Research On The Influence Of Operating Characteristic Factors On The Trading Volume Of The P2P Internet Lending Platform

P2P platform realizes borrowing between the lenders and investors with the help of the Internet. In the process of development, the P2 P platform operators have explored some distinctive management measures, setting up the risk reserve for investors, introducing report data of credit reporting agencies and cooperating with the third-party guarantee agencies, and so on. The managers of P2 P platform try to increase platform’s "credit" by using these management measures so as to attract investors and expand the scale of operation. These management measures are called as operating characteristic factors. In the literature, most of researches on the operating characteristics factors are qualitative researches about the mechanism theory, lack of empirical analysis. Because of the importance of trading volume to a platform, we will study on the effects of operating characteristic factors to trading volume in a P2 P internet lending platform by econometrics method. Our research will be certain significant for later researchers.To investigate the effects of operating characteristic factors on platform trading volume, we used 186 valid samples for the final data analysis. All samples were extracted from home of network lending Website. We excluded those platforms their operators implemented fraud or had run away. Firstly, we used stepwise regression method to construct the benchmark model. Secondly, we set operating characteristics factors as dummy variables into the benchmark model, study the effects of the operating characteristics factors on the platform trading volume. Then we tested the stability. Finally, we discussed the empirical results by logical analysis.Research conclusions: two operating measures of introducing venture capital and cooperating with the third-party guarantee agencies impact platform’s trading volume significantly; the results also shows that the effects of operating characteristics including the implementation of escrow, the implementation of risk reserve escrow and the introducing of credit reporting agencies on trading volume are not significant that due to lack of specific regulatory rules and the not perfect construction of the credit system. The results show that most investors in investment P2 P internet lending platform are more intelligent and have the ability of judgment and screening; platform operators should actively change management ideas, should clear and definite information intermediary platform position, should put in more effort to the information disclosure work; at the same time, the platform operators need to actively carry out cooperation with the third-party guarantee agencies.