Analysis Of The Causies Of P2P Network Lending Prolblem Platform

Cross-network externality is an important feature of two-sided markets,because the existence of cross-network externality makes the user scale occupy a more important position in the two-sided markets.The user's participation will not only bring direct value,but also indirect value through the "conduction" role of cross-network externality.Therefore,whether it is in the market entry stage or the maintenance stage,expanding the user scale and forming a virtuous cycle mechanism is the key to the survival and development of the two-sided markets.Thanks to the development of Internet technology,the P2P network lending platform came into being.Because the P2P network lending platform can provide convenient "person-to-person" lending and investment services,it is widely welcomed by the market and has developed rapidly.The amount is constantly rising,but one thing that cannot be ignored is that the number of problem platforms is very high.The purpose of this paper is to explore the economic reasons.Firstly,this paper establishes two theoretical models to explore how potential users choose platforms under the conditions of different user bases and the difference in user accumulation speed under the condition that the external strength of the platform crossover network is different.Based on the results of the model analysis,two hypotheses are presented.This paper believes that a large number of problem platforms arise because the P2P network lending platform is a two-sided market,which has the characteristics of cross-network externality.The process of platform entering the market is the process of causing the two users to reach the minimum network scale.If the two users cannot reach the critical scale,The platform has no possibility of survival and development.On the one hand,the platform user base of new market entry is smaller than the incumbent firm.Potential users will join the large-scale incumbent firm when facing the choice,so that the new platform can not achieve positive development through the positive feedback mechanism of cross-network externality,and finally face exit.On the other hand,the cross-network externality strength of the two-sided markets is not static.The incumbent firm has stronger cross-network externality than the new platform.The strong cross-network external platforms accumulate users faster than the weak cross-network external platforms.The weak external network intensifies the disadvantages of the new market entry platform,making the new platform difficult to survive and generating a large number of problem platforms.In order to verify the above two hypotheses,this paper selects the one year operational data of 23 P2P network lending platforms for empirical test.The first is to establish a simultaneous equation model to verify the existence of the network externality of the online lending platform The empirical results show that the P2P online lending platform has positive cross-network externality and negative self-network externality,and the cross-network externality of the investor to the borrower is greater than the cross-network externality of the borrower to the investor,which is asymmetric.The second is to introduce the adjustment variable to use the hierarchical regression method to verify the change of the external strength of the cross-network of the P2P online lending platform.The empirical results show that the establishment period is the adjustment variable of the relationship between the number of investors and the utility of the borrower.The increase in time increases the cross-network externality of the P2P network lending platform.The conclusions of the theory and empirical research of this paper reveal the economic reasons of the large number of problem platforms in the development process of P2P online lending platform,and explore the platform competition characteristics based on the cross-network externality,which provides a decision-making basis for the online lending platform to enhance competitiveness.Finally,it provides suggestions for the standardized development of China's P2P online lending platform,which has certain practical significance.