An Analysis Of The Bi-nature Of P2P On Inclusiveness

With the continuous innovation of Internet technology,P2 P online lending is a new innovative financial model which is the combination of Internet technology and traditional small loans.It breaks through the barriers of traditional financial system.To a certain extent,it eases the financing problems of small and micro enterprises and individuals in traditional finance,breaks the limits of time and space,and increases the public's right to equal access to financial services.The investors who demand for fund and the borrower deal directly through P2 P online lending platform.It reduces the borrower's financing costs and allows more small enterprises and individuals can be incorporated into China's financial system and enjoy financial services.P2 P online lending provides a new financing channels for the majority of the people,changes the situation of the small enterprises which are in the traditional financial exclusion situation and make the enprises' funds more flexible.At the same time,P2 P online lending can make better use of social idle funds and increase the investor's investment choice.The investment direction is not confined to the shares,funds and other financial products.P2 P online lending can also bring huge returns to the capital owner.However under the surface of P2 P online lending which is named inclusive finance,there is the existence of traditional financial discrimination.For example,familiar with the online trading process of online sellers and people with a clear and stable job obtain loans easier than farmers and the unemployed,young people are more difficult to obtain loans compared to older people and female borrowers are more likely to gain the trust of investors and get the money they need.Different identity characteristics of the crowd's financing costs are also different.Farmers and the people without a fixed income have a heavier burden on financing costs.Online lending platform has a self reinforcing effect of discrimination.The successful experience of financing will increase the probability that the old borrowers can obtain the loan again.For the new borrowers,because they have less experience on the platform,they financing success experience is relatively small.It is difficult to obtain loan for them.Thus,the P2 Ponline lending don't seem to be friendly.Still there is discrimination behind the inclusive finance.In the first chapter of this thesis,we study the current situation of P2 P online lending through reading the relevant literature and find that the previous studies of the P2 P online lending more emphasis on the aspects of its inclusion.In the second chapter,we analyze the related factors of P2 P online lending problem through the analysis of the related theories of information asymmetry,moral hazard and Financial Exclusion.The third chapter analyzes the current situation of the development of China's P2 P online lending based on the relevant data of the development of P2 P online lending in recent years and expounds the characteristics of its inclusive through the comparison with the traditional finance.The fourth chapter is empirical analysis.We elect 11 variables to study the problem of P2 P online lending discrimination based on the collected data.They are career,age,gender,borrow level,number of history successful,information authentication score,data authentication score,loan amount,loan interest rate,loan term and time value.In this paper,bivariate regression model Logistic is used to study the problem.In the fifth chapter,we put forward some suggestions to the P2 P online lending industry and the national macro-control policy on the basis of the empirical analysis.