Research On P2P Loan Platform Operational Efficiency And Its Influencing Factors—Based On Three-phase DEA And Tobit Model

After experiencing industry reshuffle and depth adjustment,most of the surviving platforms are exploring the future development path of the P2 P online lending platform,and more and more research is being conducted on the P2 P online loan platform in the academic community.Although in the past two years some scholars have begun to pay attention to the research on the operating efficiency of online lending platforms,many existing studies focus on the calculation of efficiency.Few articles can analyze the factors that influence the efficiency.At the same time,the industry research on the car loan platform of the sub-industry of the online loan platform is even rarer,which leads to the study of the operating efficiency of the car loan platform and its influencing factors.Efficiency is an important index used to measure the market competitiveness of enterprises.To explore the changes in the efficiency of P2 P online loan platform and the influencing factors have important reference value for the development of the platform itself.This paper uses the three-phase DEA model to conduct an empirical study on the operating efficiency of 24 P2 P car loan platforms in China in 2017.In the one-stage DEA model,the average profit and borrower are selected as input indicators,and the transaction amount and number of investors are used as output indicators.In the two-stage SFA model,the operating time,development index ranking,and platform attributes are used as environmental variables.The slack variables of the input indicators are studied.The empirical research results show that the operating efficiency of China's P2 P vehicle loan platform is not high overall,and the operating efficiency of most platforms is in an inefficient state,which is mainly affected by the scale efficiency.In the study of environmental variables,there was a significant negative correlation between the development index rankings and the two input indicators;operating time had a significant negative impact on the difference between the average interest rate and the number of borrowers;the platform attributes had a significant effect on the average interest rate differential.Negative effects have a significant positive effect on the difference in the number of borrowers.This article further constructs the Tobit model from the micro perspective of the auto loan platform to empirically examine thefactors that affect the operating efficiency of the P2 P vehicle loan platform,and selects the four factors of joining the Internet Finance Association,ICP certification,the average interest rate,and the depository of the bank as independent variables.The regression results show that : Acquiring ICP certification and joining the Internet Finance Association is positively related to operational efficiency,and interest rates and bank depository and operational efficiency are not significantly related.According to the above conclusions,this paper puts forward feasible measures for the industry characteristics of the car loan platform from the platform itself and the regulatory agencies.The platform itself,first,to develop a reasonable interest rate range,making the platform to healthy and stable development of the second is to establish information disclosure mechanism to improve its own credit rating system to enhance the platform management level;Third,improve the internal audit system to prevent Platform funding risk.For regulators,it is necessary to clarify the industry's access standards,establish an industry access system,and clearly define the barriers to entry for various operating platforms.The second is to improve the industry rating system and formulate a set of standard rating systems to integrate the platform's Third,establish a monitoring system for P2 P lending funds,compare the important indicators of the car loan platform with the reasonable indicator intervals formulated by the regulatory agencies,and if the index of the platform exceeds the reasonable Interval,you need to further monitor the platform in order to find the existence of the risk.