Research On The Factors Influencing The Default Rate Of P2P Online Lending Between China And The US

P2P online lending is an innovative operation mode that meets the needs of small and medium-sized enterprises and personal loans.It does not take banks and other financial institutions as intermediaries,and makes small unsecured loans between individuals and individuals directly through the Internet platform.It has reduced that information asymmetry between the borrower and the creditor,raised the financing efficiency of the financial market,and thus aroused wide concern all over the country.However,as the P2P network is rising,the borrower's default is becoming more prevalent,and the default rate of the loan is rising,which is an urgent problem to be solved.Therefore,this thesis takes the risk of default of P2P online lending borrowers as the research object,and conducts empirical research on the impact factors of default risk by using literature research method,content analysis method,case study method,comparative study method and binary linear regression analysis method.In view of that fact that the P2P network loan risk system in US is perfect,we have a reference to our country,and we have some theoretical significance and practical value for the development of the P2P network loan in our country.This thesis first reviews the relevant theories of credit risk,introduces the development and main business model of P2P online borrowing in China and the US,and compares and analyzes the most representative P2P Lending platforms in China and the United States from the aspects of platform overview,scale of operation and product types.It analyzes that influence factors of default risk of P2P network borrower from the three aspects of loan characteristic,borrower characteristic and historical credit record.Then,the probit probability model is constructed by using the data provided by the two platforms.It show that that credit grade and working life of the borrower have obvious effect on the risk of default of the borrower.However,the loan amount has negative influence on the default risk of the borrower,and the impact on the default risk of Lending Club borrower is not significant.Borrowing duration and borrowing rate have a positive impact on loan default risk of Lending Club platform,and the impact on the default risk of borrowers on Ren Ren platforms is not significant.Finally,on that basis of empirical result,we put forward the suggestions of countermeasures against credit risk from three viewpoints of government,network loan platform and lenders,so as to improve the risk management level of P2P network lending in our country.