The Empirical Reasearch On Operation Mechanism And Mathching Efficiency Of P2P Lending Platform

P2P network lending provides a new way to solve the problem of Micro finance in China, which is one of the main forms of the Internet financial innovation. From typical case of P2P network lending platforms in the word, it summarizes the main operating mechanism of P2P network lending platform, because choosing the appropriate operation mode of P2P network lending is very crucial to healthy development of financial markets. Thorough theoretical analysis on matching mechanism and efficient of P2P network lending platform which is a non-credit assignment type, it provides theoretical support for solving the problem of micro financing in the society. Then it provides practical support for the Internet financial innovation by empirical research on matching efficiency of P2P network lending transactions.Based on two-sided market model in network economics, it adds the factors of conversion cost and network externalities, and analyzes operating mechanism and competition mode of P2P network lending platforms from two scenarios of the single-homing and multi-homing. It infers three corresponding propositions. Proposition 1, P2P network lending has an incentive of publishing project information free before reaching critical mass scale, which it is easier to take effective differentiated pricing strategies for users in different price elasticity by the influence of network externalities. Proposition 2, When there are multiple platforms to choosing, the equilibrium price of P2P network lending platform is related to the proportion of users on the multi-platforms, which the pricing set by the platform for borrowers is increasing with the ratio of multi-homing. In particular, when r= 0, the equilibrium price and the single-homing model is the same. Proposition 3, the degree of differences on P2P platforms can improve its profits, and the increase indirect network externalities income of bilateral users will weaken earnings of network lending platform in some extent Meanwhile, the profit of network lending platforms increases with the proportion of multi-homing users.Based on typical platform of non-credit assignment type of P2P network lending-"renrendai.com", it analysis its operating mode and summarizes its development status. It collects the monthly data of three platforms (such as renrendai.com, ppdai.com, yirendai.com) from October 2013 to November 2015, and empirically researches the efficiency of P2P network lending platforms. The empirical results show that the efficiency of the platforms is positively correlated with interest rates, the number of investors and number of borrowers. Under the other conditions is in the control, the lower the interest rates level of platforms, the more prosperous popular sentiment of investment and borrowing, which is more conducive to facilitate the completion of the borrower order and help to improving the matching efficiency of network lending.The results of theoretical and empirical models show that the transaction efficiency of P2P network lending platform which is a non-assignment claims type has increased, but the network effect of many network platforms itself has not been fully. Most of network lending platforms don’t breakthrough critical mass to give full play to the positive feedback effect of network, which explains why a large number of P2P network platforms (to remove some malicious fraud platform) will collapse.