Research On Risk Screening Of P2P Online Lending From Platform Participation Perspective

With the development of Internet technologies such as big data and cloud computing,the financial model is also evolving.The rapid growth of P2P online lending make it a representative Internet financial model.P2P online lending is defined as "Peer to Peer" lending,which emphasizes decentralization,namely,the direct connection between individuals without intermediary.The P2P platform connects borrowers and investors who don't know each other directly.Borrowers release loan list on the platform,disclose personal information as a representative of its credit signal,then investors through borrowing list,choose their preference to bid.Because of convenient and lack of collateral,this new type of lending model is favored by many "long-tail" borrowers who are rejected by the traditional banks and financial institutions.However,in the process of realistic development,because of the existence of asymmetric information and social credit system is not yet perfect,the "long tail" credit risk problem in the P2P lending become the key factors restricting its development.Based on the perspective of P2P platform,this paper focuses on the responsibilities,tools and means taken by the platform in the process of screening credit risk.First of all,this paper introduces the current situation of the risk problem of P2P online lending,and points out that it is a key challenge in the operation of the platform to screen the borrowers' credit risk,and this is also the main content of this paper,furthermore,we analyze the causes of credit risk from different aspects.Secondly,this paper analyzes the mechanism of credit risk screening and puts forward theoretical hypotheses from the level of responsibilities,tools and means of platform risk control: The platform needs to undertake the responsibility of credit endorsement and risk screening on the basis of information matching;Unlike traditional investment Banks,the tools of platform are the credit rating and risk control system based on big d ata and artificial intelligence;the means are deep mining information,such as historical trading tracks,which can help to price risk more accurately.Finally we empirically examined the above conceptual framework with 141836 sample data from Paipaidai.com by STATA 13.0,the results show that: Firstly,the "credit endorsement" based on risk screening is the responsibility of P2P platform.Secondly,the risk control system based on big data is an important screening tool for P2P platform,and its credit rating c an explain the default risk which "intuitive information" fails to express.Finally,the analysis of "track of behavior" of borrowers is an effective means of risk control.This study highlights the special significance of technology in the Internet financial market and provides a useful inspiration for the operation and competitive strategy of P2P lending platforms.In addition,this paper put forward effective suggestions on for the development of the P2P lending from the regulatory level.