this way,I conducts an empirical study on Question 2.In chapter 7 I empirically analyse the impact of Internet consumer credit based on new credit evaluation on economic growth.Under the background of China's economy entering the "new normal",this paper theoretically demonstrates the impact of Internet consumer credit based on the new credit evaluation on the quantity and quality of economic growth.The impact of Internet consumer credit on economic growth is verified from the Internet consumer credit-consumption-economic growth path and the Internet consumer credit-savings-economic growth path respectively.I constructs the index system of economic growth quality in this chapter first,then measures the index of economic growth quality development in China by using the method of entropy weight,finally verifies the effect of Internet consumer credit on economic growth quality by using the vector auto regressive model.In this way,I conduct an empirical study on Question 3.The innovation of this paper is mainly embodied in:Firstly,the research on the risk of Internet consumer credit.Currently it mainly lies in the government's supervision of Internet consumer credit;how to better transform the traditional credit evaluation system into a credit evaluation system adapted to Internet consumer credit.This paper systematically summarizes the characteristics and shortcomings of Internet consumer credit,tmen analyses the essence of various Internet credit evaluation systems,and finally determines that different information sources determine the direction of the development of the credit evaluation system,and different information sources have different accuracy for user credit evaluation.The main problem of Internet consumer credit is positioned in the Internet credit evaluation system.Because of the different ability of obtaining user information,it is impossible to collect personal assets information of income-based traditional bank consumer credit.It is impossible to establish an Internet credit evaluation system on the basis of the original traditional consumer credit.It needs a more accurate personal assets that can reflect income-based.Information sources to replace.Finally,the new credit evaluation based on consumer information can be used as the basis of Internet consumer credit.Secondly,this paper makes a deep study of the Internet consumer credit based on the new credit evaluation.Based on the development of mobile payment information and big data cloud computing,we conducted a new development index of the Internet consumer credit based on the new credit evaluation,in this way,we find a way to quantify the development of Internet consumer credit based on the new credit evaluation for research.Thirdly,this paper empirically examines the impact of the new mode of consumption credit based on the new credit evaluation on savings,and analyses its indirect and direct impact on the traditional consumption credit,and what impact it will have on the original total consumption,consumption structure and economic development.Finally,I provide new policy recommendations for Internet consumer credit.At present,the policy suggestions mainly focus on how to supervise the Internet consumer credit to avoid its risks,how to improve the credit evaluation system of the Internet consumer credit,and how to consider the problem of the Internet consumer credit solely.Based on the above research,this paper concludes that Internet credit evaluation needs new sources of consumer information.We must pay attention to the development of new payment means and e-commerce platform,make consumer information more complete to provide consumer credit,establish perfect channels of information exchange,in order to provide a complete and effective information source for Internet consumer credit based on new credit evaluation,and solve the problems faced by Internet consumer credit.