| P2P network lending is a new kind of financial model which is generated on the internet. With the continuous development of information technology, P2P network lending platform greatly improve the speed of information dissemination and range and reduces the cost of getting information as the third party intermediary of fork lending. This makes the network lending won the advantages which traditional formal financial can’t available, so that P2P network lending platform obtained the fast development, it is also a beneficial supplement of formal financial system. The P2P network lending platform which is a new financial service originated in the United Kingdom in2005. Because of their convenient operation mode, low fees and different interest rate, Britain’s Zopa and America’s Prosper and Kiva achieved high reputation in their development process. In our country, P2P network lending enters into the financial field for the first time in2007. Although the P2P network lending platform doesn’t exist for a long time in china, it also obtains fast development. In recent years, a lot of P2P network lending platform, such as PPdai, Credit Ease and Hongling Capital, appears in our country. The new mode of fork financing has the characters of easy to apply, fast to audit and low hidden cost, which provide a good solution for the financing difficulties of low-income people and small enterprises, so that they can obtain financing opportunity and get ride of the difficulties of the shortage of funds. It is the character of the P2P network lending platform that makes it more and more popular and make it fills the gaps and deficiencies in the formal financial system.Although the P2P network lending platform obtained widespread attention and rapid development, but as a new kind of financial mode, some problems unavoidably appeared in the process of development. At present, both developed country and developing country face a problem, which is the low financing success rate of the P2P network lending platform. The P2P network lending platform provides a convenient and fast way of financing with low interest rate, so that both borrowers and lenders can finish the financing activities without face to face with each other. However, the information required by the platform is limited; the lender can’t have a comprehensive understanding of the borrowers’ information. Also, because of constrains of the lenders’ ability, they can’t have a comprehensive judgment of borrowers’ information, which makes a serious problem of information asymmetry. Under this situation, there will be adverse selection and moral risk. It is the information asymmetry that makes the low success rate of financing through the P2P network lending platform. The purpose of this study is to find out the cause of low financing success rate by selecting the trade information of representative P2P network lending platform and analyze these data.After reading and sorting of some relevant literatures, this article is to find out the problems existing in the P2P lending market and find out the cause of low financing success rate, so as to work out the solution of improving the success rate by the combination of theoretical research and empirical analysis. After a comprehensive analysis, PPdai is the leader of P2P lending market and run a perfect business. What’s more, the transaction record on PPdai.com has certain regularity and it has advantages in the availability and integrity of data. So, I collected233283completed transaction records in5months from Dec.1st2013to Apr.31st. I regressed there data by EViews and the result is that the "hard" information have great impact on the financing success rate. At last, I put forward some feasible suggestion on the operation and supervision of our country’s P2P network lending platform. |
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