Study On The Risk Control And Information Disclosure Of P2P Lending Platforms In China

Until the end of 2015,the total number of peer-to-peer(P2P)lending platforms has reached 2,595.Notably,because of limited external regulation and weak operation capability of P2 P platforms themselves,the number of problematic platforms and scandals has kept increasing in recent years.More importantly,the survival environment of P2 P platforms becoming more and more severe as the regulation such as requirement of the limitation of loan amount,entry qualification as well as information disclosure are being strengthened in recent years.In the future,the healthy and sustainable development of P2 P industry would depend on the improvement of operation capability of P2 P platforms.Based on the definition of key concepts and literature review,first of all,this dissertation summarizes the recent status and feature of P2 P industry in China.Secondly,the economic reasons of the developing of P2 P industry in China are analyzed from the perspectives of the development of internet technology and unbalance of finance supply and demand.Thirdly,based on the present status of P2 P industry in China,we point out that the healthy development of P2 P industry depends on the operation of P2 P platforms whose core capabilities are risk control and information disclosure.Finally,based on the self-situation of platforms and the characteristics of players in platforms,we develop ideal frameworks of risk control and information disclosure of P2 P platform and point out the relationship of both parties,and apply frameworks to analyze the operation of two representative platforms.Our results are as follows.Firstly,the mismatch between the huge demands from SMEs and consumers and the poor finance supply and the promotion of internet financing are two key reasons for the emergence and development of P2 P in China.Then,based on the analysis of situation and problem of P2 P industry in China,we find that the sustainable and healthy development of P2 P industry in the future will highly depend on the improvement of operation capability of platforms acting as ‘information intermediary',and that risk control and information disclosure are two key determinants of operation capability of platforms.Thirdly,based on the recent supervision policy,we develop ideal frameworks of risk control and information disclosure,respectively,and then illustrate the complementary roles of them in improving the operation capability of platforms.Finally,we conduct application analysis on risk control and information disclosure of PAIPAIDAI and AIHURONG,which are representative platforms in China.The results provide insightful guidance for both the operation of small/medium platforms and the healthy development of whole P2P industry in China.