| With the information technology development and support, in order to meet the investment needs of small borrowers and borrowing needs of small investors, P2P (peer-to-peer) lending market, based on information technology, have emerged. The market seems to not only provide a more efficient and convenient channels for both lenders and borrowers, but also be an important complement to traditional lending market.Since the first P2P lending platform was established in2005, P2P lending market has been developing rapidly in many countries. China introduced the P2P lending market from2007. Recently, with the development of Internet financial market, P2P lending market has developed and innovated very fast. However, as the development of P2P lending market in countries, the market risk from system level, platform level and the participants is appearing gradually. Apart from that, due to various reasons such as laws and regulations, the credit system, risk of P2P lending market in China focuses more on the platform level. More and more collapsed platform, cash difficulties indicate the development of P2P lending market distortions occurred. So, how to do a reasonable regulation to correct the problem of P2P lending market becomes a problem concerned by regulators, practitioners and researchers. However, for an emerging market, it is necessary to control risk, but also protect the innovation capability of P2P lending market for sustainable development. Therefore, the industry self-regulation is regarded as a major measure for P2P lending market regulation by regulatory authorities. Thus, it is significant that building an industry self-regulatory mechanism to motivate self-regulation for P2P lending market regulation. Furthermore, self-regulatory mechanism is decided by regulatory measures. So how to implement reasonable and effective measures to encourage self-regulatory behaviors for establishing effective industry self-regulatory mechanism becomes extremely important.According to the literature study, considering the characteristics of P2P lending market, flexible and forward-looking regulatory approach is respected by scholars. But, the self-regulatory behavior is decided by P2P lending platform directly, and there are little studies about P2P lending platform behavior of self-regulation. The revenue of self-regulation is the fundamental force of self-regulation, and government regulation and discipline are external constraints. When the conditions of these two aspects are in place, industry self-regulation can be achieved. In this regard, the thesis, for building industry self-regulatory mechanism, analyzes of the factors affecting the self-regulation behavior selection of P2P lending platform, the decision-making behavior of regulators, and the influence between them. Meanwhile, the influence between different regulatory strategies for different types or different stages of P2P lending platform is analyzed to provide a theoretical basis and suggestion for building effective industry self-regulation of P2P lending market.This thesis is contained three main parts:the first part includes the Chapter Ⅱ and Chapter Ⅲ to build the research framework; the second part is theoretical analysis, including the Chapter Ⅳ, Chapter Ⅴ, Chapter Ⅵ; the third part is the comparative analysis, mainly in Chapter Ⅶ.Chapter Ⅰ is the introduction part. Firstly, it introduces the background and implications of the research. Then, it proposes research purposes and research methods. Finally, based on research purposes, it gives the research framework and main content.The second chapter is an overview of the financial market regulatory theory and literature review of P2P lending market. After delimiting the financial regulatory of related concepts, the thesis outlines the relationship between industry self-regulation and government regulation. The literature review of P2P lending market analyses by market characteristics, behavioral characteristics of lenders and borrowers as well as P2P lending market risk. Then it concludes the characteristics and scope of the current study. In Chapter Ⅲ, the situation and the regulatory status of P2P lending market are analyzed. And the regulatory status and challenges of P2P lending market are discussed.On the basis of broad assumptions, self-regulation action selections of P2P lending platform are analyzed in Chapter IV. It derives factors that influence self-regulation action of P2P lending platform. And the changes of P2P lending platform self-regulation behaviors under different regulatory strategies are discussed.Chapter V further analyzes the main factors affecting self-regulation behaviors of P2P lending platform with different types. Firstly, based on the inherent differences of P2P lending platform, this chapter divides P2P lending platform into self-regulatory platform and opportunistic platform. Then it analyzes the influence of different factors affecting self-regulation behavior selections, as well as the interaction between the platforms with different types. Meanwhile,it discusses self-regulation action selections of P2P lending platform changes by different regulatory strategies.P2P lending platforms in different developing stages have different options because of different revenues. Therefore, self-regulation behavior selections against P2P platform in different stages is analyzed systematically in Chapter Ⅵ. By learning and imitation, self-regulation behaviors of P2P lending platforms in different developing stages influence each other. As the regulator is more controllable for the new entering P2P lending platform, this chapter also analyzes the effect of self-regulation behaviors of entering P2P lending platform with different regulatory strategies.Chapter Ⅶ tries identify regulatory elements for P2P lending market based on the comparative analysis. Combining the foregoing conclusions, this chapter compares the regulatory status of P2P lending market in the United States, Britain and France to extracts regulatory implications for P2P lending market in China.The final chapter is the conclusion part. It summarizes the main contributions as well as the limitations of this dissertation, and draws the future research directions.Based on status and characteristics of P2P lending market, by combination of theory and practice, static and dynamic analysis, comparative and reference analysis, the research tries to provide a theoretical basis and suggestions of P2P lending market regulatory strategy for building industry self-regulatory mechanisms. As a whole, this dissertation might have following three innovations and contributions.First, based on the characteristics of P2P lending market, the interactions between P2P platform self-regulatory behavior and governor regulatory strategies are analyzed firstly. Then it theoretically analyzes the factor of interaction, such as reputation revenue, regulatory costs and cost of self-regulation. It provides a reference for drawing up P2P lending market regulatory strategies during building industry self-regulatory mechanisms.The second contribution includes the specific theoretical analysis. There are two chapters theoretically analyzing two important and related research questions, which are the influence between self-regulation behaviors of P2P lending platform and governor regulatory strategies with different P2P lending platform types and developing stages. Furthermore, the evolutionary trends of self-regulation behaviors of P2P lending platform with different developing stages, and the evolutionary trends of different governor regulatory strategies are analyzed. Because there is little theoretical research about the evolutionary trends of self-regulation behaviors and governor regulatory strategies, both of the two research questions that analyzed in this study seems to be an innovation in this field.Third, according to the results concluded in the theoretical part, it concludes that understanding the influence between self-regulation behaviors selection and governor regulatory strategies is very important, especially for China under its special background. Finally, the advices of how to regulate P2P lending market for the Chinese government are given by comparative analysis.Since the P2P lending market is associated with the Internet financial market, the real economy development and banking system, how to building industry self-regulation to adapt to the external is not analyzed in this research. Meanwhile, because of the difficulty of collecting regulatory data, the models have hypothesis, as well as few empirical analysis is taken in this dissertation. The two main limitations are also the main directions that this research will do in the future.This research is supported by the National social Science Foundation Key Project of China (No.11AZD077), the Fundamental Research Funds for the Central Universities (No. JBK130503&No. JBK120505), the National Natural Science Foundation of China (No.71003081)... |
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