Research On The Influence Factors Of Lenders' Trust In Online Lending Platform Based On Institutional Trust

With the expanding application of network information technology and the emergence of innovative models of Internet finance,network lending is one of them.It is a kind of transaction mode in which lenders and borrowers can borrow and finance directly by means of Internet lending platform without traditional financial media such as banks.It has the characteristics of small quota,short term and no mortgage,and belongs to online private credit lending.In theory,this model can reduce the borrower's financing costs,while improving the lender's capital returns,and has the nature of inclusive finance.It is considered as an effective supplement to traditional finance,and provides an efficient and convenient financing way for individual borrowers and small and micro enterprises.However,in the network lending market,because the lenders,network lending platforms and borrowers are not familiar with each other,it is difficult to establish trust.The trust between unfamiliar transaction subjects can only be established based on system,which is the key to the success of network lending transactions.In the domestic network lending market system environment,how do lenders build trust in the network lending platform based on the system? What factors have an important impact on it? What is the mode of its influence? It is an issue of great concern to both theoretical researchers and market participants.However,the current research focuses on the static study of single influencing factors of online lending trust,lacking the study of the dynamic evolution process of trust and influencing factors system;regarding borrowers as the main source of risk,focusing on the information characteristics of borrowers,weakening the decisive role of lenders in platform trust relationship and ignoring the institutional ring.The impact of context perception and its regulatory role on trust;the platform is simply understood as an information intermediary,ignoring the impact of credit intermediary platforms on trust building between borrowers and lenders,and there are few studies on trust transfer under the network lending environment.Therefore,based on the theory of institutional trust,this paper studies the influencing factors of the lender's trust in the network lending platform.Firstly,this paper defines the core connotations of trust and institutional trust,reveals the motivation of trust,and reviews the theoretical basis of trust research.This paper analyses the trust relationship among the subjects of network lending transactions,and describes the formation mechanism of network lending trust.Based on the dynamic evolution theory,the evolution process of network lending trust is analyzed,and the lender's trust in the platform is divided into three stages: initial trust,continuous trust and trust transfer.On the basis of the existing theoretical results,combined with the scenario of online lending transactions,from the perspective of the lender's perception of the institutional environment,this paper analyzes the three core categories of influencing factors of online lending trust,namely,subject factor,object factor and interaction factor.On this basis,this paper constructs a framework model for the study of the evolution and influencing factors of the lender's trust in the network lending platform based on institutional trust.Secondly,on the basis of theoretical analysis,this paper constructs a model of influencing factors of lenders' initial trust in network lending platform based on institutional trust.Through empirical analysis,this paper studies the impact of institutional environment perception and related factors on the establishment of initial trust and the regulatory role of institutional environment perception.The results show that in the initial trust-building stage,the perception of institutional environment has a significant impact on the lender's initial trust belief in the platform;the perception of institutional environment has a positive tendency of trust by eliminating the lender's concerns and internalizing the lender's heart;and the institutional environment can effectively restrain the platform and positively affect the formation of platform professionalism.In addition,institutional environment perception can also positively regulate the relationship between platform reputation and initial trust beliefs.The initial trust of the lender to the platform can be established under the joint effects of the perception of the institutional environment,the professionalism and reputation of the platform,the lender's profit-seeking motivation and trust tendency.Thirdly,through theoretical analysis,this paper constructs a model of influencing factors of the lender's continuous trust in the network lending platform based on institutional trust,and makes an empirical analysis of the impact of institutional environment perception on the establishment of sustainable trust,the relationship between institutional environment perception and other influencing factors,and the regulatory role,and draws a conclusion that in the process of continuous trust,the lender's continuous trust has a positive impact on the establishment of sustainable At the stage of establishment,after the lender has the experience of online lending,the impact of institutional environment perception declines significantly,while the impact of platform professionalism,security and reputation,interactive response,continuous communication and other interactive factors increase significantly,which significantly affects the establishment of lender's continuous trust in the platform.Among them,the influence of interactive response is the most prominent.However,in this process,institutional environment perception still positively regulates the relationship between platform security,interactive response and persistent trust beliefs.Subsequently,according to the framework model and theoretical analysis of trust evolution,this paper constructs a model of influencing factors of trust transfer from lenders to borrowers based on institutional trust,and analyses the impact of institutional environment perception and related influencing factors on trust transfer,and the regulatory role of institutional environment perception.Empirical results show that the lender's trust in the platform can be transferred directly through brand extension,and the lender can build trust in borrowers across time,space and completely unfamiliar channels.In the trust transfer stage,the lender's trust in the platform can make it feel the validity of the platform borrower's identity authentication and institutional environment constraints,and also directly affect the lender's trust belief in the borrower.In the process of building trust for borrowers,the impact of perceived institutional environment is not significant,but it can positively regulate the relationship between the lender's trust in the platform and the borrower's trust belief.By means of trust transfer,the lender feels the validity of the platform for the identification and credit rating of the borrower through its trust in the platform,and then forms the trust belief of the borrower,and generates the willingness to lend and implements the trust behavior.