| The P2P online lending industry originated in the UK.ZOPA,the world's earliest P2P online lending platform,was founded in the UK in March 2005.Since then,this new financial model has developed rapidly around the world.In 2006,CREDITEASE introduced this new financial model from the west to China and established China's first P2P online credit service company--CREDITEASE,which marked the official start of P2P online lending industry in China.In 2007,China's first P2P online lending platform,PAIPAIDAI,was officially established.By the end of December 2018,the total number of P2P lending platforms in China was 6,430,and the number of online lending platforms in normal operation was 1,021.In western developed countries,the key to the booming P2P online lending industry lies in its mature credit investigation system,complete government regulatory policies and advanced Internet information technology.In China,as a "foreign" network lending industry in the early stage of development,caused by a lack of lending to network platform operators management experience,imperfect credit system and the lack of government regulation policy,causes the wanton development,like a weed,a mess platform collapse,serious false illegal advertisement,"routine credit","borrowed" campus induced students problems such as excessive consumption in trap "usury" stands out.For a time,P2P online lending platforms have become the backyards of illegal profits.It is not uncommon for platforms to explode,operators to run away and investors to lose their money.In this context,relevant government departments have carried out a special campaign to rectify the risks of P2P online lending,and the national regulatory authorities have started to mend their ways and issued a series of regulatory policies to supervise the P2P online lending industry.Based on the analysis of the development of China's lending to P2P network industry and regulatory status and P2P lending platform operation mode at home and abroad on the basis of,according to 50 P2P lending platforms between January 2017 and December 2018,a total of 24 months of monthly panel data as the research sample has carried on the empirical analysis,through STATA14.0 software to OLS model to estimate of panel data,and verify the research hypothesis.In addition,the evolutionary game method is used to analyze the game process between the policy-making of government regulatory departments and the undisciplined behavior of online lending platforms,and further explore how the two sides choose in the game between the policy-making of government regulatory departments and the undisciplined behavior of online lending platforms.Combined with the above qualitative analysis,quantitative analysis and game analysis,this paper puts forward relevant Suggestions on the improvement of the current regulatory policies of China's online lending industryThis paper consists of eight chapters.Chapter 1 is the introduction,including the literature review,and chapter 2 is the definition of relevant concepts and theoretical basis,which are the theoretical basis of the whole paper.The following is the main body of this paper,including three parts:The first part is chapter 3 and 4.Chapter 3 mainly analyzes the current situation of China's P2P online lending industry and the supervision of its development,including five aspects:Firstly,it reviews the development history of China's online lending industry;Secondly,it analyzes the operation status of China's online lending industry.Then it introduces the operation mode of Chinese online lending platform.Then it reviews and sorts out the development history and regulatory policies of China's online lending industry.At last,the paper expounds the current supervision situation of China's online lending industry and introduces the current main supervision policies.Chapter 4 is mainly to the Chinese network current regulatory policy lending industry,mainly in three aspects,first of all,China's network lending industry the main provisions in the current regulatory policy,followed by using the approach of comparative data for the current regulatory policy promulgated after the network lending industry is evaluated,and the effects of the operation status quo of China's online lending industry and regulatory status quo,pointed out that China's Internet defects existing in the current regulatory policy lending industry.The second part is chapter 5 and 6.In chapter 5,based on the 24-month panel data of 50 P2P online lending platforms,the empirical study of OLS model estimation of panel data through STATA14.0 software shows that government regulation can promote the development of the entire online lending industry.Chapter 6 uses the evolutionary game analysis method to analyze the game process between the policy-making of government regulatory departments and the undisciplined behavior of online lending platforms,and further explores how the two sides choose in the game between the policy-making of government regulatory departments and the undisciplined behavior of online lending platforms.The third part is chapter 7,first introduced the United States,Britain and Germany and other developed countries of the P2P lending industry regulatory policy,then again on the basis of the regulation of advanced foreign regulatory policy bring enlightenment to our country,combining with China's national conditions,on how to perfect the current P2P lending industry in our country the existing defects in regulatory policy suggestions were put forward.Chapter 8 is the summary of the whole paper,which expounds the conclusions and corresponding policy Suggestions obtained through empirical analysis,evolutionary game analysis and theoretical analysis.The main conclusions of this paper are as follows:(1)Based on the analysis of the development and supervision status of P2P online lending industry in China,we can draw the following conclusions:Second,there are great risks in the evolution of online lending operation model in China.Third,the benign development of the network lending industry is inseparable from the establishment of regulatory policy system.