Empirical Research Of Investor's Rate Discrimination Against P2P Lending Plartform Of Different Ownership

Based on the effective integration of internet technology and financial services,internet finance accelerates the transformation of traditional financial industry with a kind of innovative financial forms,which has attracts wide attention from all fields of society.As a typical representative of the current Internet finance,P2P lending both satisfies the market demand for capital,and Improve social benefits,which is the development tendency of the future financial services.But due to the unclear legal regulation,industry positioning,and low information transparency,P2P lending industry faces great risk.Then investors' choice for P2P lending platform is crucial,and moreover studying investors' rate discrimination against P2P lending platform of different ownership in the act of borrowing behavior also has the practical significance.Rate discrimination is a kind of common phenomenon in the financial markets,but compared with traditional financial,there exists no corresponding research on rate discrimination against P2P lending platform of different ownership.Considering that most ownership issues in other fields center on private enterprise and the others,this paper subjects on rate discrimination between private P2P lending enterprises and other P2P lending enterprises.With P2P lending industry sample data of December 2016 from officialwebsite of Online Lending House,the paper selects investment information and basic information of P2P lending platform as variables to analyze the existence and rationality of rate discrimination against P2P lending platform of different ownership.The empirical results show that the investors' rate discrimination against P2P lending platform of different ownership exists in the act of borrowing behaviors,and by contrast with non-private P2P lending platform,investors have rate discrimination against private P2P lending platform.On the basis of above empirical results,the paper further analyzes the rationality of above rate discrimination,which conclude inspection of rate discrimination in P2P lending industry and independent inspections of rate discrimination in private and non-private P2P lending platform.The test results show that in the P2P lending industry,the rate discrimination is irrational.Moreover,the rate discrimination in non-private and private P2P lending platform are both irrational.Borrowing rate has negative correlation with rate of bad debts in private P2P lending platform,but has no correlation with that in non-private P2P lending platform.