| Small enterprises occupy an important part of the national economy, and they have the features of small scale, poor anti-risk capability, low profitability and others. All those determine the small enterprises' demands for capital are "hurry, small and short". Facing the demands problems, the banks especially the nationalized banks may choose not to lend or meet just parts of the needs. Besides, there are also financing difficulties in the group of individuals especially the low-income population. Although, many banks have offered financial service for small enterprises and individuals, the huge demand has not been meet.In 2006, Muhammad Yunus, a economics professor, initiated and developed the "Microcredit" for poor entrepreneurs who could not obtain the loan from traditional banks. And the service as original of peer-to-peer lending, with the development of the Internet, turn out to be Online Peer-to-Peer Lending.Under the environment of Internet, trust becomes crucial in the lending platform, borrowers and investors. And the willingness to lend can make a direct decision to the success of the transaction. This paper analyzes the influences of the platform and borrowers on investors' trust and how investors'trust effects their willingness to lend. In order to explain the problems in depth, the author classifies the trust into affect- and cognition-based trust concerning on the trust theories.To solve those research problems, this paper adopts the combination of qualitative and quantitative research methods. First, review and summarize the domestic and foreign literature of online P2P lending and determine the research problems after communicating with my tutor. Then, build the theoretical model, propose research hypotheses and design the questionnaire. After a series of statistic analysis, we come to the research conclusions.This paper contains seven parts, three phrases and details are as follows:The first phrase is qualitative analysis, including the first, second, third and forth chapter. This phrase makes a theoretical research foundation for quantitative part. And the next phrase is quantitative analysis, including the fifth and sixth chapter. Based on the theoretical model and hypotheses, in this part, we design questionnaire and collect the data. And then, we apply the empirical test to the model and hypotheses. The last phrase is the seventh chapter and it is the conclusion. From the conclusions, we can know that:(1) In the platform aspect, the ease, the quality of service and the safety measures can enhance the investors' cognition-based trust. (2) The reputation of the platform has positive effect on investors'affect-based trust. (3) The borrowers'innovation will promote investors' cognition-based trust and the experience has positive influence on investors' affect-based trust.(4)Investors' affect- and cognition-based trust, willingness to trust and the satisfaction of transaction have positive effect on their willingness to Iend.(5) The willingness to trust and satisfaction of transaction have the most significant impact on investors' willingness to lend.According to the results, some suggestions can be applied to the online Peer-to-Peer lending for the better development. First, as ease of use is the embodiment of the professional ability, the platform can increase the investors' cognition-based trust. Second, make sure the information about lenders and platform itself is real and integrated and safety measures should be taken to protect the benefit of users. Third, Strengthen communication with users in order to enhance the closeness. Last, diversified investment product of high quality can improve investors' satisfaction in investment effectively.The innovation points of this research are the trust classification and focusing on borrowers' individual features. And the shortages of this paper include the limit of the sample size and the not comprehensive influence factors of investors' willingness to lend. |
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