| Folk debit and credit plays a critical role incent development of Chinese economy. Both sides achieve borrow-lender relationship in the arrangement of borrow amount, return way and rate by signing informal protocol and giving mortgaged goods.It avoids the discrimination from the traditional bank and fills the blank place of financing channels for small and medium-sized enterprises. With the emergence of online peer-to peer lending and advanced technology, it transfer the off-line transaction to online ways. The borrowers can get money in a shout time via certification of credit and auditing of handing material. For the lenders, they can make decentralized investment in online lending platform after evaluating the quality of borrowers’ credit. As the result, they can get certain return including invested money and interest from the borrowers. The financial crisis and interruption of financing channels caused people’s re-consider the function of traditional bank in borrow-1ending market. The State Council has passed several resolutions and enacted relevant regulations to make some adjustment to encourage the development of private lending market and promote better and faster development of small and micro businesses.In recent years, online lending platform persisted in exploration and development. It established a number of security mechanism, optimized its management and realized separation of liquidation, which made it embark on a healthy development track. Additionally, its high return attracts more and more lenders’participation to satisfy the unique demand for investing.. This paper analysis the competition pattern and products among enterprise department, E-business company and online lending platform in the viewpoint of tendency in online lending. In the long-term evolution, this convenient and swift lending form will be critical area for occupying the financial market. The offline financial products will gradually transfer to online developing.. In the empirical part, making use of operational data from PaiPai Dai to proceed some analyzes in the viewpoint of lenders, we are meaning to get a comprehensive understanding of this new investment products and have a clear on the investment style and strategy of other lenders in online lending platform.1) Rely on the basic descriptive statistics, we explored the distribution of investment style in online lending platform while category of investment, closing bids, interest rate, return rate and bids amount are selected as the basic descriptive variables. The return rate reaches17%which is far more than traditional invest products. According to the cluster result of investment style we found the online lenders prefer to short-term invest and high tendency of speculation. They always bid when the bid is near to founded. Meanwhile, the lenders pursue high interest rate borrow project, reaching above60%2) To select category of investment,closing bids, bid amount and last month as independent variables, as the cluster result reveals investment style were divided into short-term decentralized investor, sufficient capital investor, multi-assist investor, stable investor, radical investor, speculated investor and small capital investor. Different investor has its own characteristics. For instance, short-term investors focus on spreading its money to several parts and bid for the short-term project. As for sufficient capital investor, they bid much for the borrow project and mainly care about the return from the process of lending, the radical investor prefer high return borrow project as they aim at high borrow interest. Meanwhile they also keep their eyes on the risk. But for the opportunist, they neglect the risk. Just want to maximum their opportunity to gain the investment. According the compare among different investment style, sufficient capital investor and radical investor can earn more than others. Furthermore, we found their characteristic of each style via comparison,3) By comparing the overtime investment style, we found the distribution become more reasonable and average. Small amount investor and opportunist increase a lot, this illustrates lenders adopt more invest strategies. We make the conclusion for data analysis and give some helpful suggestion for both investor and online lending platform.. In the other hand, the foundation speeds greatly. From the declined proportion of short-term distributed investor and sufficient capital investor, we can infer that lenders decrease their investment on one borrowing product but deliver to more small ones by using portfolio investment. Seeing from invested variables, the bid amount and closing bid decrease a lot. Lenders behave waiting attitude. Perhaps, they others’ historical bid for consideration. After the emergence of protection of capital, the lasting time become longer than before, it benefits a lot for both borrowers and lenders.This paper using cluster and descriptive statistical method to explore the main investment style, investment strategies and biding ways. By comparing the overtime investment style to illustrate the process of evolution. At last, combined with the empirical result, we offer the evidence and suggestion for management and marketing... |
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