The Effect Of Information Disclosure In Online P2P Lending Market

In recent years,online P2 P lending market has developed rapidly,causing widespread concern in the community.By the end of 2015,China's online P2 P lending platform has reached 2595,the annual loan volume close to 1 trillion yuan.Online P2 P lending meets the great needs of China's private financing and investment,and plays an important role in the promotion of financial development.Information asymmetry problems will constrain the financing efficiency of the loan market,and trigger the issue of financial discrimination.Scholars agree that information disclosure is an important way to alleviate the problem of information asymmetry,so this paper will study the impact of information disclosure on the performance of financing,to explore how borrowers' personal information and risk levels impact on financing performance? What are the impacts of the credit rating system on financing performance? Can platform information disclosure be mitigating financial discrimination?This paper puts forward the research hypothesis based on the research literature of the predecessors and the development of online P2 P lending,and makes an empirical research on the research problem from the information asymmetry theory framework.In this paper,we use the web crawler technology to obtain the real loan transaction data of PPDai.com.We set up logistic regression model and OLS regression model to explore the impact of credit rating,borrower personal characteristics and other disclosure information on financing performance.Furthermore,in order to deeply study the impact of the credit index system on the financing performance,this paper adds the credit evaluation index variable to the logistic regression model and the OLS regression model.Based on the previous two studies,this paper divides the risk level as the information disclosure level,and uses the risk level as the control variable to study the change of the personal characteristics information such as gender,identity and age in the Logistic regression model.According to the results of the study to test whether the degree of information disclosure can ease the network loan market in the case of financial discrimination.This paper has obtained the following main conclusions through the above empirical research:First,we find that the risk level is an important factor affecting the borrower's financing results and it interacts with the loan interest rate and the amount.At the same time,there is an identity and age bias in the overall online P2 P lending market,and there is no gender discrimination problem.In addition,uploads the photo will raise the probability of getting the loan,but the borrower who uploaded the photo usually pays a higher interest rate.This indicates that the borrower who uploaded the photo is unreasonable in setting interest rates and can appropriately reduce the interest rate.Second,we find that identity certification can not only help borrowers to raise the probability of getting funded,but also reduce the interest costs,the borrower with video certification and accreditation is unreasonable in setting interest rates and can appropriately reduce borrowing rates.P2 P lending platform needs to improve the mobile phone certification function,so that it can play an effective role.We also find that the borrower's good borrowing and investment history can indeed act as a reputation for the impact of financing results,a good reputation not only make the borrower easier to get funded,but also reduce the cost of financing.Thirdly,we find that the impact of borrower identity and age will be weakened with the decrease of risk level,and at low risk level,the influence of various labels such as age,sex and identity becomes insignificant,this shows that the degree of platform information disclosure can really alleviate financial discrimination.This study has some significance in both theoretical innovation and management inspiration,which not only enriches the theoretical research of P2 P network loan in China,and will also provide some useful management suggestions for market supervisors,P2 P operation platform and online loan users.This has certain practical and guiding significance for perfecting and standardizing the information disclosure system of P2 P loan market.