Research On The Mechanism And Path For P2P Financing Platforms’ Realizing The Function Of Promoting The Inclusive Finance

For a long time,financial development in China’s rural has been very weak.It is difficult for households to obtain loans from banks and other formal financial institutions.As a result,it is unable to meet their financial needs to satisfy their basic life.In addition,the small micro-enterprises have been facing difficulties in financing for a long time.In recent years,for the problem of the weakness of rural finance and the financial difficulties of small micro-enterprises,the state proposed to build the inclusive financial system to help the poor and small micro-enterprises with more fair financial services.As an important platform for internet banking channels,the P2 P network financing,compared to traditional financial institutions,has a low threshold and often offers small non-mortgage loans.It can meet the financing need of a large number of people.As a result,it can be an important means to promote the development of inclusive finance.In this paper,it studies in three aspects,the mechanism,empirical research and the path selection.Firstly,the paper studies the theoretical mechanism.Based on the credit rationing theory and asymmetric information theory and combined with the characteristic of low threshold,wide coverage,low cost,and high efficiency,we analyze the mechanism of how P2 P platforms can play function to promote inclusive finance.In the empirical part,first we examine the current situation of domestic P2 P platform,and then select the degree of penetration,availability,usage,and convenience to build an index to estimate the effect that P2 P plays to promote inclusive finance.Then it analyzes the factors that affect the function of P2 P and builds a model to prove the result.The study shows that the effect that P2 P plays to promote inclusive finance is rising,and the major factors affecting the effect are the financing costs,internet penetration and the problematic platforms.In the path selection,it proposed several ways to help P2 P platforms play a better function.For the path of regulatory,it selected the regulatory path from governmentled to industry self-regulation,and for the path of the model of development,it chose to cooperate with traditional financial institutions.For the market selection path it considered to develop the rural market.By selecting these paths,it can help P2 P financing platforms to play a more effective function to improve the inclusive finance system.There are several innovations in this paper.Firstly,it analyzes the mechanism of how P2 P platforms help improve inclusive finance from the aspects of the borrower’s financing needs,financing efficiency and financing costs.Secondly,it constructs an index to evaluate the effect that P2 P platforms have made to improve inclusive finance.After that,it analyzes the factors affecting the index by econometric model.Thirdly,it proposes some paths for P2 P platforms to play a better role in inclusive finance.