Study On The Online Peer-to-Peer Lending Behavior Based On Information Asymmetry

In 2005, the world's first online P2P lending platform was born in Britain, then the new credit model was gradually developed in the world, now the foreign online P2P lending industry is operated under strict supervision, the development of the whole industry tends to be stable. In 2013, the concept of internet finance quickly hot up in China, the domestic online P2P lending industry expanded quickly and entered the public view in this background. By gathering small idle funds, it provides money for individuals, small and medium-sized enterprises and alleviates the financing problems in a certain extent. But the whole industry is operated under non threshold, non standard and non regulation which makes its experiencing barbaric growth. This thesis tries to study the transaction behavior problems of online P2P lending based on this phenomenon.First of all, the domestic and foreign literature research, the theoretical basis and defines the relevant concepts were summarized in the thesis. On this basis, the current situation and operating mode of online P2P lending industry of US, UK and China were analysed, and a comprehensive comparative analysis of the differences between the two was made, in which found that for lacking of social credit system, single operating mode, low information technology introduced, lacking of laws, regulations and the upper supervision, the whole market has being facing multiple information asymmetry problems.Secondly, the formation mechanism of principal agent, adverse selection and moral hazard behavior problems were analysed on the online P2P lending market based on the current situation, and the case of "e rental event" was taken as an example, the concrete forms of the principal agent problem between the lending platforms and the lenders were analyzed. Then, the signaling game mode was introduced and the the game behaviors between the lenders and the borrows were analysed.The study found that the borrowers'applying information can play the role of signal transduction, the credit audit can play the role of screening information, and improve the borrowers' information cover costs and provide collateral can form a corresponding incentive mechanism. Then a Logistic regression mode by using transaction data from the online P2P lending platforms was constructed and an empirical study on the factors of the borrower's credit behavior was made.The study found that the borrower's basic information like gender, education, the borrower's credit information like history information, credit rating and the loan contract information like loan types, loan interest rate, loan period are related to their overdue behaviors, so as to find out the influencing factors of loan risks on P2P lending market from the P2P intermediary lending platforms' perspective.Finally, the conclusions were summarized in the thesis and the corresponding measures and suggestions from three angles were put forward: the lender, the online P2P lending platforms and the supervision level. The lender should be strengthened from the aspects of the P2P platforms' background, qualifications, mode of operation, interest rates to reduce the risks from the P2P platforms; the intermediary platforms should perfect the credit evaluation system, construct the guarantee system and strengthen information disclosure to reduce the risks from the borrows; the government departments should establish a multidimensional regulatory system to constrain the online P2P lending platforms' behavior and provides a healthy internet financial ecological environment for the online P2P lending industry.