Research On The Impact Of Narratives To The Investors' Willingness To Lend In Online Peer—to—peer Lending

Since the establishment of the first P2 P network lending platform in 2007,the new lending mode of P2 P has been developing rapidly in China.According to ?the 2016 China online lending industry annual report? released by net loan home,the volume of net loan industry has reached 2,804.9 billion yuan in 2016.However,in the rapid development at the same time,along with the emergence of every kind of problem,the borrower cheating and not repayment timely,thus causing losses to investors,resulting in investor's investment will decline.In the net loan market,any part of loan can't see each others.Investor can get part of information only from Internet loan platform,and some of information will mot provide,because the patform must protect borrower secret.In the process of borrowing,when the patform can not provide all information to invest,investors will pay more attention to unverified subjective descriptive information as a basis for investment decisions.The purpose of this paper is to study the quantitative characteristics of information contained in the descriptive information the borrower would influence investors lending will,much faster to help borrowers to raise funds,to help investors find better investment targets,to promote the development of P2 P net loan platform robust and health.In this paper,the relationship between the amount of information contained in descriptive information and the willingness of investors to lend is studied by using data from the platform of Internet lending platform.First,through theoretical analysis,this paper puts forward the research hypothesis of the influence of the amount of characteristic information in the loan description on the investor's willingness to lend.Secondly,two terms of the number of feature information SUM are added to the panel model,and the panel model is used to qualitatively analyze the nonlinear relationship of the research variables.Finally,after obtaining the conclusion that the two does have nonlinear relations,the panel threshold model is used to quantitatively analyze the nonlinear relationship of the research variables.The empirical results show that there is a nonlinear relationship between the number of characteristic information and the investor's willingness to invest.When the time required for full scale(LNSECOND)as the dependent variable and panel regression feature information model number(SUM)of the two coefficient is significantly positive,when the number of bidders(BIDS)as the dependent variable and panel regression feature information model number(SUM)of the two coefficients are significantly negative,indicating when a small number of feature information,investors will rise with the increase of the number of feature information,and when the number of feature information,investors' willingness to invest is reduced with the increase in the number of feature information.For further quantitative analysis on the relationship between the two,using the panel threshold regression model,the dependent variable is whether LNSECOND or SUM,the number of feature information in less than 4,increasing the number of feature information will increase investors' willingness to invest,when the number of feature information is greater than 4,increasing the number of feature information will reduce investment wishes.