Research On The Risk And Regulation Of Peer-to-Peer Lending

In recent years,Internet finance has been rising rapidly as a new type of financial model.But in process of its development,Internet finance also faced a variety of risks.Especially,a large number of risk events occurred in the fields of peer-to-peer lending,which directly affect the stability of China's financial system.The reason is mainly due to the lack of the supervision.So,how to identify the risk of P2P lending and to dispose the risk events,is becoming more and more important to both P2P lending operators and regulars.Now,most studies on P2P lending focus on the risk using qualitative analysis,and there are few quantitative researches,which focus on the borrowers' qualification and overdue rate.The measurement of the comprehensive risk and rating is absent.Therefore,based on introducing the development and status of P2P lending,this paper analyses the information technology risk,market risk,credit risk,liquidity risk and legal risk of P2P lending platform.Then,Following comprehensiveness,importance,objectivity and operability principles,using analytic hierarchy process to construct the network platform overall risk quantitative measurement model.Afterward,this paper uses the data of 50 P2P lending platforms to evaluate theirs risks,further on,choosing three typical platforms to analysis its characteristics and verify the validity of the model.Finally,based on the quantitative evaluation of each platform,this paper puts forward some policy suggestions,such as issuing relevant laws,clarifying the main body of supervision and perfecting the construction of personal solicitation system,and providing the basis for supervision.The main innovations of this paper are mainly embodied in the following three aspects.Firstly,from the perspective of research,most of studies are based on the risk assessment of the borrowers of the P2P lending platform to assess the overdue or bad debts of the lenders.This research is mainly aimed at the identification of the overall risk of the P2P lending platform,for reference of the investors.Secondly,from the methods of research,previous studies using qualitative analysis,or simple descriptive statistics to analyze the network loan platform risk,this study uses the analytic hierarchy process to build a model for the overall risk of quantitative measurement model.Thirdly,from the research content,this paper constructs the judgment matrix,and transforms some qualitative indicators such as legal and reputation risk,transparency of platform information into quantitative measurable indicators when constructing the overall measurement model of P2P lending risk.It is hoped that this research will play a certain reference value for the development of the P2P lencding platform.