Research On P2P Lending's Regional Development Differences From The Perspective Of Institutional Environment

The maturity of new information technology,such as big data and cloud computing,speeds up the convergence of Internet and finance.Internet finance is beginning to emerge and develop a variety of business forms.As an important part of Internet finance,P2P lending has shown many advantages in the development.It solves the problems of narrow range of traditional private lending,difficulty in supply demand matching,high cost and the like,and realizes the function of payment,fund melting and information intermediary through the new information technology.In the context of the current global economic downturn,P2P lending as a new "direct financing market for Internet finance",have contributed to financial innovation in China and improved the financing situation of Small and Medium Enterprises(call SMEs for short).It is of great significance to promote the development of the real economy.However,in the process of the development of P2P lending,the difference between regions and the development gap between different regions is large,which will affect the coordinated development of P2P lending in various regions to a certain extent.The reasonable development of P2P lending in various regions is of great significance to widen the financing channels of SMEs,promote supply-side reform and improve the supply quality.Institutional environment is closely related to the regional differences in the development of P2P lending in China.The financial marketization environment,the political environment,the legal environment and the credit environment in different regions are quite different,which will influence the development of P2P lending to a certain extent.Therefore,it is necessary to study the regional differences of P2P lending' development from the perspective of institutional environment.This paper first introduces the characteristics of the regional development difference of P2P lending,combined with the reality of the unbalanced institutional environment in various regions.Then start from 29 provinces in which China's P2P lending data are relatively perfect(except Tibet and Qinghai),Using the new platform scale and the problem platform scale from 2012 to 2017 to reflect the development of P2P lending in different regions in different years,study the influence of institutional environment on the development of P2P lending.At the same time,the financial marketization environment,the political environment,the legal environment and the credit environment are taken as the key explanatory variables,use the variables related to the development of P2P lending,such as the degree of formal financial development,the social investment and financing demand,the regulatory policy etc.,s a control variable.Based on the characteristics of the data and the existing research,adopts the individual random effect form in the panel data model to carry out the whole sample and sub-sample regression,and finally reduces the sample size to test the robustness.In this paper,we find that in the legal environment of the full sample regression,the integrity environment has an overall inhibitory effect on the new scale of the platform and the scale of the problem platform;According to the samples,there are significant regional differences in the impact of the four institutional environments on the new scale of the platform and the scale of the problem platform.At the same time,the level of formal financial development,social financing needs and regulatory policies also significantly affect the regional development of P2P lending.Finally,this paper gives some conclusions and suggestions combined with the research theme and reality.