Research On The Operation Efficiency And Its Influencing Factors Of P2P Network Loan Platform Based On Three-stage DEA Model

As the product of financial innovation,Internet finance is the direction of financial development in the future.As one of its main forms,P2 P network loan platform can help enterprises or consumers to finance and borrow more conveniently and quickly.In recent years,due to the nonstandard internal management of the online loan platform,the lack and deficiency of the operation efficiency of the platform has been exposed,leading to the phenomenon of large-scale mine explosion and liquidation.The research on the measurement and influencing factors of platform efficiency can help the online loan platform to improve efficiency,is conducive to the healthy and effective development of the industry,and provides suggestions for the further development of Internet Finance and Inclusive Finance.In this paper,the Three-stage DEA model is adopted,and the P2 P network loan platform,which ranks the top in the volume of transactions in China,is taken as the sample.In the traditional DEA model of the first stage,the input index selects the balance to be repaid,registered capital,number of borrowers,number of investors and operation time,the output index selects the time of full bid,loan interest rate and loan amount;in the SFA model of the second stage,the environmental variables consider the internal and external factors,select the nature of the platform and the per capita GDP of the province or municipality directly under the central government,and adjust the input index ? In the third stage,the adjusted input variables are brought into the model to calculate the efficiency level after eliminating the environmental variables.Using this method can eliminate the interference degree of environmental factors to the measurement results.The empirical results show that the overall operation efficiency is not high after elimination,only a few platforms are effective.Compared with before elimination,there are many platforms with reduced operation efficiency.In general,there are great differences among platforms in the industry,and the phenomenon that platforms rely on environmental factors to cover up their own efficiency problems is more serious.Build Tobit model,further study the factors that affect the efficiency of P2 P online loan platform,select five variables of bank deposit,members of regulatory Association,bid security,management experience and loan subject to Tobit regression,and the results show that only members of bank deposit and regulatory Association have the ability to explain the efficiency value.The P2 P network loan platform with depository banks is more effective,the role played by industry associations is not obvious,and it does not play a regulatory role.According to the results of this study,it puts forward countermeasures and suggestions from the platform itself and regulators.For the platform itself,it is necessary to select appropriate depository banks to ensure the safety of funds and enhance the reputation of the platform;establish information disclosure mechanism to reduce information asymmetry;actively participate in the merger between platforms to improve the operation efficiency.For regulators,it is necessary to clarify industry standards,standardize and rectify industry associations,issue policies and enforce bank deposit,strengthen real-time monitoring of the platform,timely remind the corresponding platform of existing problems and implement relevant personnel to improve.In the process of developing Internet finance,we should not be separated from the contact with traditional financial institutions,adhere to the mutual development of traditional finance and innovative finance,and actively seek improvement and expansion within the industry.The government needs to improve the system and mechanism,strive to maintain the market environment,and promote the healthy development of the industry.