| 1.The small and medium-sized enterprises can not still get funding easily from the traditional institution in nowadays.Meanwhile the upgrade of consumption brings the huge demand of funds.And Peer-to-Peer network lending as a new model of financial service obviously lower the entrance of investment and brings the investor great amount of profit.The platform also satisfies the demand of funds.This method fits the exhortation that financial needs to service the real economy.2.P2P network lending has developed for about ten years in China.The development of P2P in our country may divide in four parts.They are explroration,development,brutal growth and standardization.At the start time,various kinds of illegal platform and incident appeared because the laws and regulations for P2P were not perfect.But the last year was the year of specification for P2P lending platform.For now,our country already had policy about depository of funds,disclosure of information and record.The number of legally platform reduce to 1931 in the end of 2017 because the issue of more laws and regulations which were about industry of P2P lending.And according to the regulation which published in 2017.8.24,all of the platform should reveal the information of borrower and project.Publishment of this regulation means more information the investor can get in the platform and the kind of information become more similar.Even if the same kind of information,the influence to lending rate is still different.Under such a circumstance,this article starts researching.3.First,this article integrate the past literatures which are about the development of P2P network lending.And we find the past literatures did not attach importance to the timeliness,the number of platform and the classification of the platform.Then,the article expounded the theory of asymmetric information and the problem happened in P2P platform.This part gives the theoretical basis of the article.And this part also research the history and current situation of P2P network lending.Then divide the different range of platform in five parts,and we researched them.Next part is the empirical analysis.In this part,the article innovatively chose four platform and their background are different.they are MaDaiLiCai whose background is country-owned assets,LianJinSuo whose background is listed company,RenRenDai whose background is VC and 91WangCai whose background is private funds.The explained variable is lending rate.But for the explanatory variables,the article divides into common factors and unique factors.And all the factors are described in statistical way.Then this article use SPSS to judge the correlation of all factors and remove the unqualified factors.After that this article construct multivariate linear regression model for four platforms and inferred the different influence between the four platforms.4.The results of this article are as follow:First,there are still some platform do not reveal the information which the regulation required.The platform whose background is country-owned assets and private funds reveal less information than the other platform due to the different reasons.Then common factors affect the rate are different because of the different background between all the platforms.As for the information on borrower,credit rating and rate are positively correlated;female borrower are discriminated against;the correlation between age,marital status,working area and interest rates is different.education background,income and rate are negatively correlated.As for information on item,the correlation between amount and rate is different because of background.Loan period and rate is positively correlated.In last part of this article,we give the suggestion from the perspective of lenders,borrowers and platform.And the suggestion which is for platform constitutes of theory and outcome of practice. |
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