A Study Of The Development Of Chinese Exclusive On-line P2P Lending

Since the foundation of the first British on-line P2P lending platform Zopa in 2005, P2P lending has been developing fast all over the world. The first Chinese P2P on-line lending platform Paipai Dai was founded in 2007. The operation modes of P2P lending come into a variety in accordance with the macro societal and economic environment. In the development of Chinese on-line P2P lending platforms, there is a similarity in terms of operation mode between P2P lending and traditional private lending. The frequently occurred run-away incidents of on-line P2P platform owners are reflections of the chaos of the professionals'and people's impression of the P2P lending. A consensus is still to be reached among supervising authorities and specialists.Chapter 1 is an introduction of the background and meaning of the P2P lending and its relevant bibliography, the framework and study methodology, the innovations and weakness of the thesis.Chapter 2 separates the operation process into three modules, namely the acquisition of credit, the acquisition of investors and the risk management of credit lending. The author adapts an on-line/off-line analysis of the three modules respectively. Then introduces present situation of the main line of pure P2P network lending platform development, network development status at home and abroad P2P lending industry, development situation of other P2P network lending platform. via detailed study of the five primary P2P lending platforms from both home and aboard, it can be summarized that Prosper and Lending Club platform belong to the exclusive on-line unguaranteed debenture transfer mode; Zopa belongs to the exclusive on-line denture transfer with risk reserves mode; PaiPai Dai belongs to the exclusive on-line partly guaranteed(by risk reserves and third-party respectively) mode; Hongling Chuangtou belongs to the off-line dominant self-guarantee mode with established risk reserves where there are no specifications of usage.The 3 chapter is divided into five sections. In section 1 by separating the mode of credit acquisition into on-line and off-line mode, from the industry regulators'point of view, the author analyzes the trend of Chinese on-line P2P lending.In section 2 by separating the control mode of credit risk into on-line and off-line management, from the angles of big data industry and credit investigation, differentiated operation. With the establishment of the credit system, large data industry, the credit industry continues to develop, and improve our credit system is conducive to the development of online credit risk control. Further discusses the trend of exclusive on-line P2P lending platforms. The author categorized the exclusive on-line P2P lending platforms by guarantee modes. and analyzes the development of different guarantee modes. Pure online unsecured mode of financial innovation in the true sense, as long as the pure online unsecured platform to constant innovation, as China gradually P2P network lending industry regulation strictly, it has its place in the development of P2P network lending industry. the exclusive on-line risk reserves is a financial innovation comparing to the pledge of bail-out, which is an indispensable link to the development of Chinese P2P lending industry.In Section 3 PaiPai Dai comparative analysis shows that PaiPai Dai market competitiveness and ability to grow rapidly, indicating that pure online P2P network lending model in our current environment, there is room for development.Comprehensive analysis of the previous 3 sections show that China's online network net borrowing does not have a clear competitive advantage in the current environment, but with the development of space, with the "Interim Measures," the implementation of large data industry, the credit industry continues to develop, our pure online P2P lending network future competitive advantage will continue to show up.Further discusses the trend of exclusive on-line P2P lending platforms. The author categorized the exclusive on-line P2P lending platforms by guarantee modes. and analyzes the development of different guarantee modes. Pure online unsecured mode of financial innovation in the true sense, as long as the pure online unsecured platform to constant innovation, as China gradually P2P network lending industry regulation strictly, it has its place in the development of P2P network lending industry. the exclusive on-line risk reserves is a financial innovation comparing to the pledge of bail-out, which is an indispensable link to the development of Chinese P2P lending industry.Section 4 describes the main conclusions. And analysis of the problems during the development of the exclusive on-line P2P lending industry. Such problems include the chaos of development path, the low survival rate of non-guaranteed exclusive on-line P2P platform, the rising number of troublesome P2P platforms and the under-establishment of the risk management.Chapter 4 is an summarize of the experience during the development of the exclusive on-line P2P lending industry. Then is a series of relevant suggestions on facilitating the development of Chinese exclusive on-line P2P lending platforms. Such suggestions include the establishment of ID registration, better mechanism of information collection; enhancement of the research of the platform, better design of transaction mode, establishment of credit rating system, better credit risk management; establishment of debt collecting mechanisms and industries. And the establishment of individual credit rating, societal credit system and the relevant supervision mechanisms and regulations of P2P lending are some suggestions for the government and governing authorities.