Two-sidedness Test Of P2P Lending Platform And Its Policy Implications

With the rapid development of the Internet Finance,P2P network Lending begun to ascended the stage of history in 2005,and the world's first P2P lending platform was born in Britain.In 2007,the first P2P lending platform "paipai" was launched in China,which made a new type of financing way come into the world.Because of the lack of regulation,the P2P network lengding was bought cruel grow.P2P lending entered into a period of unprecedented change at the end of 2013.During this period,there were many P2P lending platforms closed down,and the suspicion of P2P online lending was incessant.In this context,this paper hopes to explore the economic implications of P2P lending.After makes a literal review,we find that scholars mainly study the influence of the information disclosure on P2P lending at the angle of asymmetric information,and there are none study based on P2P lending operation mechanism and economic theory.Therefore,the research in this paper is relatively new of Internet finance,especially on P2P lending stduy.On the P2P lending platform,the borrowers need to provide the necessary personal information,and they can borrow money on the platform when the P2P lending platform verify their information.The lender need to lend money on platform.So the P2P lending platform is a typical trading intermediary,which connects to two classes of users.Therefore,this paper intends to verify the bilateral market characteristics of P2P lending platform and makes further guide to P2P lending platform by bilateral market theory.This paper verifies the bilateral market characteristics of the P2P lending platform,namely the price structure is skewed,bilateral user requirements is complementary,bilateral user gains have heterogeneity and network externalities.This paper researches P2P lending platform has network externality which is the remarkable feature of Two-sided market using data from a representative sample of Renrendai from 2014/1/1 to 2014/12/31.The results show that P2P lending market has both negative self-network externality,a positive cross-network externalities for borrowers and loaners.Further,this paper find the positive cross-network externalities is good for platform,but the negative self-network externality does harm to platform.Finally,this paper makes suggestions on promoting the P2P lending platform development,including form the scale effect through optimized price structure as well as the maximum crowding effect,and improve the mechanism of credit certification and establishing credit information sharing mechanism.