| P2P online lending,as one of the six major development models of Internet finance(third-party payment,P2P online lending,big data finance,crowdfunding,information financial institutions and Internet financial portals),plays an important role in Internet finance.Since 2007,the P2P online loan form has developed into the second largest financing channel in China after traditional financing methods,and China has also occupied the largest proportion in the global P2P online loan market.The development of P2P online lending not only means the development of a new industry,but also has the important significance of driving employment,solving financing difficulties and promoting the development of the real economy.It has become an indispensable pillar in promoting the overall economic development.However,since 2013,the rapid development of P2P online lending model has been frequent and has seriously affected the overall development of the industry.Therefore,it explores the influencing factors of its operational risks and proposes construction for industry development,government,platforms and investors.Sexual opinions have far-reaching implications.This paper takes the P2P problem platform as the research focus,and takes the third-party online loan data such as online loan home and online loan eye as the research object,and compares the three types of business risks through the comparison with the normal operating platform-the platform loses connection and withdraws cash.Exploring the influencing factors of difficulties and termination of operations.Based on the research of related literatures,the index variables were evaluated and combined with the characteristics of the research sample platform.The platform characteristic variables and institutional environment variables were finally determined as the index categories.The influence and degree of the variables using the multivariate Logit model were carried out.Empirical Research.The study found that the internal platform characteristics and the external institutional environment affect the platform's operational risk,and the research variables show a more significant differential distribution in the impact of different types of business risks.The specific conclusions are as follows:(1)The differential impact of the three types of business risks:the platform strength and the institutional environment characteristic variables have a significant impact on the platform loss and termination of operations,while the only significant impact on the cash withdrawal difficulties is the life of the enterprise.The target characteristic variables have little difference in the possibility of occurrence of the three types of operational risks,both of which are significant,but the degree of impact is different.(2)The differential effects of the three types of characteristic variables:On the whole,the effects of the three types of characteristic variables are strongly significant.Among them,the impact on various types of rnsks is significant and the degree is the life expectancy,interest rate level and investment period.Looking at the increase in the lifespan of the company for one month or the interest rate level between 12%and 16%,the probability of risk occurrence is reduced by about 70%on average.The investment period of less than 6 months will significantly increase the operational risk,which is lower than A three-month period of more than 12 months can double the average probability of operating risk.(3)Institutional environment Compared with the platform strength and target characteristics,the impact of the risk on the P2P online lending platform will make the possibility of risk change less.The reason is that the P2P online lending industry started late and is not mature in China,and the overall institutional environment level of the industry is generally low. |
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