A Research Of Characteristic And Risk About Peer-to-peer Credit Lending Model

Internet financial is a microfinance services institution which use the network platform for customers to handle the traditional financial business such as transfer payment, finance and investment. It is the inevitable outcome of the network technology and the development and changes of consumption demand. Internet financial makes the current credit model more diverse, comprehensive, and successfully makes up for the traditional financial pattern in the lack of participation, operational and cost, etc, become a complement of modern financial system. In the field of the Internet financial, there is no doubt that the P2P lending is the main mode to occupy the market and leading the development of Internet banking relying on its superiority about the Internet technology and big data. The mode brings the shocks to the traditional financial model. By the end of June 2014, the P2P lending platform amounted to 1263, the turnover is of nearly 100 billion CNY in the first half which close to the annual turnover in 2013.The indicators of P2P lending industry present high growth. Since 2011, however, because of loan or overdue withdrawal problems there are 57 P2P network platform collapse in succession. There is no denying the fact that it is because of the advantages and particularity of P2P lending patterns that bring it a certain risk. More prominent problems are the risk of default and capital safety.Therefore, this article put forward the feasible preventive measures according to the risk of P2P model, which make up for the lack of quantitative research in risk prevention of P2P lending, and provides a new way of thinking in continuous development, product innovation, rich big data network resources, absorb the advantage of the traditional financial pattern in business services and credit system construction, also to explore win-win sustainable financial services model.First of all, through a detailed comparative analysis about the advantages and disadvantages of new lending model and the traditional credit model, various risks of P2P model are identified.Second, on the basis of the deficiency of the existing risk prevention measures, the risk prevention methods from the point of the government, the platform operation and fit into a new subject-insurance are presented. In the platform, the result of binary logistic regression analysis shows the credit rating variable has a strong correlation to whether overdue, through the ordered regression model, the paper given the key point for a platform to prevent risks and building credit system.Again, in the light of the new idea about bring insurance into risk prevention of the P2P network model, the paper conduct empirical research by using the data of renrendai platform. After the game analysis of old and new platform, the premium calculation based on the expected loss model and the expected profits simulation of three parties, get the premium rate of interval corresponding to a different credit rating of the user. The results of the analysis show that the new lending platform can reduce the moral hazard problem under the circumstance of asymmetric information better, the three subjects in the platform will get higher expected profit. It proved that the new P2P platform is a mutually beneficial and effective risk prevention network lending patterns, also has a certain theoretical and practical significance.Finally, according to the current situation of the Internet financial mode and the on theoretical and empirical analysis that reached in this paper, look into the distance is discussed.