The Research Of Influencing Factors Of The Online Lenders On P2P Lending Platform

Online Peer-to-Peer Lending is a microfinance model relied on the Internet technology and completes the borrowing and lending through the P2P network communication platforms. Normally, the lenders are the natural persons or small and medium-sized enterprises and the relative borrowers are generally the minority investors who have less funds and investment channels. This convenient, efficient, transparent and direct small credit transaction spread quickly from England to all over the world and is accepted by small lenders and borrowers without other ways to gather funds. This is an online Peer-to-Peer lending model and lenders are not conventionally financial institutions but common individuals and P2P platforms only as an agency provide an online transaction platform for lenders and borrowers. It is a new method for small and micro-sized enterprises to resolve their funding liquidity problems and it is a new financing channel for small investors because it breaks the conventional high threshold limit of traditional financial institutions and the procedures are simple and convenient. For financing for small micro enterprise, it is of great significance to aid impoverished groups and expand investment channels, and it is also beneficial to the healthy developments of capital markets.By the reference of overseas success experience, in China, a lot of P2P network lending platforms are emerged in these years and they are developing rapidly. But all this is conducted online and both sides cannot communicate face to face, so it is inevitable to have the information asymmetry problem. They don’t have intuitive ways to judge and make decisions because lenders and borrowers don’t know each other in reality, so it appears the adverse selections and moral hazard problems for investors especially for lenders, it is somehow unfair.Although lenders can get a respectable interest rate for lending, it also has the risks that borrowers’ late payments or even defaulting. As a result, it becomes a question of how the lenders choose the lending bid to invest and make decision. Lenders decide if they invest or not on basis of the conditions.This article analyzes the domestic and overseas P2P lending platforms, introduces and compares the platform operation models. Though now there are many P2P network lending platforms in our country, the platforms that have the perfect operation models and enough transactions are rare. The author chooses the very representative P2P network platform HONGLING Capital which has the perfect operation model and the largest transaction as the study sample. The author puts forward the research model of P2P network lending, uses the data acquisition software getting more than 20,000 real trading records from 2013.09 to 2014.08 and analyzes them. After that, based on the theoretical basis such as social exchange theory, trust theory and information asymmetry theory, through the mathematical statistics, using the descriptive statistics and SpSS solid evidence, the author analyzes impact of the various measures published of this platform (like borrowing amount, borrowing rates, loan period, borrowing credit and loan credit of lenders, loan methods) for the decisions of lenders. The author hopes that with this research, platforms can improve their borrowing success rates and proposes that it should strengthen the construction of the credit information collection system, build and improve the tripartite platform and make clearly the position of network lending platforms.