| P2P (peer to peer) lending is the lender and the borrower does not assume brokered work only through financial intermediaries or intermediary structure, which can be completed on personal loans personal a more traditional model, which is the most simple P2P Loans mutual acquaintance between lending practices friend. P2P borrowers are generally based on personal credit, without collateral and guarantees. But with the improvement of the people’s economic life, resulting in a lot of money demand, the traditional model of personal individual borrowers cannot meet the strong demand for funds. Therefore, financial intermediaries will begin daily lives and bring together a large number of idle funds, according to the different needs of the borrower, a reasonable allocation of the funds, so that a substantial increase in efficiency in the use of funds, borrowing costs have also been reduced.Network communication technology to develop by leaps and bounds this year, making the speed and scope of information dissemination has been a qualitative improvement, and this makes the rapid dissemination of information network costs greatly reduced, resulting in cost advantages exist traditional financial, microfinance lending such as P2P networks will be emerging network information dissemination and financial products combining emerged. Due to the use of information technology to facilitate networking, P2P networks borrowing more convenient, simple, with a broader range of lending and more efficient matching. P2P lending platform in large numbers in recent years, these platforms for the key to success lies in whether the high-speed efficient information dissemination platformMarch 2005, the UK was born the world’s first network lending platform Zopa, the platform has now expanded to the United States, Japan and Italy. In many P2P lending platform in the network, the establishment in February 2006 of Prosper currently has the most perfect model and maximum loan size of one hundred million members worldwide. P2P lending platform over the network mainly for commercial purposes, but also for developing countries like Kiva to raise loans and other non-profit platform. Some scholars have pointed out, P2P network platform there are many drawbacks, such as adverse selection, moral hazard and asymmetric information, unable to meet the famous Walrasian equilibrium market conditions, the assertion P2P market eventually will go away. However, the reality proved worldwide, P2P lending platform thriving network, China also gave birth to many excellent platforms such as Facebook credits, should the letter, ease credit and so on.Today’s society, P2P lending has been the rapid development of the network, in this context, this paper studies the level of its success rate financing. Faced with this premise, we conducted in-depth study of the relevant literature, the latest research results in the premise, which focused on identified deficiencies. Compared to other financing methods, P2P is the oldest and more rapid development. Relatively stable lending platform, we use crawler software were analyzed records of their transactions. In the application of adverse selection, asymmetric information, social capital theory, moral hazard is based on the premise, using Eviews6.0 software as an analytical tool in the study borrower loan amount, credit score, loan term, repayment, interest rates and borrowing Transaction situation and many other factors, the success rate of P2P lending platform borrowing facilities were studied. First, we summarized P2P abroad, mainly for its problems of asymmetric information and adverse selection and moral hazard problems arising were the focus of research. Intermediary platform in mind the role of activity, there is a group loan borrowers on their behalf to help the problem. Through the study of P2P network lending platform focused "soft" information and "hard" information to identify its impact on the financing of the results. Then, on the basis of the theory of P2P networks to do the necessary instructions to allow readers to have a clearer understanding of, for example, the aforementioned asymmetric information and moral hazard and adverse selection. And on this basis, the reasons for its emergence and operation modes are now stated that its reasons for the rise of the threshold and loan demand network development and financial loans diversity; current development model has Prosper mode, Zopa mode, Kiva mode and LendingClub mode.Finally, in order to better analyze the results of the study, we collected transaction records on all loans and through Eviews6.0 software to collect data analysis and processing, after many efforts, some of the results found for the loan had a significant effect indicators and theoretical analysis of these indicators were compared discussed and highlighted the discrepancy between those variables and assumptions,and the full text in the article made the necessary conclusion, to make it more convincing. Face different domestic and international situation, we have made the necessary supplementary analysis. |
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