Research On P2P Online Lending And Consumer Finance Development

Since domestic investment has slowed down and the net export has weakened,consumption plays a more important role in stimulating economic development.Right now many favorable policies encourage enterprises to develop consumer finance,including P2P online lending platforms.The feature of P2P online lending is "fast,small,efficient",which just meet the need of consumers who borrow money for consuming.Based on the Internet,P2P online lending has advantage to reduce the threshold of borrowing and capital costs,which helps more consumers get access to financing.But in recent years,some problems have arisen in the development of P2P online lending,like regional financial risks,which attract regulators'attention.Under this background,it is of great practical significance to study the influencing factors of P2P online lending and the consumer finance,in order to carry out right risk management methods.Using the data of China and the United States,we study the role of P2P online lending in the development of consumer finance and the differences of P2P online lending and consumption finance between the two countries.By comparative analysis,we find out the shortcomings of P2P online lending and consumption finance in our country,and conclude the experiences from USA to make ours better.In this paper,we select Lending Club and Renren Loan,Paipai Loan platforms as the representative of P2P online lending platforms of the United States and China respectively.Using 132 million transaction data of USA P2P platform and 80,000 transaction data of China P2P platform,we study the features of the two countries by Tobit model and find that credit rating is the most important factor on P2P rate.Using the credit data of the two countries,we study the promotion of P2P network lending to the development of consumer finance by VECM model.The empirical results show that the P2P online borrowing between the two countries has promoted the development of consumer finance,and the promotion role of our country is bigger.However,there are some problems such as imperfect credit rating system and weak self-discipline in China's P2P online lending.Thus the regulatory measures need to be strengthened.There are three innovations in this paper:One is to use large data analysis to study the characteristics and development status of P2P online lending between China and the United States.Second,we use the empirical method rather than the statistical description to test the role of P2P online lending in the promotion of consumer finance.Third,we compare the Sino-US model to find out the stage and the shortcomings of the P2P online lending in China,and put forward relevant policy recommendations.However,the hypothesis of empirical research in this paper is mainly based on the statistical data,rather than the mathematical model,so the theoretical contribution of the article is not strong.We will improve the theoretical model in later study.