Research On The Credit Risk Of P2P Online Lending Platform In China

In recent years,the rapid development of Internet technology and mutual integration with the traditional financial industry has formed an Internet financial emerging format—P2P Online lending.Nowadays P2 P Online lending has become the effective channel for easing the financing difficulties of small and medium-sized enterprises and P2 P lending platforms have also been indispensable segment as borrowing intermediaries.At present the number of P2 P platforms has surged with the rapid development of the P2 P Online lending industry and the crisis of running away and collapse has occurred frequently.The repeated outbreak of platforms' credit risk is becoming a serious threat to P2 P Online lending and even the entire financial industry.Therefore,the research on the credit risk of P2 P platform in China is particularly urgent and is of great significance.This article studies the credit risk of P2 P platform from the perspective of reputation mechanism in the game.The whole paper consists of six chapters,which can be divided into four parts.The first part is the introduction of the first chapter.Firstly,it introduces the research background and significance of the topic and then reviews the relevant literatures at home and abroad.Finally it introduces the research contents,research methods and technical route.The second part is the second chapter and the third chapter,which is the analysis of the current development situation of the platforms.The second chapter mainly introduces the operation mode of the P2 P lending platform in China,including the connotation of the P2 P lending,the process of the development process and the analysis of the operation modes.The third chapter analyzes the credit risk of P2 P platform,including the connotation,the cause and the harm of credit risk.The third part is the fourth chapter and the fifth chapter,which is the modeling analysis mainly.The fourth chapter constructs the theoretical model of the incomplete information repeated game and draws the conclusion.On the basis of the fourth chapter the empirical model is established to prove the validity of the theory in the fifth chapter.The fourth part is the sixth chapter,which summarizes the analysis of the theoretical and empirical models and puts forward the corresponding policy recommendations for the credit risk of P2 P platform in China.The following conclusions can be concluded through the above research: Firstly,the essence of P2 P Online lending is the game between multiple participants and the P2 P platforms are the key hub of the game;Secondly,the credit risk is the main riskfaced by the P2 P platforms and the essence of the collapse and running away of the platforms is the outbreak of their credit risk;Thirdly,the reputation mechanism can rein in the credit risk of the P2 P platforms effectively,which is also the inherent law in the process of P2 P lending;Fourthly,the role of reputation mechanism requires certain internal and external environment and a perfect construction of the system is the strong support and full guarantee.The innovations of this paper are mainly embodied in two aspects.Firstly is the innovation of the perspective,it can clarify the operation and be more able to watch at the root of the problem—the credit risk of P2 P platform so as to suit the remedy to the case and put forward really effective policy recommendations.Secondly is the theoretical innovation,the combination of the reputation and game theory has been applied to the research of credit risk,which has certain referential significance for the development and innovation of reputation theory,game theory and credit risk theory.