| Our SME account for 99% of registered enterprises nationwide, contribute more than 90% of GDP and more than 70% of Technological Innovation. Therefore, the sustainable growth of our economy is inseparable from the development of SME. Financial support is a prerequisite for the steady development of SME, but the financing problem is a problem affecting the most of SME, and it also has get attention by the national highest-level, while the traditional finance didn't gain breakthrough progress in solving the problem of SME'financing problem.With the progress of modern information and internet technology, many internet-based financial services emerged. In which, P2P (Peer-to-Peer) platform played an active role in alleviating the problems of financing for SME. As an innovative financial model, P2P not only provides a more efficient and convenient channel for both lenders and borrowers, but also an important complement to traditional credit market. The characters of China's financial markets make the P2P industry showing the early signs of differentiation, and various types of State-owned Department, the Department of Listed Companies, Bank-owned Department, Risk Control System and Private Department continue to emerge.Based on the existing literature, to further study the investing and financing behavior of SME loan on the P2P network platforms under different systems, this paper analyzes the present situation of P2P network platforms under different systems and the supports for SME. And then selects the Kingkaidai as the representative of the state-owned department and the Ideal Treasure as the representative of department of the listed companies as the research subjects. Combined with the P2P's features, this paper builds models using econometric methods to comparative analyze the investing and financing behavior of SME loan on both P2P platforms. Concluded as follow:Compared with the Department of Listed Companies, the State-owned Department more support the SME loan. Specifically the Department of Listed Companies account for higher propotion, the larger loan amount, the longer loan term, the lower financing cost and the duration of project is longer.About the factors affecting the financing costs of SME. The loan term, words of project description and other loan information have a significant influence on the loan rate on both platforms. Loan amount of Kingkaidai effects on loan rate is significant, the project type of Ideal Treasure also effect on loan rate; much more, different repayment method, pay-off source and loan history would have a significant influence on the loan rate on both platforms. While the impact to loan rate of Ideal Treasure by personal information of borrower is more significant.About the factors affecting the bidding numbers of SME loans. There are positive effect to bidding numbers of both platforms by the duration of full scale and loan amount; and the bidding numbers would decline by the higher minimum_amount; the loan rate has negative effect on bidding numbers of Ideal Treasure, and the project type of Ideal Treasure also effect on bidding numbers. In addition, the repayment information of Kingkaidai has insignificant impact on bidding numbers, therefore, different repayment methods and pay-off sources of Ideal Treasure would effect on bidding numbers. And security information and history information of both platforms have no significant impact on bidding numbers, while the impact to bidding numbers of Kingkaidai by personal information of borrower is more significant.About the factors affecting the investing enthusiasm of SME loans. The duration of full scale and loan amount of both platforms have a negative impact on the investment enthusiasm of investors; and the investment enthusiasm is expected to increase by the higher minimum_amount; the higher loan rate would stimulate the investment enthusiasm from Ideal Treasure, but has insignificant impact on Kingkaidai. In addition, different repayment methods and pay-off sources of Ideal Treasure would effect on investment enthusiasm, the nature of security agencies has a significant impact on investment enthusiasm, and the investors of both platforms are more keen on investing in the borrowers of below 50 years old.For the conclusion of the study, combined with the development situation of P2P network platform, respectively, this paper put forward relevant policy recommendations for the P2P network platform, financing SME and investors, to optimize the investing and financing behavior between SME and investors on the P2P network platform. |
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