A Study On The Efficiency And Influencing Factors Of P2P Lending Platforms In China

P2P lending originated from private loans mode.With the help of Internet technology,social idle,scattered funds is lent to the people who is shortage of funds.As an innovation of the traditional financial intermediaries,P2 P network lending can not only broaden the financing channels for small and medium-sized enterprises but also fit the high-yield needs of individual investor.With the development of P2 P lending industry in China,some P2 P lending platforms are still alive and some are dead.This phenomenon reflects that the development of the P2 P lending industry in china is out of balance.Using a method to test efficiency of P2 P lending platform is not only full of theoretical significance but also full of practical significance.The DEA method is used to measure the efficiency of 332 P2 P lending platforms in this paper.In order to analyze the impact of different factors on the efficiency of the platform,a empirical model is established and the semiparametric estimation method in Tobit model is used to analyze the effects of different factors on the comprehensive efficiency of P2 P lending platform.Finally,the policy recommendations are put forward based on the empirical results.Firstly,this paper analyzes the current situation and summarize the main problems of P2 P lending industry in China,and draws a conclusion that P2 P lending industry in China has gradually returned to rationality after experiencing a period of explosive growth with high growth and high returns.We also find that there are still a lot of problems in P2 P lending industry,such as platform risk control measures.Secondly,DEA method is used to measure the efficiency of P2 P lending platform.According the results,only 8.3% of the platforms are valid for DEA.The minimum calculation result of technical efficiency is 0.04.From the scale of return rate of change,89% of the platform for the scale of return is increasing.So the platform should be appropriate to increase the scale.Thirdly,we use the Tobit model to analyze the factors that may affect the efficiency of P2 P ending platform.The dependent variable is the technical efficiency of the platform,The independent variables are the platform's characteristic elements,such as the platform's shareholder background and whether to join the Internet Finance Association and so on.Empirical results show that the factors such as the shareholders' background of the listed company and VC investments,join the association,funds be taken into custody by third party,creditor's rights transfer,the borrower concentration,and capital leverage have have significant positive impact on the platforms efficiency.The factors such as risk reserve,cooperated with guarantee agency,charging service fees and the investor concentration have have significant negative effect on the platform efficiency.It is noteworthy that shareholders' background of state-owned assets and banks,automatic bidding function,regional factor,cooperated with credit information department,and the length of existence time have no significant effect on the platforms efficiency.The research on P2 P loan platform efficiency is still in its infancy.In this paper,the measurement of the efficiency of the platform and the impact of factors is very preliminary.In the latter study,the DEA-Malmquist index can be used to analyze the total factor productivity change,the pure technical efficiency change,the scale efficiency change.The research on influencing factors can be exploited by deeply excavating the factors that affect the efficiency of the platform.