The Research On The Influence Factors Of The Default Risk Of P2P Network Lending In China

Based on the analysis of the current development and risk of net loan,we study the characteristics of P2P net loan participants,including borrower,investor and net credit platform,then we build a utility function model containing three parties,to reveal the mechanism of default risk;Using the real-time data from Peer-to-Peer lending,we select 19 influencing factors which completely contains personal characteristics,work characteristics,credit characteristics and loan characteristics four aspect,to examine the factors of influencing P2P net loan default risk,with the application of binary ordered choice Logistic model.It shows that(1)P2P net loan suffers significant default risk and the average default rate is 4.88%,bringing tremendous welfare cost.Problem and bankrupt platform is increasing,and they are distinct spatial heterogeneous character;(2)the serve subject of P2P net loan is extensive,male and wage earners are the main forces involved.Though P2P net loan default risk is declined compared to previous studies,there are still some types of people have high risk,including men,low education,single and bad credit borrowers;(3)P2P net loan default risk is affected by many factors,there are different extent influenced by personal characteristics,work characteristics,credit characteristics and the characteristics of loan.We find that educational level,monthly income and credit rating plays a role of reverse inhibition on P2P net loan default risk,while work industry,overdue amount,payback period factors play a positive role.And age has a EKC effect on P2P net loan default risk:the default risk of people is greater when the age between 20 and 33,while lower default risk when the age between 33 and 60.On the basis of above conclusion,we put forward some suggestion that establish completely citizen credit system,to increase the borrower default costs;enhance the ability of identify risks of platform,to improve risk control measures;reinforce the construction of risk supervision mechanism,to create a green environment.