(2)Through the analysis of the current regulatory policies of China's P2P online lending industry,we can see that the formation of the regulatory policy system has had a series of positive effects on China's online lending industry,but there are still many defects.(3)The implementation of fund depository,the acquisition of ICP license and the information disclosure can bring about the increase of trading volume and investment number of online lending platforms,and the government regulatory policies can promote the development of online lending industry.(4)The test of interaction effect shows that government regulatory policies can guarantee the efficiency of the market.The new policy of the online lending industry has been implemented,and the online lending platform for capital depositing,ICP license obtaining and information disclosure has been implemented.(5)Sample regression results show that government regulatory policies have a more significant impact on the development of listed and non-state-owned P2P online lending platforms than those of unlisted and state-owned P2P online lending platforms.(6)In the static policy mechanism,it is found that the evolution process of the whole game system is a closed loop with periodic movement around the stable central point,and the game process between the online lending platform and the government regulatory department presents a cyclical behavior pattern.(7)In the dynamic policy mechanism,there is a correlation between the regulatory policies formulated by government regulators and the behaviors of online lending platforms,that is,the probability of regulatory policies formulated by government regulators is inversely proportional to the probability of self-discipline of online lending platforms.(8)Through to the western countries the main regulatory network lending industry policy interpretation,found that network lending industry regulatory policy in the west there are many worthy of study in China,China needs according to their own actual situation,on the base of draw lessons from foreign experience,to further develop and perfect the accord with the development of regulatory policy in China.Based on the above conclusions,this paper comes to the following policy suggestions:(1)Strengthen supervision,and supervise and inspect the implementation of relevant online lending supervision policies of all platforms.(2)Improve regulatory policies and establish a sound mechanism for preventing and responding to liquidity risks in the online lending industry.(3)Detailed regulatory policies and differentiated management of online lending platforms with different shareholder backgrounds.(4)When government regulatory authorities find that the online lending market does not have self-discipline,they need to formulate corresponding policies and regulations to implement effective supervision.(5)The attitude of government regulators towards the formulation of regulatory policies for online lending platforms should be long-term and prudent,and the concept of "once and for all" should be avoided.(6)In their daily work,government regulatory departments should strengthen the grasp of the behavior trend of online lending platforms,timely find out the problems existing in the operation of online lending platforms,and timely formulate policies for supervision,so as to maintain a high degree of self-discipline of the overall online lending platforms.(7)Government regulatory departments should maintain a firm attitude in formulating regulatory policies and providing relevant supporting support,and actively crack down on the undisciplined behaviors on online lending platforms.(8)On the basis of summarizing the regulatory policies of the UK,the US and other developed countries,this paper puts forward suggestions to improve the current regulatory policies of P2P online lending industry in China.Firstly,it shall formulate the protection policy for online lending consumers,secondly,it shall improve the relevant system of access threshold for the online lending industry,then establish and perfect the training mechanism of qualified lenders,and then formulate policies to improve the existing credit investigation system.Finally,it shall improve policies to strengthen the autonomy level of online lending self-discipline organizations.The innovation of this paper mainly has three aspects.First of all,this paper will use the 24-month panel data of 50 P2P online lending platforms,conduct OLS model estimation through STATA14.0 software,study the impact of government regulatory policies on the development of P2P online lending industry,and put forward Suggestions for improving the current regulatory policies of China's online lending industry.Secondly,this paper chooses the evolutionary game method to study the policy making of government regulatory departments and the self-discipline behavior of P2P online lending platforms,which can make the game process between the two clearer and make the behavior of government regulatory departments more comprehensive and scientific.Finally,this article from the perspective of regulatory policy P2P lending industry in China,the existing government regulatory policy on the basis of combing,closely with the government regulation practice at home and abroad,analyzes the related theory of regulatory policy and to use,and the author analyses the key problem in regulatory policy practice,how to make up for the defect of the existing regulatory policy,improve the network of China's existing lending regulatory policy,so as to safeguard China's online lending industry benign operation policy Suggestions are put forward. |
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