Research To The Influential Factors Of Debtor's Financing Cost In P2P Lending

The Lending behavior that happened between individuals,which with the aid of thi rd-party internet platform is P2P Lending.In general,an application would be made by lenders through the third-party platform and then it would be published on the Web.After that,one or more investors can make their investment to complete the transfer of funds.Generally,this platform offers unsecured credit,but due to the information asymmetry and imperfect credit information system,borrowing risks should be taken by the lenders.Lenders of this platform would be medium small and micro-sized enterprises or natural persons,and investors would be some medium-small investors.Different from traditional financial institutions,this pattern is formed by folks spontaneously and uses peer to peer platform as its intermediary agency.Peer to peer lending is introduced into our country from abroad,and such platform includes Prosper from America and Zopa from Britain.In our country,the first P2P platform appeared in 2006.Due to violent development momentum,statistics from Online Lending House shows that there were 5881 P2P platforms by the end of 2007,January.However,such momentum brings some problems,and one of the main problems is the high credit cost.What are the main facts that affect loan rates?How to reduce credit cost of enterprises?As for this problem,this paper summarizes and analyzes related researches firstly and initially determines 15 indexes that would affects lending loan;then collects transaction data from platforms;finally makes a research on these dates.Empirical research is mainly done from the following two aspects:first,analyzing the collected data and explaining and fully understanding all kinds of indexes including maximum value,minimum value and average value;second,due to the variety of indexes,this paper makes regression analysis by using stepwise regression and finally screens out five indexes including loan term,loan amounts,prepayment rates,income and educational status,and among which loan term,loan amounts and lending rate have a positive coefficient,instead prepayment rates,income,educational status and lending rate are on the contrary changes.Through a series of analysis,this paper puts forward relevant suggestions to lenders,investors,platforms and supervision organizations in order to make a contribution to the better development of P2P lending platforms.