Research On The Factors Affecting The Default Risk Of Entrusted Loan

In recent years,entrusted loan business has developed rapidly.By the end of 2017,the amount of entrusted loans has reached 13.97 trillion yuan,making it the third largest source of credit after bank credit and enterprise bond.Because of its high return,it has become a means of pursuing high profits for many listed companies.However,the overdue situation of non-related party entrusted loans by many listed companies is frequent and the losses are serious.Therefore,it is an urgent need for the listed companies to strengthen the management of the entrusted loans by exploring the reasons behind the frequent occurrence of the default risk of the entrusted loans and finding the influencing factors that trigger the default risk of non-related party entrusted loans.Through the study of the case company Sunny Loantop(600830),in a way that combines theory with practice,this paper discusses influencing factors of the default risk of entrusted loans.There are seven chapters.The first chapter analyzes the background of the default risk of entrusted loans to determine the existence of the problem,consults relevant references about entrusted loan and default risk,and puts forward the research method and significance of this paper.The second chapter outlines the development of entrusted loan system and model and summarizes the entrusted loans of listed companies.The third chapter combs the risks and causes of the entrusted loan and puts forward the factors that influence the default risk.Chapter 4 presents a detailed description on the outbreak of the default risk of entrusted loan in the case study company.In Chapter 5,an empirical study is made on the default situation of the entrusted loan of Sunny Loantop in three aspects:the borrowers' factor,information of entrusted loan and the macroeconomic factors.The results show that the amount of the entrusted loan,the term of the entrusted loan and the interest rate are significantly positively correlated with the default risk,and the rest is irrelevant.Combining the above analysis,chapter 6 puts forward suggestions for the entrusted loans to prevent default risk of entrusted loan,from the perspective of listed companies respectively and the system.Chapter 7 summarizes the whole article and offers the limitations and future research directions.This paper,as one of the few articles that combines the influence factors of entrusted loan and default risk,finds out the important influencing factors of the default risk of entrusted loans,which is conducive to the listed company controlling the risk in entrusted loan business,and reducing the loss caused by the default risk of entrusted loan,and hopes to promote the sustainable development of the entrusted loan business in our country.