Empirical Research On The Determinants And Effects Of Secondary Transfer Efficiency Of Investors’ Claims In Peer-to-Peer Lending

With the rapid growth and increasingly competition of P2P lending in China in recent years,more and more P2P platforms have began to launch a secondary transfer function that the investors can sell their invested P2P products via the platforms.In other words,P2P platforms offer a secondary market for the primary market of the original P2P products.For investors planning to invest in the secondary market,they can observe the “tender” information,the record of historical transfer transaction besides of the basic information about the lenders and lending projects.Whether the disclosed information has reference value for the newly investors and how the information affects the secondary transfer efficiency of investors’ primary claims would be important both for the investment decision of newly investors and for the operating decision of P2P platforms.More importantly,the efficient transfer of investors’ claims would be helpful for platforms to promote transaction efficiency of newly increased P2P lending.Based on the introduction of research background,literature review and the introduction of the transfer mechanism of P2P investors’ claims,this dissertation uses the crawl data from PPDai.com during Feb.2016 and Mar.2016 to examine two issues.Firstly,how the disclosed information especially the bidding information about primary transaction and historical transaction records of other creditors’ rights determine the transfer efficiency of creditor’s rights.Secondly,whether the secondary transfer efficiency of investors’ claims will affect the bidding activeness of the follow-up P2P lendings.The results show that after the opening of the machnism for investors to transfer their claims,three types of disclosed information,the bidding in the primary market,the historical transfer records in the secondary market and the characteristics of transferred P2P products itself,would have a significant impact on the transfer efficiency of investors’ claims.Sepecifically,the primary P2P projects with higher bidding fever,lower bidding concentration,more active historical transferring transactions and shorter remaining period would exhibit a higher transfer efficiency,which is measured by a higher possibility of successful transfer,a shorter successful transfer time and a higher transfer premium.Further,the higher the transfer efficiency is,the more active thefollow-up primary P2P lending in next day is and the shorter both the interval per capita investment and the hour of full-scale success are.Overall,the empirical evidence indicates that the improvement of the transferring or cash conversion efficiency on investors’ claims in P2P secondary market will be beneficial to promote the matching of newly P2P transactions and the development of P2P platform.