On China's P2P Information Disclosure System

P2P,as an Internet financial business,has been developing gradually in China since the birth of China's first P2 P online lending platform in 2007 and witnessed explosive growth in2013.P2 P network lending has won the favor of the majority of small and medium-sized enterprises due to its advantages of higher financing speed,lower financing cost,wide range of financing objects,convenient operation process and so on.Compared with the traditional financial lending model,P2 P online lending provides relevant lending information for the demander and the funder through the establishment of a capital lending platform.The birth of P2 P online lending platform alleviates the financing problem of small and micro enterprises to a large extent,satisfies the unmet demand of traditional financial lending in small and medium enterprises for small loans,and plays a great role in promoting the development of modern social economy.Behind the P2 P network loan boom,the problems of platform running and fraud have emerged in an endless stream.As of February 2019,the number of platforms in the P2 P online lending industry reached 6,555,of which 5,497 were closed and the number of problem platforms.1058 homes,the number of closed and problem platforms is five times the number of normal operating platforms.The chaos of the P2 P network lending industry has directly pushed the industry to the forefront of public opinion,and the image of the P2 P industry has suffered tremendous losses.In this context,the state issued a series of normative documents to clarify the nature of the P2 P network lending platform,and initially established the information disclosure system of the P2 P network lending platform,in order to protect investors' rights and interests,standardize the development of the industry,and lay a solid foundation for long-term supervision.On August 24,2017,the CBRC issued the Guidelines for Information Disclosure of Business Activities of Internet Lending Information Intermediaries(hereinafter referred to as the Guidelines for Information Disclosure),setting specific standards and requirements for information disclosure of P2 P network lending platforms.Focusing on the disclosure indicators established in the Guidelines for Information Disclosure,this paper chooses 60 platforms with relatively perfect information disclosure as analysis samples,uses the method of empirical research and literature analysis to analyze the latest information disclosure ofP2 P platforms.This paper will focus on discussing the current situation of information disclosure of China's P2 P online lending platforms and improving countermeasures.The first part of the article first introduces the necessity of constructing a P2 P information disclosure system.Through literature research,the author finds that the reason why we need to establish information disclosure system in the field of P2 P network lending is that information,especially financial information,is asymmetric,and the two sides of capital lending can not exchange information effectively,but that the financial information intermediary platform has its particularity compared with other information intermediaries,and that finance is uncertain,public and sudden.Secondly,the information released on the financial information intermediary platform must conform to certain norms in order to ensure the orderly development of financial order.The second part of the article focuses on the content of the information disclosure system.From the aspects of the regulatory body of the platform,the nature of the platform,the regulatory framework of the platform,the content of information disclosure,the subject of information disclosure and the responsibility of responsibility,the author draws on the experience of the United States and the United Kingdom.The practice is reviewed in light of the actual situation in China.In the third part of this paper,we collect and collate 70 indicators of four kinds of information of 60 P2 P network lending platforms by empirical research.We quantitatively and qualitatively analyze the current situation of information disclosure of P2 P in China,and also found that the current P2 P information disclosure in China has problems in that the interests of both parties are difficult to balance,the truthfulness of information disclosure is difficult to verify,and the central bank's credit report is difficult to obtain.Combined with the above empirical analysis results,the fourth part of the paper puts forward some suggestions for improving the information disclosure status of P2 P network lending platform and promoting the healthy development of the market.First,establish the supervision principle with investor protection as the core.Second,build Anti-fraud is the core information disclosure accountability system;third,improve the credit information sharing as the core of the credit information system.