Reasearch In The Efficiency Of The Peer To Peer Online Lending Platforms

Peer-to-peer online lending,also named p2 p lending,is one of the direct peer to peer financing mode between specific subjects which is based on particular platform.With the increasing development of the Information technology of the Internet,being a new financial model,the p2 p lending has risen rapidly all over the world and achieved great progress.Based on the Internet,the first domestic p2 p peer-to-peer online lending platform “paipaidai” is setting up in 2007 in Shanghai marks the formal establishment of this business model in China.Since the first year of the Internet Finance-2013,the p2 p lending industry has experienced an explosive growth in terms of the scale of the lending,the amount of platforms as well as funds raised.The p2 p lending industry has exerted a great influence on the operation of the macro economy and the investment decisions of the residents gradually.Therefore,how to measure the efficiency of the p2 p lending platforms in a scientific way has become a very meaningful topic.But since 2016,the p2 p lending is in trouble.Many problematic platforms have appeared which bring negative effects to investors and the financial market.With the introduction of regulatory policies,many inefficient platforms will exit this industry.Therefore,the efficiency of the p2 p lending platforms have become the focus,the efficiency of the platform not only reflects their operational performance and competitiveness,but also represents the utilization of the resources.By reviewing domestic and foreign literature about the p2 p online lending,this article summaries the deficiencies of the previous studies and make the research from the qualitative and quantitative perspective.The paper first introduces the characteristics and typical models of the p2 p online lending and defines the efficiency of the p2 p lending platforms.Then we use the data envelopment analysis as the empirical method and give a basic introduction to it.Besides,we use the web crawler to grab the trading data from the website and construct the evaluation index system.By calculating the static and dynamic efficiency of the p2 p online lending platforms,we use the panel data model to analyze the factors that influence the total factor productivity.At last,we divide all these platforms into four kinds and elaborate their features respectively.Through the analysis of the empirical results,the main conclusions of the paper are shown as follows.1.The overall efficiency level of the platforms is high,but less than half of them reach the standard of DEA efficiency.There is still great room for improvement;2.Scale economy doesn't exist on most of the platforms,the scale efficiency of the lending platforms first rises and then falls;3.For the majority of the platforms,their total factor productivity rises gradually,a few fluctuate greatly;4.Among the factors that affect the productivity,the amount of lending,the time of the lending and the leverage are significant variants;5.According to the efficiencies of the platforms,they can be grouped into four kinds.At last,based on the empirical results and analysis,we proposes the suggestions for the development of the p2 p lending,summarize the deficiencies of this paper and look forward to future research.